Nuvama Investment Bank has successfully closed the IPO transaction for Sai Silks (Kalamandir) Limited

Initial Public Offering

Service

September 2023

Date

Consumer

Sector

INR 12,010 MN

Deal Value

Nuvama Investment Bank has successfully closed the IPO transaction for Sai Silks (Kalamandir) Limited

Deal Details:

  • Sai Silks is amongst the Top 10 retailers of ethnic apparel, particularly sarees, in south India
  • Deal saw participation from high quality investors with 95%+ of the Anchor Book allocated to Mutual Funds, Long Only DIIs and FIIs
  • IPO Performance was testament to the unmatched brand quality of Sai Silks;
    • Despite market volatility during issue period week with correction of ~2.3%@ and multiple competing issues, IPO got a very strong demand garnering more than INR 41,200 MN
    • The Company started on positive note in the equity markets, with equity shares closing at 10.3%# premium to the IPO price on Listing Day

Contribution:

  • Effectively positioned Sai Silks as a leading apparel retail brand in India with a scalable model which is well poised to leverage growth in the ethnic and value fashion apparel industry in India
  • Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ DII, Mutual Fund and FIIs
  • Nuvama co-ordinated the entire post issue activities to ensure the smooth Listing of Sai Silks on 3rd working day post deal closure