New Delhi, Sep 21 (PTI) The Initial Public Offering (IPO) of ethnic apparel retailer Sai Silks (Kalamandir) was subscribed 33 per cent on the second day of offer on Thursday.

The initial share sale received bids for 1,27,49,966 shares against 3,84,86,309 shares on offer, as per NSE data.

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The category for Qualified Institutional Buyers (QIBs) received 51 per cent subscription while the quota for non-institutional investors got subscribed 27 per cent. The portion for Retail Individual Investors (RIIs) was subscribed 26 per cent.

The public issue has a fresh issue of up to Rs 600 crore and an offer for sale of up to 2,70,72,000 equity shares.

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The price range for the offer is Rs 210-222 a share.

At the upper end of the price band, the IPO will fetch about Rs 1,201 crore.

On Monday, Sai Silks said it has raised over Rs 360 crore from anchor investors.

The Hyderabad-based company was founded by Prasad Chalavadi, a techie turned entrepreneur in 2005.

It has four store formats -- Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.

As of July 31, 2023, the company had a network of 54 stores in four major south Indian states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

The equity shares of the company will be listed on the BSE and NSE.

Motilal Oswal Investment Advisors, HDFC Bank and Nuvama Wealth Management are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)