S P Apparels mops up Rs 72 crore from anchor investors

Garments maker S P Apparels today raised nearly Rs 72 crore from anchor investors by selling shares at a price of Rs 268 apiece ahead of its IPO tomorrow.
The company has allotted a little over 26.76 lakh shares to seven anchor investors, it said in a communication to the stock exchanges.
The anchor investors include DSP Blackrock Micro Cap Fund, Goldman Sachs India Fund Birla Sun Life Insurance Company and Morgan Stanley Mauritius Company. Shares have been allotted to them at a price of Rs 268 apiece -- the upper end of the IPO price band.
S P Apparels' initial public offer 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 opens tomorrow and closes on August 4. The book running lead managers for the offer are Motilal Oswal Investment Advisors Private 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.
Since the beginning of 2016, as many as 15 IPOs, including Larsen & Toubro Infotech, Mahanagar Gas, TeamLease Services and Infibeam Incorporation, have already hit the capital markets.