Sai Silks gets Sebi nod for IPO; keep an eye on up to Rs 1,200 crore, Retail News, Retail ET
New Delhi: Ethnicity skin Retailers Sai silk (Kalamandir) Limited has received the capital markets regulator Sebiwill continue to raise up to Rs 1,200 crore through an initial public offering (IPO). The IPO includes a new issue of equity shares worth Rs 600 crore and an offering of up to 18,048,440 equity shares by promoters and promoter group organisations, according to the draft red herring prospectus (DRHP).
The company filed preliminary IPO papers with the market watchdog in July, received an observer letter on November 7, an update with the Securities and Exchange Commission of India (Sebi) showed on Tuesday.
In Sebi’s words, receiving its observatory letter was tantamount to conducting an IPO.
The proceeds from the new release will be used to set up 25 new stores, two warehouses, to support mobile volts request, pay of the debt and for general corporate purposes.
According to market sources, the expected issuance size is Rs 1,200 crore.
Motilal Oswal The investment adviser, Financial Services Edelweiss and HDFC Bank are leaders in this regard.
Proposed equity shares listed on BSE and National Stock Exchange (India) Limited.
Through four store formats — Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall — Sai Silks offers products to a wide range of market segments including high-fashion, ethnic high-fashion, and rich ethnic fashion. average income and fashion value.
The company currently operates 50 stores in four major stores South India states — Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
Meanwhile, another company, KFin Technologies, received Sebi’s approval to conduct an IPO.
Financial services platform KFin Technologies filed preliminary IPO paperwork to Sebi on March 31 and received the letter on November 7.
According to the draft papers, the Rs 2,400 IPO was purely an offering by promoter General Atlantic Singapore Fund Pte. Co., Ltd
The company will not receive any proceeds from the offer as all of that money will go to the shareholder selling the ad.
KFin is largely owned by funds managed by General Atlantic, a leading global private equity investor that holds a 74.94% stake in the company. Last year, Bank Kotak Mahindra bought 9.98% shares of the company.