 "Shares of SP Apparels gain 10% on debut")
Shares of garment maker SP Apparels gained 10 per cent over its issue price during its stock market debut on Friday. The company’s Rs 200-crore initial public offering (IPO) had garnered two times subscription earlier this month. The Tirupur-based company is a leading knitwear exporter.
The stock touched a high of Rs 305, or 13.8 per cent over the IPO price of Rs 268 a share on the BSE. The stock settled at Rs 295, up Rs 27, or 10 per cent over the issue price.
The company plans to use IPO proceeds for expansion and modernisation of its manufacturing facility in Tamil Nadu, opening more retail stores for its 'Crocodile' brand of clothing products, among other things. The IPO is managed by Motilal Oswal and Centrum Capital. Most IPOs this year have made good returns for investors.
The stock touched a high of Rs 305, or 13.8 per cent over the IPO price of Rs 268 a share on the BSE. The stock settled at Rs 295, up Rs 27, or 10 per cent over the issue price.
The company plans to use IPO proceeds for expansion and modernisation of its manufacturing facility in Tamil Nadu, opening more retail stores for its 'Crocodile' brand of clothing products, among other things. The IPO is managed by Motilal Oswal and Centrum Capital. Most IPOs this year have made good returns for investors.