campus activewear, ipo - issues open

The initial public offering (IPO) of Campus Activewear, the largest sports and athleisure footwear brand in India, has received bids for 96.11 lakh shares against IPO size of 3.36 crore shares, getting subscribed 29 percent on April 26, the first day of subscription.

Retail investors are at the fore, buying 56 percent shares of their portion, while non-institutional investors bid for 4 percent of their quota.

Qualified institutional investors are yet to participate while employees have bought 4,797 of the two lakh shares reserved for them.

Private equity firm TPG-backed Campus intends to mop up nearly Rs 1,400 crore through its public issue, of which Rs 418.3 crore was raised from anchor investors on April 25. Accordingly the offer size has been reduced from 4.79 to 3.36 crore shares.

The IPO is entirely an offer for sale by promoters and investors, hence the company will not receive any money as the funds will go to selling shareholders.

The price band for the offer, which closes on April 28, is Rs 278-292 per share.

“Given the price band, the issue is priced at a price/earnings multiple of 103.5x of its 9MFY22 earnings, which we believe is reasonable keeping in mind the valuations at which the peers are trading and the industry average,” said KRChoksey Research.

Also, with easing of restrictions and the economy getting back to normal, the company will improve its business, said the brokerage which assigned a “subscribe” rating to the IPO.

Campus covered more than 85 percent of the total addressable market for sports and athleisure footwear in India as of FY21, which is the largest market coverage among key sports and athleisure footwear brands.

It had an approximately 15 percent market share in the sports and athleisure footwear industry in India by value for FY20, which increased to approximately 17 percent in FY21. It operates five facilities which had capacity to manufacture 4.80 million footwear uppers and 10.80 million footwear soles annually as on December 2021.

“The company’s target segment is growing due to a combination of factors such as transition from unorganised to organised sector driven by enhanced preference for branded and quality footwear, increasing health awareness, rising levels of disposable income in India, favourable trends in Indian demographics such as increasing population of young adults and growing demand for women’s footwear,” said KRChoksey Research.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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