S P Apparels IPO oversubscribed nearly 3 times on last day

Garment maker S P Apparels' initial public offering (IPO) was oversubscribed nearly three times on the last day of the issue today.
The IPO received bids for 1,74,05,300 shares against the total issue size of 65,56,605 shares, reflecting an oversubscription of 2.65 times, data available with the NSE till 1900 hrs showed.
The issue, which had opened for subscription on Tuesday, managed to sail through on the last day of the offer today.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.21 times and non institutional investors 5.1 times, sources said.
Retail investors category was also oversubscribed 1.87 times, they added.

The public offer can fetch a total of up to Rs 456 crore through a combination of fresh issuance of equity shares and via offer-for sale route. This includes raising up to Rs 215 crore through fresh issue of shares.

Price band has been fixed at Rs 258-268 per share.
The company has already raised nearly Rs 72 crore from anchor investors by selling 26.76 lakh shares at Rs 268 per share.
The book running lead managers are Motilal Oswal Investment Advisors and Centrum Capital.
This is the 16th IPO to have hit the market so far this year.
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.