Campus Activewear Shares List With Strong Gains; Up Over 26% From Issue Price

Shares of Campus Activewear listed at a premium after the sportswear and footwear entity drew good response for its public issue. On the BSE, the stock listed at a premium of 21.5% at Rs. 355 per share as against the IPO issue price of Rs. 292. On the NSE, the scrip listed at a price of Rs. 360 i.e. a premium of more than 23%. In a volatile market also, the stock managed to even trend higher than the listing price to Rs. 369.95-day's high price so far.

Primarily due to the strong interest from institutional buyers, the subscription raked in by Campus Activewear IPO has been to the tune of 51.75 times. The portion set aside for the institutional category was subscribed more than 152 times.

The public issue of Campus Activewear has been completely an OFS with sale of up to 4,79,50,000 equity shares. In the issue, shares were being offloaded by the company's promoters Hari Krishna Agarwal and Nikhil Aggarwal and existing shareholders TPG Growth III SF Pte Ltd, QRG Enterprises Ltd, Rajiv Goel and Rajesh Kumar Gupta.

"The company's good listing during such a volatile market highlights the inherent strength of the company's business and fundamentals. The company has a huge runway of growth and the long-term prospects are good. Those who applied for listing gains can maintain a stop loss of Rs. 300. We recommend this stock for the long term to both existing and new investors," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

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