SP Apparels' IPO subscribed 2.65 times

SP Apparels' initial public offering (IPO) received tepid response with the offering seeing just two times more demand than shares on offer. The institutional investor segment was subscribed 2.2 times, high networth individual segment was subscribed 5.1 times and retail category garnered just 1.9 times subscription.

The price band for the IPO was Rs 258-268 per share. The apparel manufacturer has raised around Rs 215 crore from the IPO. The proceeds will be used for repayment of debt, setting up of new manufacturing facilities and setting up of new stores.