SP Apparels shares made an impressive debut on bourses on Friday and listed at a premium of 13.81 per cent on BSE at Rs 305 against the issue price of Rs 268. The initial public offer (IPO) of the company was oversubscribed by 2.66 times. The public offer was opened for subscription from August 2 to August 4. The public offer of SP Apparels received bids for 1,74,73,005 shares against 65,56,605 shares offered by the company, according to the data available with NSE. Centrum Capital and Motilal Oswal Investment Advisors were the book running lead manger for the issue.
On NSE, shares of the company listed at a premium of 2.61 per cent at Rs 275 against the issue price. Shares of the company closed at Rs 288.75 on NSE.
The scrip settled 10.07 per cent up at Rs 295 on BSE.
The company had fixed a price band of Rs 258-268 per equity share of face value of Rs 10 each. For the financial year ended March 31, 2016, SP Apparels reported net profit of Rs 48.12 crore against Rs 25.49 crore las year. The company reported a net profit of Rs 6.82 crore, 5.22 crore and 12.56 crore in FY12, FY13 and FY14, respectively. SP Apparels in engaged the business of exporting and manufacturer of knitted garments for infants and children.
S Latha and P Sundararajan are the promoters of the company. They have total experience of over 50 years in the textile and apparel industry.