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Tirupur-based SP Apparels, which manufactures and exports knitted garments for children, is launching its initial public offer next week. It hopes to raise ₹239 crore (at the upper end of the price band), of which ₹215 crore will be a fresh issue and the remaining an offer-for-sale by New York Life Investment Management India Fund (FVCI) II. The price band is fixed at ₹258-268 for an equity share of ₹10 face value.
The offer will be open from August 2-4. Bids can be made for a minimum of 55 equity shares and in multiples of 55 thereafter.
Utilisation of funds Motilal Oswal Investment Advisors Pvt Ltd and Centrum Capital are the merchant bankers to the issue. The equity shares are proposed to be listed on the BSE and the NSE.
The company intends to use the fresh funds to repay debt, expand and modernise the manufacturing facility at Vazhapadi (Salem, Tamil Nadu), open new stores for its sales of its in-house ‘Crocodile’ brand and add balancing machineries for the existing dyeing unit at SIPCOT, Perundurai.
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