New kid on the block: SP Apparels makes 13.8% listing gains on debut, trades at Rs 305


NEW DELHI: The maker of the Crocodile brand, SP Apparels, made a decent debut on the bourses on Friday, as the scrip got listed at Rs 305 on BSE, a 13.81 per cent premium over the issue price of Rs 268.

At 10.02 am, the stock was tarding 8.12 per cent higher at Rs 289.75.

The issue, which was open for subscription between August 2 and August 4, was oversubscribed nearly three times. The quota set aside for qualified institutional buyers (QIBs) was oversubscribed 2.21 times, the non-institutional investor quota 5.10 times and retail investor quota 1.90 times.

SP Apparels is a manufacturer and exporter of knitted garments for infants and children in India. The company’s business consists of two main divisions: garments division, where the firm manufactures and exports knitted garments for infants and children, and retail division, where the company manufactures, distributes and markets products in India under the brand name ‘Crocodile’.

The garment manufacturer was the second largest exporter of knitted garments for infants and children in terms of revenue in FY14.

In FY16, the company exported approximately 35.98 million pieces of knitted garments for infants and children directly to international customers, including TESCO and Primark.

The company has 21 operating manufacturing facilities and the manufacturing facility at Netaji Apparel Park (NAP) —which the company is in the process of operationalising —are located in and around the Avinashi region of Tamil Nadu.