SP Apparels debut strong, increases 11%; market top takes off to Rs 742.44 cr

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It got recorded at Rs 305, a premium of more than 14% to the issue cost. Post posting, the stock summons market capitalisation of Rs 742.44 crore.The first sale of stock (IPO), in the value band of 258-268 for every offer, was subscribed 2.63 times, with offers desiring 1.72 crore offers, against 65.56 lakh offers on offer.

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SP Apparels made a solid presentation on the bourses on Friday, with the stock closure the session at Rs 295 each, up about 10.7% over the issue cost of Rs 268.

It got recorded at Rs 305, a premium of more than 14% to the issue cost. Post posting, the stock orders market capitalisation of Rs 742.44 crore.The first sale of stock (IPO), in the value band of 258-268 for every offer, was subscribed 2.63 times, with offers wanting 1.72 crore offers, against 65.56 lakh offers on offer.

Qualified institutional purchasers (QIBs) offer for 42.83 lakh offers, against 19.39 lakh offers on offer, a membership of 2.21 times.

High total assets individuals(HNIs) offer for 70.64 lakh offers, against 13.85 lakh offers held for them, offering 5.1 times of their standard.

The retail divide was subscribed by 1.81 times with financial specialists offering for 58.65 lakh offers, against 32.31 lakh offers on offer. With SP Apparels having been recorded, 16 organizations have now together raised Rs 10,739 crore amongst January and now through IPOs.

In 2015, the sum raised by organizations through IPOs was Rs 13,614 crore.SP Apparels is a maker and exporter of sewed articles of clothing for babies and kids.

In FY16 , the organization reported a net benefit of Rs 37.85 crore on aggregate incomes of Rs 541 crore.

SP Apparels proposes to use the returns of the issue to reimburse obligation , open new stores for the offer of its "Crocodile" image of items and mordernise fabricating plants.Motilal Oswal Investment Advisors and Centrum Capital were the book running lead administrators to the issue.

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