S.P. Apparels IPO
S.P. Apparels IPO — date, price band, lot size & details 2016
S.P. Apparels listed on 12 Aug 2016 at ₹275, 2.6% above the ₹268 issue price.
S.P. Apparels makes knitted garments for infants and children, and menswear, and runs retail stores for the Crocodile brand. Its total income was Rs 541.74 crore in FY2016.
Stock price
S.P. Apparels is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 02 Aug 2016
- Close 04 Aug 2016
- Allotment 09 Aug 2016
- Refund/credit TBA
- Listing 12 Aug 2016
Issue summary
The terms of the offer, as filed.
| IPO Dates | 2 to 4 Aug, 2016 |
|---|---|
| Price Band | ₹258 – ₹268 |
| Face Value | ₹10 |
| Lot Size | 55 Shares |
| Issue Size | ₹239.12 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,740 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 55 shares at the ₹268 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 55 | ₹14,740 |
| Retail (max) | 13 | 715 | ₹1,91,620 |
| S-HNI (min) | 14 | 770 | ₹2,06,360 |
| S-HNI (max) | 67 | 3,685 | ₹9,87,580 |
| B-HNI (min) | 68 | 3,740 | ₹10,02,320 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01Total income rose from Rs 453.33 crore in FY2014 to Rs 541.74 crore in FY2016.
- 02Profit after tax rose from Rs 7.15 crore in FY2014 to Rs 37.36 crore in FY2016.
- 03Rs 63.00 crore of the issue was for repaying debt.
- 04Rs 70.16 crore was for expanding and modernising its Valapady plant.
Risks · 5
- 01Total borrowing was Rs 227.03 crore in FY2016, well above its net worth of Rs 128.45 crore.
- 02Profit after tax was only Rs 10.92 crore in FY2015, so the jump in FY2016 is recent.
- 03Garment makers depend on large buyers and cotton prices; total assets were Rs 578.04 crore.
- 04Running retail stores for Crocodile, with Rs 27.85 crore planned, is a new and different business.
- 05Promoter holding fell from 87.49% before the issue to 59.6% after it.
Three years of numbers
All figures in ₹ crore, as reported in the S.P. Apparels offer document.
| Metric | 31 Mar 2016 | 31 Mar 2015 | 31 Mar 2014 |
|---|---|---|---|
| Assets | 578.04 | 530.41 | 537.04 |
| Total Income | 541.74 | 482.47 | 453.33 |
| Profit After Tax | 37.36 | 10.92 | 7.15 |
| NET Worth | 128.45 | 89.14 | 79.27 |
| Reserves and Surplus | 111.31 | 72.34 | 62.47 |
| Total Borrowing | 227.03 | 225.99 | 261.20 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Where the money goes
₹201.53 Cr of the issue is earmarked to named objects.
S.P. Apparels IPO Anchor Investors
7 anchor investors across 6 fund houses committed ₹71.73 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| DSP Blackrock Micro Cap Fund | DSP Mutual Fund | 634,315 | 17.00 | 23.70% |
| Goldman Sachs India Fund Limited | Goldman Sachs | 556,380 | 14.91 | 20.79% |
| Birla Sun Life Insurance Company Limited | Aditya Birla Sun Life Insurance | 556,325 | 14.91 | 20.78% |
| Morgan Stanley Mauritius Company Limited | Morgan Stanley | 369,920 | 9.91 | 13.82% |
| UTI - Balanced Fund | UTI Mutual Fund | 186,560 | 5.00 | 6.97% |
| UTI - Master Equity Plan Unit Scheme | UTI Mutual Fund | 186,615 | 5.00 | 6.97% |
| Principal Trustee Co. Pvt Ltd - Principal Mutual Fund - Principal Emerging Bluechip Fund | Principal Mutual Fund | 186,570 | 5.00 | 6.97% |
| Total anchor allocation | 71.73 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It also makes menswear such as shirts, polo shirts, t shirts, trousers, jeans and sweaters.
It was opening new stores for the Crocodile brand, and has manufacturing at Valapady in Salem and a dyeing unit at SIPCOT, Perundurai, in Tamil Nadu.
The IPO was Rs 239.12 crore, with Rs 215.00 crore of fresh issue and Rs 24.12 crore of offer for sale, at Rs 268, the top of the Rs 258 to Rs 268 band. The fresh money was for repaying debt, expanding its Valapady facility and new Crocodile stores.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
S.P. Apparels IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Centrum Capital Ltd.
27 issues handledBest listing: Nandan Exim (+140.0%). Weakest: Prime Focus (-22.8%).
Motilal Oswal Investment Advisors
79 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: R K Swamy (-13.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of S.P. Apparels?
The current Grey Market Premium is ₹0.
What is the S.P. Apparels IPO price band?
₹258 to ₹268, on a face value of ₹10.
When is the allotment?
The basis of allotment is 9 August 2016, with listing on 12 August 2016.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
