Despite the turmoil in the market, Campus Activewear made a very good debut. As against the IPO price of Rs.292, it got listed on the BSE at Rs.355, a premium of 22%. It also went up to the day’s high at Rs.416.05 and is now trading at Rs.410.
The IPO had done well despite the challenging market situation, garnering a strong response, subscribing 51.75 times, with institutional portion subscribing 152 times, HNIs by 22.25 times and retail investors at 7.7 times.
Campus is India’s largest sports footwear brand, with 17% value market share in FY21. 60% revenue is generated through traditional channel of 425 distribution, directly servicing 19,200 pan-India retailers (majorly in tier 2/3 towns) while 5% revenue comes from company’s 85 exclusive brand outlets (EBOs).
In our IPO Analysis, we had concluded, “Having scaled up online D2C business from Rs. 17 cr revenue in FY19 to Rs. 275 cr in 9MFY22, Campus is the fastest growing among peers, and in a profitable manner. Likely future growth makes the pricing attractive. Hence, the IPO is a ‘subscribe’.”