New Delhi, Sep 27 (PTI) Shares of ethnic apparel retailer Sai Silks (Kalamandir) Ltd made its market debut with a 4 per cent jump against the issue price of Rs 222 on Wednesday.

The stock listed at Rs 230.10, a gain of 3.64 per cent on the BSE. It further climbed 9.84 per cent to Rs 243.85 later in the trade.

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On the NSE, it began the trade at Rs 231, up 4 per cent from the issue price.

The company's market valuation was at Rs 3,719.13 crore in morning deals.

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The Initial Public Offering (IPO) of Sai Silks (Kalamandir) was subscribed 4.40 times on the last day of bidding on Friday.

The Rs 1,201 crore-initial share sale had a fresh issue of up to Rs 600 crore and an offer for sale of up to 2.70 crore equity shares.

Price range for the offer was Rs 210-222 a share.

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.

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