Sai Silks Kalamandir Limited has filed its draft prospectus for an initial public offering (IPO) with market regulator Sebi

Sia Silks 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.

The IPO will comprise a fresh issue of ₹600 crore and offer for sale to the tune of 18,048,440 equity shares

From the total issue size, 50% of the offered equity shares will be kept reserved for qualified institutional buyers (QIBs),

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15% of the size is allotted to non-institutional investors (NII), and the remaining 35% of shares are offered to retail individual investors (RII)

Further, the company witnessed a 212.36% growth in sales from online channels between Fiscal 2021 and Fiscal 2022 from ₹54.92 million to ₹171.55 million.

Also, its working capital borrowings increased by 36.89% from ₹1,393.76 million in Fiscal 2021 to 1,907.91 million in Fiscal 2022.