Silky Overseas IPO subscribed 33% so far on Day 2; check GMP, issue details, more

Silky Overseas IPO commenced on Monday, June 30 and will conclude on Wednesday, July 2. Silky Overseas IPO price band has been set between ₹153 and ₹161 per equity share, each with a face value of ₹10. Investors can place bids for a minimum of 800 equity shares and in multiples of 800 shares thereafter.

Silky Overseas Limited, established in May 2016, is a manufacturer of home textiles located in Gohana, Haryana. The company focuses on bedding products, including mink blankets, bed sheets, and comforters, which are sold under the Rian Décor brand. Its operations cover the entire production process – from knitting and dyeing to processing, printing, and packaging, providing a fully integrated manufacturing setup. In addition to its domestic market, Silky Overseas also exports its products to regions such as the Middle East.

As per the red herring prospectus (RHP), the company's listed peers are Welspun Living Ltd (with a P/E of 20.84), and Trident Ltd (with a P/E of 37.92).

The strong financial results of the company can be attributed to its emphasis on operational and functional efficiency. For the ten-month period ending January 31, 2025, the firm generated total revenues from sales of ₹10,510.15 lakhs, ₹6,970.49 lakhs, ₹6,830.76 lakhs, and ₹5,012.10 lakhs for the financial years that ended on March 31 in 2024, 2023, and 2022, respectively.

The net profit after tax for the ten-month period ending January 31, 2025, was ₹917.07 lakhs, while for the fiscal years that concluded on March 31 in 2024, 2023, and 2022, the profits were ₹553.48 lakhs, ₹98.22 lakhs, and ₹(41.77) lakhs, respectively.

Silky Overseas IPO subscription status is 33% on day 2, so far, as per NSE data.

The company has received bids for 4,64,800 shares against 14,28,800 shares on offer, according to data on chittorgarh.com

Silky Overseas IPO comprises an equity shares worth ₹30.68 crore. There is no offer for sale (OFS) component.

The Silky Overseas IPO aims to use the net proceeds from the offering for several purposes, including establishing an additional storage facility, repaying or pre-paying certain debt obligations, settling other debt facilities, and covering general corporate needs.

Gretex Corporate Services Limited serves as the book-running lead manager for the Silky Overseas IPO, whereas Skyline Financial Services Private Ltd acts as the registrar for this offering. The market maker for the Silky Overseas IPO is Gretex Share Broking Private Limited.

Silky Overseas IPO GMP today is +20. This indicates Silky Overseas share price was trading at a premium of ₹20 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Silky Overseas share price is indicated at ₹181 apiece, which is 12.42% higher than the IPO price of ₹161.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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