Sai Silks stock climbs over 10 pc in market debut

Shares of ethnic apparel retailer Sai Silks Kalamandir Ltd ended over 10 per cent higher in its market debut trade on Wednesday against the issue price of Rs 222.The stock listed at Rs 230.10, a gain of 3.64 per cent on the BSE. It ended at Rs 244.85 apiece, up 10.29 per cent.On the NSE, it began the trade at Rs 231, up 4 per cent from the issue price.


PTI | New Delhi | Updated: 27-09-2023 18:18 IST | Created: 27-09-2023 16:50 IST
Sai Silks stock climbs over 10 pc in market debut
Representative image Image Credit: ANI
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Shares of ethnic apparel retailer Sai Silks (Kalamandir) Ltd ended over 10 per cent higher in its market debut trade on Wednesday against the issue price of Rs 222.

The stock listed at Rs 230.10, a gain of 3.64 per cent on the BSE. During the day, shares of the company climbed 11.19 per cent to Rs 246.85. It ended at Rs 244.85 apiece, up 10.29 per cent.

On the NSE, it began the trade at Rs 231, up 4 per cent from the issue price. Shares of the firm later ended at Rs 245 per piece, rallying 10.36 per cent.

The company's market valuation was at Rs 3,755.17 crore.

In volume terms, 11.52 lakh shares of the company were traded on the BSE and more than 3.37 crore shares on the NSE during the day.

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.

The 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.)

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