Nuvama has successfully closed INR 12,011mn (c.US$ 144mn) Initial Public Offering for Sai Silks (Kalamandir) Limited

Nuvama Wealth Management Limited has successfully closed INR 12,011mn (c.US$ 144mn) Initial Public Offering (IPO) for Sai Silks (Kalamandir) Limited. Sai Silks Kalamandir Ltd. is a Hyderabad based company that began its retail journey in 2005 and redefined the fashion retailing industry in India with 4 major brands, namely Kalamandir, Kancheepuram Varamahalakshmi Silks, Mandir, KLM Fashion mall. Despite market volatility during the issue period week with correction of ~2.3% and multiple competing issues, the IPO got a very strong demand garnering more than INR 41,200mn (USD 492mn). The company started off on a positive note in the equity markets, with the shares closing at 10.3% premium to the IPO price on the Listing Day. Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ DII, Mutual Funds and FIIs.