Day 2: S P Apparels IPO 66% subscribed

Garment maker S P Apparels' initial public offering today got 66 per cent subscribed, the second day of the issue.
The IPO received bids for over 43.07 lakh shares as against more than 65.56 lakh on offer till 5 pm today, which worked out to a subscription of 66 per cent, as per the information available with the National Stock Exchange (NSE).
The limit reserved for retail investors was subscribed 20 per cent while the non-institutional quota saw a subscription of five per cent, the data showed.
Yesterday, the company raised nearly Rs 72 crore from anchor investors by selling 26.76 lakh shares at Rs 268 per share.

The anchor investors include DSP Blackrock Micro Cap Fund, Goldman Sachs India Fund, Birla Sun Life Insurance Company and Morgan Stanley Mauritius Company.
The IPO comprises fresh issue of shares worth up to Rs 215 crore and an offer for sale of up to 9 lakh shares by New York Life Investment Management India Fund (FVCI) II LLC.

Price band has been fixed at Rs 258-268 per share and at the upper end, the offer can fetch up to Rs 456 crore.
The offer opened yesterday and will close on August 4. The book running lead managers are Motilal Oswal Investment Advisors and Centrum Capital.

S P Apparels is a manufacturer and exporter of knitted garments for infants and children.
In 2015-16, the company exported around 35.98 million pieces of knitted garments for infants and children directly to international customers, including Tesco and Primark.