Hyderabad-based saree retailer Sai Silks (Kalamandir) has opened its initial public offering (IPO) for subscription, which will close on September 22. Sai Silks is a leading player in South India's ethnic apparel market, particularly sarees, and analysts are recommending investors to subscribe to the IPO due to the company's strong competitive advantage in the women's ethnic wear segment. The IPO comprises a fresh issue of equity shares worth up to Rs 600 crore and an offer for sale of up to 2.7 crore shares by selling shareholders, totaling Rs 1,201 crore.