Campus Activewear IPO Subscription Status Day 1: Key details investors should know

The initial public offer (IPO) of Campus Activewear was subscribed fully by 1.24 times on the first day of its offer till 5:00 pm on Tuesday. The Rs 1400-crore footwear company’s IPO was launched on April 26 and will be open till April 28, 2022.  

The offer received bids for 4,17,33,198 equity shares as compared to 3,36,25,000 offered. In this, the retail investors’ portion was subscribed by 1.88 times, followed by the non-institutional investors’ quota by 1.32 times, and the employee reserved quota saw a subscription of 0.68 times. 

The portion reserved for Qualified Institutional Buyers (QIBs) witnessed a bleak response on the first day as the quota subscribed by merely 0.09 times on Tuesday. 

The issue is entirely an offer-for-sale (OFS) from the promoters and existing shareholders of the company with a price band set at Rs 278-292 per share.  

Ahead of the subscription, Athleisure footwear company Campus Activewear on Monday said it has garnered a little over Rs 418 crore from 32 anchor investors ahead of its initial share sale. 

BofA Securities India, JM Financial, CLSA India and Kotak Mahindra Capital Company are the merchant bankers that advise the company on the public issue.   

Giving subscribe rating on Campus IPO, Zee Business Managing Editor Anil Singhvi recommended to apply for reasonable listing gains with a long-term approach.  

He said, “The Athleisure footwear company is a strong brand and commands a market presence. It also boasts of strong demand and a growth outlook and has strong finances with free cash flow.” 

“With a foothold of ~17% market share in the branded sports and athleisure footwear industry in India and an integrated manufacturing ecosystem that aids cost leadership advantage, the company is poised to deliver sustainable earnings growth in the future,” IDBI Capital said in a note while recommending a Subscribe rating. 

Campus is the largest sports and athleisure footwear brand in India in terms of value and volume in FY21 and is primarily engaged in the manufacturing, distribution, and sales of sports and athleisure footwear products.