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SP Apparels prepares for IPO
31
Dec '15
Coimbatore-based SP Apparels has filed draft papers with capital markets regulator Sebi to raise at least Rs 215 crore through its initial public offer.

The company aims to mop up to Rs 215 crore through fresh issue of shares, while its existing shareholders will offload 9,00,000 equity shares, according to the Draft Red Herring Prospectus (DRHP) filed with Sebi.

SP Apparels manufactures and exports knitted garments for infants and children. It also manufactures and retails menswear in India under the brand 'Crocodile'.

The company said that proceeds from the fresh issue will be utilised for repayment of debt, expansion and modernisation of manufacturing facility at Salem in Tamil Nadu and opening of new stores for the sale of 'Crocodile' products.

The funds raised will be also used for addition of balancing machineries for its existing dyeing unit at Sipcot, Perundurai in Tamil Nadu and other general corporate purposes.

The company intends to list its shares on BSE and NSE.

The company said that as of November, 2015, its aggregate outstanding debt was Rs 251.8 crore comprising long-term borrowings, short-term borrowings and current maturities of long-term borrowings.

SP Apparels reported a net profit of Rs 10.1 crore in 2014-15 fiscal. (SH)

Fibre2Fashion News Desk - India

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