S P Apparels makes modest debut

Shares of S P Apparels were trading at Rs 289.75 at 10:35 IST on BSE, a premium of 8.12% over the initial public offer price of Rs 268.

The stock debuted at Rs 305, a premium of 13.81% over the initial public offer (IPO) price. So far the stock hit a high of Rs 305 and low of Rs 289.75. On BSE, so far 2.13 lakh shares changed hands in the counter.

S P Apparels (SPAL) had priced its initial public offer (IPO) at Rs 268 per share, the top end of the Rs 258-268 per share price band for the IPO. The IPO ended on 4 August 2016. The IPO received bids for 1.74 crore shares. It was subscribed 2.66 times.

SPAL is a leading manufacturer and exporter of knitted garments for infants and children. From the proceeds of the fresh issue, SPAL has earmarked Rs 70 crore towards expansion and modernization of manufacturing facility at Tamil Nadu, Rs 63 crore towards repayment of debt, Rs 27.85 crore towards opening of new stores for sale of Crocodile brand, Rs 4.90 crore towards balancing machinery for existing dyeing unit in Perundurai and rest towards for general corporate purpose.

SPAL's consolidated profit after tax (PAT) jumped 245% to Rs 34.71 crore on 13% growth in net sales to Rs 532.83 in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

Powered by Capital Market - Live News