Tamil Nadu- based manufacturer and exporter of knitted garments SP Apparels on Monday raised Rs71.74 crore from anchor investors ahead of its IPO.
SP Apparels sold 26,76,685 shares to anchor investors at a rate of Rs268 per share, the upper end of the Rs258-268 per share price band it has set for the three-day public offering that opens on Tuesday. The issue will close on 4 August.
Investors acquiring shares in the anchor allotment include DSP Blackrock, Goldman Sachs India, Birla Sun Life Insurance, Morgan Stanley Mauritius, UTI-Balanced Equity Fund, UTI-Master Equity Plan Unit Scheme and Principal Trustee Co Pvt Ltd.
The firm aims to raise Rs239 crore through the issue. The IPO comprises a fresh issue of equity shares aggregating Rs215 crore and an offer for sale of 9 lakh shares. Private equity player New York Life Investment Management India Fund which at present holds a 10.5% stake in the company will make a partial exit by selling half its stake.