Sai Silks, popular in south India for its Kalamandir brand of saris, has filed a draft red herring prospectus for an initial public offering (IPO) of Rs. 102 crore with market regulator SEBI.
The proceeds of the IPO, being made through a 100 percent book building process, will be utilized by the company for meeting its working capital requirement, brand promotion, setting up new retail outlets, and pre-payment of term loan facility.
Currently, the company has a network of 12 retail stores spread across all of south India. These include its showrooms in prime locations of Hyderabad and at Jayanagar and Malleshwaram in Bangalore. These stores offer a collection of intricately designed, woven and embroidered saris.
Since 2005, Kalamandir has kept some of the best weaving traditions alive in the country. The brand has been offering handloom and traditional silk saris woven by master craftsmen from all over India.
Unusual prints, lively splashes of colour, awesome brocades, and bead and sequin work can be seen on zari, chiffon, bhandej, Kanjeevaram, Banarasi, and georgette saris offered by the brand.
Fibre2fashion News Desk - India
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