Campus Activewear shares debuts at 21% premium despite weak market trends
- Shares of
Campus Activewearlisted at ₹355 while the price band was fixed at ₹278-₹292 per share.
- The IPO was a hit among investors as it was subscribed 51.75 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹10,803 crore.
AdvertisementFootwear brand Campus Activewear made a strong debut on the Nifty and Sensex despite weak market trends. The stock listed at ₹355, which is 21.58% more than the issue price band of ₹278-₹292 per share.
Investors have been expecting decent listing gains due to grey market premium, positive recommendation by analysts as India's largest sports and athleisure footwear brand. However, poor market sentiments meant expectations were tapered down.
“The company has a huge runway of growth and the long term prospects are good. The current grey market premium is about ₹65 i.e. about 22% above its upper band price, and we expect similar listing gains for the issue. However, current volatile market conditions might be detrimental for its listing. Nevertheless, we recommend investors to stay with the company for the long term,” said Aayush Agrawal, senior analyst at Swastika Investmart.
Post listing, the market capitalisation of the company stood at ₹10,803 crore, according to BSE data.
The grey market had indicated a listing gain of 20% as unlisted shares of Campus Activewear were commanding a premium of ₹60 per share.
The company claims to be India's largest sports and athleisure footwear brand. It manufactures a variety of footwear at affordable prices and sells its products through both online and offline platforms.
Campus had a 15% share of the branded sports and athleisure footwear retail market in India by value in FY20, which increased to nearly 17% in FY21.
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