Shares of Campus Activewear made a strong market debut today, listing at a premium of 23.28 per cent at Rs 360 on NSE against the IPO issue price. The company offered its shares in a price band of Rs 278-292. Market cap of Campus Activewear stood at Rs 10,955 crore. Total 84.91 lakh shares of the firm changed hands amounting to a turnover of Rs 305.69 crore on NSE.
On BSE, the stock listed at Rs 355, 21.58 per cent higher to the IPO price.
Market cap of the firm rose to Rs 10,803 crore. Total 3.222 lakh shares of the firm changed hands amounting to a turnover of Rs 11.44 crore on the BSE.
Santosh Meena, Head of Research, Swastika Investmart said, "Campus Activewear has debuted at Rs 360 i.e. 23 percent above its issue price. The company's good listing during such a volatile market highlights the inherent strength of the company's business and fundamentals. Campus Activewear is India's largest sports and athleisure footwear brand that enjoys competitive advantages like integrated manufacturing facilities, strong brand recognition and a robust distribution network. The company has a huge runway of growth and the long-term prospects are good. Those who applied for listing gains can maintain a stop loss of Rs 300. We recommend this stock for the long term to both existing and new investors."
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The IPO was held from December April 26 to April 28. The share sale was subscribed 51.75 times on the final day of bidding.
Campus Activewear raised Rs 1,400 crore through its public issue at the upper price band of Rs 292 per share. The offer received bids for 1,74,02,02,110 shares against the 3,36,25,000 shares on offer, according to NSE data.
Portion allocated for qualified institutional buyers (QIBs) received 152.04 times of the total subscriptions, while non-institutional investors received applications 22.25 times and retail individual investors (RIIs) received 7.68 times their issue size.
Campus Activewear raised a little more over Rs 418 crore from anchor investors a day ahead of the IPO. Lot size of the IPO was 13 shares for which one would have to spend Rs 14,892. A retail-individual investor could apply for up to 13 lots or 663 shares by spending Rs 1,93,596.
The allotment of shares was finalised on May 4, 2022.
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Hari Krishan Agarwal and Nikhil Aggarwal are promoters of the company. The stake of promoters will fall to 74.21 per cent post the issue against the pre-issue stake of 78.21 per cent.
Link Intime India Private Ltd was the registrar to the IPO.
Axis Capital, Credit Suisse Securities (India), Credit Suisse Securities (India) Private Limited, Nomura Financial Advisory were the book running lead managers to the IPO.
Campus Activewear is India's largest sports and athleisure footwear brand. The company manufactures and distributes a variety of footwear like running shoes, walking shoes, casual shoes, floaters, slippers, flip flops and sandals, available in multiple colours, styles and at affordable prices. Campus Activewear sells its products through online platforms and offline stores.
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