SP Apparels’ IPO was oversubscribed nearly three times
SP Apparels shares jumped nearly 8 per cent to Rs. 288.75 on its market debut, against the issue price of Rs. 268.
The garment maker’s IPO was oversubscribed nearly three times during August 2-4.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.21 times, while non-institutional investors 5.10 times, as per NSE data.
Retail investors portion was oversubscribed 1.90 times. Price band for the IPO was fixed at Rs. 258-268 per share.
This was the 16th IPO to have hit the market so far this year. SP Apparels is a manufacturer and exporter of knitted garments for infants and children.
At 10:17 a.m., shares of SP Apparels were up 6.5 per cent at Rs. 285.4 against it issue price. In comparison, Nifty50 index was up 1 per cent.