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The Rs 89-crore initial public offering (IPO) of apparel retailer Sai Silks (Kalamandir) met with disappointed and was subscribed by only 87% on the last day of the issue on Feb 13. The company received bids worth Rs 83.06 crore for its IPO against its plan to raise Rs 89 crore. Meanwhile, bids for only 1.10 crore shares were received against the offer 1.27 crore shares.
Despite this, this issue would sail through as it received a response of 93.32% (in terms of value) against the minimum requirement of 90% mandated by SEBI.
The portion meant for retail investors was subscribed 1.31 times, as bid received from retail investors were at 91.45 lakh shares as against 69.92 lakh shares on offer by the company. In contrast, for 44.49 lakh shares offered to the non-institutional investors, bids came in only for 19.30 lakh shares, disappointingly, the issue failed to attract any qualified institutional bidders’, the portion of which (12.71 lakh shares) remained unsubscribed.
Sai Silks, primarily into women's ethnic wear business, was aiming to garner Rs 89 crore with the IPO shares in the price band of Rs 70-75 apiece. The three-day issue closed on February 13, 2013. Further, company intends to utilize the proceeds from the share sale for setting-up retail outlets, brand promotion activities, term loan repayment and meeting working capital requirements.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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