Campus Activewear shares made a strong debut on stock exchanges amid a market-wide sell-off on Monday. The stock of the sports and athleisure footwear company listed on BSE at Rs 355 apiece, a premium of 21.6 percent over the upper end of its issue price range of Rs 278-292 apiece.
On NSE, the Campus stock began its journey at Rs 360 apiece, a premium 23.3 percent over the issue price.
Campus shares finished the listing day at Rs 378.6 apiece on BSE and Rs 372.7 apiece on NSE -- a premium of 29.7 percent and 27.6 percent respectively.
Campus Activewear CEO Nikhil Aggarwal told CNBC-TV18 the company has increased its market share by 100-150 bps annually, and has begun to get a slice in metros as well as Tier 1 cities.
The company expects its growth rates to continue after registering a CAGR of 27 percent over the past 10 years, he said.
The addressable market for Campus, according to Aggarwal, is Rs 40,000-45,000 crore.
Campus Activewear's initial public offer (IPO), to raise up to Rs 1,400 crore, was subscribed 51.8 times. In the three-day bidding process, the IPO secured bids for 174 crore shares as against the 3.4 crore shares on offer, according to exchange data.
|Qualified institutional buyers||152 times||50|
|Non-institutional investors||22.3 times||15|
Bidding for the IPO was available from April 26 to April 28. The initial share sale was entirely an offer for sale (OFS) by promoters and existing shareholders, which means the company did not receive any proceeds from the issue.
Campus Activewear shares were available for bidding in a price range of Rs 278-292 apiece in multiples of 51 under the IPO.
Campus Activewear, which introduced the brand Campus in 2005, offers a diverse product portfolio.