Sai Silks Kalamandir receives SEBI’s nod to raise funds from the market
KOBIRUL ISLAM.
Hyderabad, 16th November, 2022: Leading brands in women’s ethnic wear like Kalamandir, Varamahalakshmi silks, KLM fashion Mall’s parent company Sai Silks Kalamandir Ltd., has received SEBI nod to raise funds through an IPO. The company had filed DRHP in the mid of July, 2022 to raise Rs. 1200 crore from the market.
SSKL is one of the largest retailers of women’s ethnic wear, mainly sarees, in south India. Primarily focusing on ultra-premium and premium sarees for weddings, party wear, as well as occasional and everyday use, `they also cater to men’s ethnic wear, children’s ethnic wear, and value fashion items including fusion wear and western clothing for ladies, men, and children.
With a focus on spreading India’s vibrant culture, traditions, and heritage through a diverse range of products, SSKL operates through four different format stores, namely Kalamandir, Mandir, VaraMahalakshmi Silks, and KLM Fashion Mall, as well as through e-commerce channels that include its own website and other online e-commerce marketplaces. By leveraging its experience in selling ethnic wear, SSKL has over the years expanded its store portfolio to four formats, each offering a different set of products catering to the respective target segments while continuing to expand its product range to meet the demand of different target segments
The company has declared Rs. 1129 crore revenue and Rs. PAT of Rs. 57.69 crore in FY22 with ROE of 21.22% and ROCE of 21.71%. Sai Silks Kalamandir is the first large saree retailer to tap the markets to raise funds through IPO. The company has recently reached a milestone of 50 stores by opening its 50th store last month in Anna Nagar.
