Sai Silk (Kalamandir) makes a tepid Dalal Street debut; lists at 4% premium at Rs 231

Shares of Sai Silk (Kalamandir) made a muted debut at Dalal Street on Wednesday. The ethnic apparel firm was listed at the bourses at Rs 231, with a premium of 4 per cent, over its issue price of Rs 222 per share on the National Stock Exchange (NSE). It was listed at a similar premium at Rs 230.10 on BSE.

Ahead of its listing, shares of Sai Silk (Kalamandir) were commanding a premium of Rs 7-10 per share in the grey market, hinting towards a flat debut at the bourses. However, its premium in the unofficial market has taken a hit over the last few days, but mostly it has remained on the lower side only.

Sai Silk (Kalamandir) offered its shares in the price band of Rs 210-222 per shares, with a lot size of 67 shares. The issue was open for bidding between September 20-22. Sai Silk (Kalamandir) became successful in making Dalal Street debut in its second attempt, as the company raised a total of Rs 1,201 crore from its primary offering.

The issue of Sai Silk (Kalamandir) was overall subscribed only 4.47 times. The portion for qualified institutional bidders (QIBs) was booked 12.17 times, while the allocation for non-institutional investors was subscribed 2.54 times. However, the quota reserved for retail investors saw only 91 per cent bidding, which means full allotment to all the retail bidders.

Sai Silks (Kalamandir) provides ethnic apparel and value-fashion products, including premium and ultra-premium sarees. It is majorly focused in the Southern states of India including Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.  The company provides fashion products suitable for weddings, parties, and other occasions.

The issue was managed by HDFC Bank, Motilal Oswal Investment Advisors and Nuvama Wealth Management, while Bigshare Services was the registrar to the issue. 

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