How to check the allotment status of Sai Silks Kalamandir IPO

The ₹1,201 crore IPO of Sai Silks (Kalamandir) Ltd consisted of a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹601 crore. The response was moderate and it was subscribed 4.40X overall at the close of bidding on 22nd September 2023 with the QIB segment seeing 12.35 times subscription and the HNI / NII portion seeing 2.47 times subscription. However, the retail portion of the IPO was subscribed just 0.88 times or 88% of the respective quota. The allocation to the QIB segment was 50%, HNI / NII was 15% and the retail quota was 35% of the overall issue of shares to the public.

The basis of allotment will be finalized on 27th September 2023, the refunds will be initiated on 29th September 2023, demat credits will be finalized on 03rd October 2023, while the stock of Sai Silks (Kalamandir) Ltd will get listed on the NSE and the BSE on 04th October 2023. The company had a pre-IPO promoter holding of 95.23% and post the fresh issue and the OFS, the promoter stake in Sai Silks (Kalamandir) Ltd will stand diluted to 60.80%. On listing, the company will have an indicative market capitalization of ₹3,405 crore and the stock will be trading at a starting P/E ratio of 27.37X.

If you have applied for the IPO, there are two ways that you can check your allotment status online. You can either check your allotment status on the BSE (Bombay Stock Exchange) website or the on the website of the IPO registrar, Bigshare Services Private Limited. Here are the steps that you need to follow to check allotment status.

Checking the allotment status of Sai Silks (Kalamandir) Ltd IPO on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option
• Under Issue Name – Select Sai Silks (Kalamandir) Ltd from the drop down box
• Enter the Application Number exactly as in the acknowledgement slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
• Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters. You can either input the application number or you can input your PAN.

Once the data is inputted and the captcha verification is done, the allotment status will be displayed on the screen in front of you informing about the number of shares of Sai Silks (Kalamandir) Ltd allotted into your demat account. It is suggested that you take a screenshot of this output page and store for future reference. You can verify the demat credit by the close of 03rd October 2023.

Checking the allotment status of Sai Silks (Kalamandir) Ltd on the website of Bigshare Services Private Limited (Registrar to IPO)

Visit the Bigshare Services registrar website for IPO status by clicking on the link below:

https://www.bigshareonline.com/ipo_Allotment.html

Here you are given the choice to select 3 servers viz. Server 1, Server 2 and Server 3. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select.

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Sai Silks (Kalamandir) Ltd from the dropdown box. The allotment status will be finalized on 27th September 2023, so in this case, you can access the details on the registrar website either late on 27th September 2023 or by middle of 28th September 2023. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO.

• Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number and then click on Search Button. Enter the application exactly it is given in the acknowledgement slip.
   
• Secondly, you can search by Beneficiary ID of your demat account. From the dropdown box, you must first select the depository name where the account is held i.e. NSDL or CDSL. In the case of NSDL, enter the DP id and Client id in separate boxes as provided. In case of CDSL, just enter the CDSL client number. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. After that you can click the Search Button in both cases.
   
• Thirdly, you can also search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, which is an alphanumeric code. The PAN number will be available on your PAN card or on top of your income tax returns filed. Once you enter the PAN, click on the Search Button.

The IPO status with number of shares of Sai Silks (Kalamandir) Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference. Once again, you can verify the demat credit by the close of 03rd October 2023.

Subscription status for the Sai Silks (Kalamandir) Ltd IPO

One of the key determinants of your allotment is the extent of subscription for various categories. Here is the final subscription status of the Sai Silks (Kalamandir) Ltd IPO as at close on 22nd September 2023, at 17.30 hours.

The issue was open for QIBs (qualified institutional buyers), retail investors and for the HNI / NIIs. There was a broad quota designed for each of the segments viz. the QIBs, the retail and the HNI NII. The table below captures the allocation reservation done for each of the categories.

The anchor allocation of 162.30 lakh shares was made to a total of 26 anchor investors at the upper end of the price band at ₹222 per share a day before the opening of the IPO. This anchor portion got adjusted to the QIB quota and the public QIB quota was reduced accordingly.

Brief on business model of Sai Silks (Kalamandir) Ltd

Sai Silks (Kalamandir) Ltd was incorporated in the year 2005 to provide an outlet that provides ethnic apparel and value-fashion products. While the basic inspiration for the offerings of Sai Silks (Kalamandir) Ltd is India’s rich ethnic diversity and its cultural history, it has also packaged its product offerings to have a solution for every possible occasion. Sai Silks (Kalamandir) Ltd currently offers a whole range of ultra-premium and premium sarees that are ideal for weddings, party wear and daily wear. In addition, Sai Silks (Kalamandir) Ltd also offers lehengas, men's ethnic wear, children's ethnic wear as well as semi-western wear with ethnic content for women, men, and children.

It sells its apparel products through 4 different format stores that constitute the front end for the company’s marketing. As of July 2023, Sai Silks (Kalamandir) Ltd has more than 54 stores in the 4 south Indian states of Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. Its stores cover an aggregate area of approximately 603,414 square feet (SFT). The proceeds of the fresh issue portion will be used to fund capex for 25 new stores, setting up 2 warehouses, repayment of certain borrowings and for meeting working capital needs. The issue will be lead managed by Motilal Oswal Investment Advisors, HDFC Bank and Nuvama Wealth Management. Bigshare Services Private Ltd will be the registrar to the issue.