The IPO was subscribed 11.88 times, led by non-institutional investors (NII) as the portion reserved for them was booked 13.54 times. The retail investors' quota was subscribed 6.82 times and the qualified institutional buyers (QIB) segment was booked 12.71 times.

The International Finance Corporation-backed company intends to use the capital raised from the fresh share sales to repay debts and utilise for inorganic growth through land acquisitions as well as to meet general corporate purposes. The real estate firm will use nearly two-thirds of the capital for repayment of debts, amounting to ₹432 crore. As of June 2023, the outstanding loans of the company stood at ₹495.26 crore and its four subsidiaries at ₹123.86 crore.

On the other hand, the ₹1,201-crore IPO of Sai Silks Kalamandir was subscribed 4.40 times, which opened for subscription on September 20, and closed on September 22. Besides, it raised ₹360.30 crore from anchor investors such as Whiteoak Capital, Abakkus, Citigroup Global, SBI MF, ICICI Prudential MF, HDFC MF, Kotak MF, HSBC MF, Aditya Birla Sunlife MF, and UTI MF.

The IPO of Sai Silks received strong response from QIBs as the quote for them was booked 12.35 times. The NIIs portion was subscribed 2.47 times, and retail investors quota was booked 0.88 times.

The retailer of ethnic apparel, particularly sarees in south India, intends to use the IPO proceeds to finance capital expenditures for the establishment of 30 additional stores and two warehouses, as well as for working capital needs, debt repayment, and general corporate purposes. It has a network of 54 stores in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

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Sai Silks Kalamandir

IPO updates: Signature Global lists at 15.5% premium; Sai Silks opens 4% higher