Ethnic apparel retailer Sai Silks (Kalamandir) on Monday said it has raised over Rs 360 crore from anchor investors days ahead of the launch of its initial public offering (IPO).

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The company has allotted 1.63 crore equity shares to 26 funds at Rs 222 per share, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

At this price, the company raised Rs 360.30 crore.

Citigroup, BNP Paribas Arbitrage, Societe Generale, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, UTI MF, Aditya Birla Sun Life MF, and WhiteOak MF are among the anchor investors, the circular showed.

Out of 1.63 crore equity shares allocated to anchor investors, 1.17 crore equity shares were allocated to eight domestic mutual funds through a total of 16 schemes.

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The issue, with a price band of Rs 210-222 per share, will open for public subscription on September 20 and conclude on September 22. At the upper end of the price band, the IPO will fetch about Rs 1,201 crore.

The offer consists of Rs 600 crore of fresh issue and an equal amount of Offer For Sale (OFS) component of up to 2.70 crore equity shares by promoters and promoter entities.

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.

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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.