Sai Silk (Kalamandir) IPO allotment status, latest GMP, listing date and more

Sai Silk (Kalamandir) is likely to finalize the basis of allotment of its shares today, that is, Monday, September 25. The initial public offering of the South India-based ethnic wear player saw a muted response from the investors at Dalal Street during the three-day book-building offer.

Sai Silk (Kalamandir) sold its shares in the fixed price band of Rs 210-222 apiece with a lot size of 67 shares. The issue could be subscribed between September 20 to September 22. In its second effort to make a Dalal Street debut, Sai Silk (Kalamandir) aimed to raise a total of Rs 1,201 crore from its primary offering.

The issue of Sai Silk (Kalamandir) was overall subscribed 4.47 times. The qualified institutional bidders' (QIBs) allocation was booked 12.17 times, while the portion 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 bidders.

Grey market premium (GMP) of Sai Silk (Kalamandir) has remained dull for the entire bidding process. Last heard, it was commanding a premium of Rs 7-10 per share in the grey markets, suggesting a flat debut for the investors. The premium in the unofficial market was negligible for initial few days.

Sai Silks provides ethnic apparel and value-fashion products, majorly in Southern states of India including Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. Its product range includes premium and ultra-premium sarees. The company provides fashion products suitable for weddings, parties, other occasions and more.

Majority of the brokerage firms were positive on the IPO of Sai Silk and suggested a bid for the issue, citing its reasonable valuations, strong brand recall and scope of improvement in margins. However, expansion in north India, increased cost of raw material and dwindling demand of high-end ethnic wear are the key headwinds for the company.

The issue was managed by Motilal Oswal Investment Advisors, HDFC Bank and Nuvama Wealth Management, while Bigshare Services is the registrar to the issue. Shares of the company will be listed on both BSE and NSE. Wednesday, September 27 is the tentative date for the listing at the bourses.

Investors, who bid for the issue, can check the allotment status on the BSE website,

1. Click Equity, under the issue type.
2. Select Sai Silk (Kalamandir) Limited in the dropbox
3. Type the application number and add the PAN card ID
4. Click on 'I am not a Robot' and hit submit.

Allotment status can also be checked on the online portal of Bigshare Service, the registrar to the issue.

1) Visit web portal of Bigshare Services
2) Select the IPO in dropbox.
3) One may be required to select either Application number, Demat Account number, or PAN ID
4) Enter the details of the mode you selected in Step 2
5) Fill the captcha accurately and hit submit.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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