Sai Silks plans IPO

Sai Silks, a well known retailer of saris in south India that sells under the brand name Kalamandir,

has filed a draft red herring prospectus with market regulator SEBI for its initial public offering of Rs 102 crores. The issue is being made through a 100 per cent book building process. The issue proceeds are proposed to be utilized for setting up new retail outlets, brand promotion, pre-payment of term loan facility and for working capital requirement. The company retails saris. It has a network of 12 retail outlets spread across all of south India. It also offers brides a range of designer jewelry, accessories and wedding gifts.

Kalamandir has been offering traditional silk and handloom saris since 2005. The brand is known to bring some of the best weaving traditions alive from master weavers from all across the country. Apart from showrooms in the prime areas of Hyderabad, they have showrooms in Bangalore at Malleshwaram and Jayanagar. It has a collection of intricately designed, embroidered and woven saris. There are varieties of Kanjeevaram, zari, bhandej, Banarasi, georgette and chiffon saris. Exciting splashes of color, bead and sequin work, unusual prints and awe-inspiring brocades make for an exotic collection.