Sai Silks Kalamandir Limited

Sai Silks (Kalamandir) Limited is a south India focused retailer of ethnic apparel, with a particular focus on sarees. The company was founded by Nagakanaka Durga Prasad Chalavadi and opened its first Kalamandir store in Hyderabad in 2005. It has since grown into one of the larger ethnic wear retailers in the region, operating through four distinct store formats: Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, each targeting a different customer segment from premium ethnic wear to value fashion. As of mid 2023, the company operated 54 stores spread across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, covering roughly 6 lakh square feet of retail space, and had served a cumulative customer base of nearly 6 million shoppers. Beyond sarees, the product range spans women's dress materials, ready-made garments, menswear, kidswear, and gold and silver jewellery, allowing the group to capture a wider share of ethnic and festive wear spending. The company has scaled its revenue and profitability meaningfully in recent years on the back of store expansion and demand recovery after the pandemic-affected period. Its multi-format strategy, deep regional presence, and focus on the ethnic wear category position it to continue growing alongside rising discretionary spending on apparel in south India.

The company raised approximately Rs 360.3 crore from 26 anchor investors ahead of the issue opening, at the upper price band of Rs 222 per share. Participants included global institutions such as Societe Generale, Citigroup Global Markets Mauritius, HSBC, and BNP Paribas Arbitrage, alongside domestic institutional investors including SBI Mutual Fund, ICICI Prudential Mutual Fund, and Whiteoak Capital.