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Sai Silks (Kalamandir) IPO GMP, Price, Dates & Allotment Details 2023

Sai Silks (Kalamandir) IPO GMP, Price, Dates & Allotment Details 2023


The Sai Silks (Kalamandir) IPO will open on September 20 and close on September 22, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 1,201 crore through this public offering, consisting of 54,099,027 shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 210 to ₹ 222 per share.

Sai Silks (Kalamandir) Limited (“the Company”)

Sai Silks (Kalamandir) Limited commenced operations through its first ‘Kalamandir’ store in 2005 in Hyderabad, Telangana. Over the years, it has expanded to 46 stores in four south Indian states, i.e., Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.

The company is one of the largest retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in fiscal 2019, 2020, and 2021.

Through ita’s four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, they offer ita products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income, and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments.

They leverage their store network of 46 stores as of May 31, 2022, to focus on spreading India’s vibrant culture, traditions, and heritage by offering a diverse range of products, which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; lehengas; men’s ethnic wear; children’s ethnic wear; and value fashion products comprising fusion wear and western wear for women, men, and children.

Its ethnic wear and value-fashion products are available through our stores under four different formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, as well as through e-commerce channels comprising its own website and other online e-commerce marketplaces.

Company Key Metrics

Earning Per Share (EPS)₹ 8.11 per Equity Share
Debt to Equity Ratio0.87
P/E (x)27.37
Return on Net Worth (RoNW)24.56%

Objects of the Issue,

The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:

  1. Funding capital expenditure towards setting up 25 new stores.
  2. Funding capital expenditure towards setting-up of two warehouses.
  3. Funding the working capital requirements of the company.
  4. Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
  5. General corporate purposes.

Financial Highlights (Restated)

ParticularsFY 2022-23FY 2021-22FY 2020-21FY 2019-20
Net Worth397.33276.60218.93208.05
Total Assets1,220.45842.49665.42692.76
Reserve & Surplus373.27276.60218.93208.05
Total Borrowings345.50260.49217.22164.70
Total Revenue1,358.921,133.02679.101,178.62
Profit After Tax97.5957.695.1342.10
(Amount in ₹ Crore)

IPO details

Issue TypeBook Built Issue IPO
IPO Price₹ 210 to ₹ 222 per share
Face Value₹ 2 per share
Market Lot67 shares
Issue Size54,099,027 shares (aggregating up to ₹ 1,201 crores)
Fresh Issue27,027,027 shares (aggregating up to ₹ 600 crores)
Offer for Sale27,072,000 shares (aggregating up to ₹ 601 crores)
Listing AtNSE, BSE

Shareholding Pattern

Shareholding pre-issue126,339,085
Shareholding post issue153,366,112

IPO Reservation

CategoriesNo. of shares offered
QIB shares offeredNot more than 50% of the net offer
NII (HNI) shares offeredNot less than 15% of the Offer
Retail shares offeredNot less than 35% of the Offer

GMP: Sai Silks (Kalamandir) IPO

GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates

The issue opens for subscription on September 20, 2023, and closes for subscription on September 22, 2023 (both days inclusive). The basis of allotment will be finalised on September 27, 2023, and the refunds will be initiated on September 29, 2023. In addition, the demat credits are expected to happen on October 3, 2023, and the stock will be listed on the NSE and BSE on October 4, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.

Opening DateSeptember 20, 2023
Closing DateSeptember 22, 2023
Basis of AllotmentSeptember 27, 2023
Initiation of RefundsSeptember 29, 2023
A credit of shares to Demat A/cOctober 3, 2023
Listing DateOctober 4, 2023

Lot Size

The lot size of the Sai Silks (Kalamandir)IPO is 67 shares. A retail-individual investor can apply for up to 13 lots, i.e. 871 shares of ₹ 193,362.

Retail (Minimum)167₹ 14,874
Retail (Maximum)13871₹ 193,362
S-HNI (Minimum)14938₹ 208,236
S-HNI (Maximum)674,489₹ 996,558
B-HNI (Minimum)684,556₹ 1,011,432

Promoters Holdings 

Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi are the promoters of the company.

Pre-issue Shares Holdings95.23%
Post-issue Shares Holdings60.80%

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
Company Contact InformationSai Silks (Kalamandir) Limited
6-3-790/8, Flat No. 1 Bathina Apartments, Ameerpet Hyderabad – 500 016
Phone: +91 40 6656 6555
Email: [email protected]
IPO RegistrarBigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: [email protected]
IPO Lead Manager(s)• Motilal Oswal Investment Advisors Limited 
• HDFC Bank Limited Nuvama
• Wealth Management Limited


The Sai Silks (Kalamandir) IPO price is ₹ 210 to ₹ 222 per share.

The minimum investment size is one lot for retail investors. One lot of the Sai Silks (Kalamandir) IPO contains 67 shares of ₹ 14,874.

The finalisation of the basis of allotment for the Sai Silks (Kalamandir) IPO will be done on September 27, 2023, and the allotted shares will be credited to your demat account by October 3, 2023. Check the Sai Silks (Kalamandir) IPO allotment status.

The Sai Silks (Kalamandir) IPO shares listing date is October 4, 2023.

The investors’ portion for QIB is 50% of the Net offers, NII (HNI) is 15%, and retail is 35% of the offer.

Click here for more FAQs.

1 Comment

  1. Jerry Macrae

    Interesting page. I really like the topic covered here. I’ll check back from time to time for more posts like this one.


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