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28-Jul2016

SP Apparels all set to hit capital markets to raise around Rs 247.45 crore

SP Apparels is coming out with a 100% book building; initial public offering (IPO) of 92,33,290 shares of Rs 10 each in a price band Rs 258-268 per equity share. The issue will open for subscription on August 2, 2016 and will close on August 4, 2016.

The company will use the issue proceed for  Repayment or prepayment of debt incurred by the company; expansion and modernization of its manufacturing facility at Valapady, Salem, Tamil Nadu; addition of balancing machineries for its existing dyeing unit at SIPCOT, Perundurai; opening of new stores for the sale of 'Crocodile' products and general corporate purposes.

The face value of the share is Rs 10 and is priced 25.80 times of its face value on the lower side and 26.80 times on the higher side. The book running lead managers to the issue are Motilal Oswal Investment Advisors and Centrum Capital (India), while the compliance officer for the issue is K Vinodhini.

The company is a leading manufacturer and exporter of knitted garments for infants and children in India. These are manufactured at its integrated facilities that allow it to provide end-to-end garment manufacturing services from greige fabric to finished products. The company also manufactures and retails menswear garments in India under the brand 'Crocodile'.


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