Campus Activewear IPO subscribed 51.75 times as brokerages recommend buy

Campus Activewear’s initial public offering (IPO) garnered 51.75 times, generating bids worth over Rs 50,000 crore on the last day of issue. 

The institutional investor portion of the IPO was subscribed 152 times. The wealthy investor portion was subscribed 22.25 times and the retail investors' portion was subscribed 7.7 times. 

The portion reserved for employees was subscribed 2.1 times. Market players said the response garnered by the IPO exceeded expectations given the challenging market conditions. 

Campus Activewear’s IPO was entirely a secondary share sale worth Rs 1,400 crore. The company had fixed a price band of Rs 278-292 per share in the IPO. 

At the top end, Campus Activewear will have a market cap of Rs 8,886 crore. Domestic brokerages had recommended their clients to subscribe to the IPO citing favourable valuations compared to other listed peers such as Relaxo Footwear and Bata India.

The IPO was entirely an Offer for Sale (OFS) of up to 4,79,50,000 equity shares. Those offering shares in the OFS include promoters -- Hari Krishna Agarwal and Nikhil Aggarwal -- and existing shareholders -- TPG Growth III SF Pte Ltd, QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta, PTI reported.