Sai Silks stock climbs 4 pc in market debut

Shares of ethnic apparel retailer Sai Silks (Kalamandir) Ltd made its market debut with a 4 per cent jump against the issue price of Rs 222 on Wednesday.

The stock listed at Rs 230.10, a gain of 3.64 per cent on the BSE. It further climbed 9.84 per cent to Rs 243.85 later in the trade.

On the NSE, it began the trade at Rs 231, up 4 per cent from the issue price.

The company's market valuation was at Rs 3,719.13 crore in morning deals.

The Initial Public Offering (IPO) of Sai Silks (Kalamandir) was subscribed 4.40 times on the last day of bidding on Friday.

The Rs 1,201 crore-initial share sale had a fresh issue of up to Rs 600 crore and an offer for sale of up to 2.70 crore equity shares.

Price range for the offer was Rs 210-222 a share.

The Hyderabad-based company was founded by Prasad Chalavadi, a techie turned entrepreneur in 2005.

It has four store formats -- Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.

As of July 31, 2023, the company had a network of 54 stores in four major south Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)