S P Apparels IPO gets 12% subscription on day one

The initial public offering of garments maker S P Apparels witnessed 12 per cent subscription today on the first day of the issue.
The IPO received bids for over 7.97 lakh shares as against more than 65.56 lakh on offer till 5 PM today, as per the information available with the National Stock Exchange (NSE).
The limit reserved for retail investors was subscribed 9 per cent while non-institutional quota witnessed a subscription of 4 per cent, the data showed.
The company, yesterday, raised nearly Rs 72 crore from anchor investors by selling shares 26.76 lakh shares at a price of Rs 268 apiece.

The anchor investors include DSP Blackrock Micro Cap Fund, Goldman Sachs India Fund Birla Sun Life Insurance Company and Morgan Stanley Mauritius Company.
S P Apparels' IPO comprises fresh issue of equity 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 today and closes on August 4. The book running lead managers for the offer are Motilal Oswal Investment Advisors and Centrum Capital.

S P Apparels is a manufacturer and exporter of knitted garments for infants and children.
In financial year 2016, the company exported around 35.98 million pieces of knitted garments for infants and children directly to international customers, including Tesco and Primark.