SP Apparels IPO Fully Subscribed on last day till 5 pm


Mumbai: Garment maker SP Apparels’ initial public offering got fully subscribed by Thursday afternoon, the last day of the issue. The IPO received bids for 70,05,020 shares, an over-subscription of 1.07 times as of 12:30 pm, data on the National Stock Exchange showed.

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 According to the data available with NSE. The issue opened for subscription on August 2. Shares of the garment maker are proposed to be listed on the BSE and NSE both. The company had fixed a price band of Rs 258-268 per share for the public offer.

The company had already garnered around Rs 72 crore from anchor investors by selling 26.76 lakh shares at the upper price band of Rs 268 per share. Motilal Oswal Investment Advisors and Centrum Capital are the book running lead manger for the issue.

It is expected that the company will fetch around Rs 239 crore at the upper price band through a combination of fresh issuance of equity shares and via offer-for sale route. SP Apparels has strong base of international retailers of garments for children and infants, including established brands such as TESCO and Primark. However, the company does not have any long-term supply agreements with them.

During the previous financial year, the company exported nearly 35.98 million pieces of garments. For the year ended March 31, 2016, the company registered bottomline of Rs 48.12 crore against Rs 25.49 crore a year ago. In the financial years 2011-12, 2012-13 and 2013-14, SP Apparels posted net profit of Rs 6.82 crore, 5.22 crore and 12.56 crore, respectively. SP Apparels in engaged in exporter and manufacturer of knitted garments for infants and children.

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