S P Apparels seeks to mop up Rs 215 cr through IPO

Tirupur-based S P Apparels Ltd, manufacturers and exporters of knitted garments for children, is hoping to raise around Rs 215 crore with its forthcoming initial public offer (IPO).

The company has fixed a price band of Rs 258-268 per equity share for the IPO.

"The company has fixed the price band from Rs 258 to Rs 268 per equity share consisting of a fresh issue of equity shares aggregating up to Rs 215 crore and an offer for sale of up to 9,00,000 equity shares by New York Life Investment Management India Fund (FVCI) II LLC, the selling shareholder," S P Apparels Chairman and Managing Director P Sundararajan told reporters in Mumbai.

The IPO is managed by Motilal Oswal Investment Advisors Private Limited and Centrum Capital Limited. The equity shares offered through the IPO are proposed to be listed on BSE and NSE.

The offer opens on August 2 and closes on August 4.

S P Apparels currently operates 21 manufacturing facilities in Tamil Nadu. For fiscal year 2016, the company exported approximately 35.98 million pieces of knitted garments for infants and children directly to international customers, including TESCO and Primark.