According to data from BSEthe company fetched bids for 1,74,02,02,110 equity shares or 51.75 times as against the issue size of 3,36,25,000 shares so far on the final day.
The portion for retail bidders was subscribed 7.68 times. The non-institutional investors’ quota was subscribed 22.25 times. Employee portion was subscribed 2.11 times. Qualified institutional buyers bid for 152.04 times their reserved quota of shares.
The footwear manufacturer is eyeing to raise Rs 1,400.16 crore via its initial stake sale, which is entirely an offer for sale from the promoters and existing shareholders. The issue was fully subscribed on the first day of bidding itself. The company is selling his shares in the range of Rs 278-292 apiece.
Ahead of its IPO, the athleisure footwear company garnered about Rs 418 crore from anchor investors ahead of its IPO as the company allocated a total of 14,325,000 equity shares to anchor investors at Rs 292 apiece, said a BSE circular.
Investors participating in the anchor round include Abu Dhabi Investment Authority, Fidelity Funds, Nomura, Societe Generale, BNP Paribas Arbitrage and Goldman Sachs (Singapore) and multiple domestic mutual funds.
Brokerages have a mixed opinion on the company, with a majority of them being positive over this issue as it caters to the fast growing segment of the footwear industry but have also raised red flags over the rich valuations of the company.
Steadily, the company is moving towards higher premiumisation which along with increased contribution from direct-to-consumer sales is helping the company in improving margins, said Nirmal Bang Securities.
“With increasing premiumisation and higher contribution from direct-to-consumer sales, we believe it has more head-room to grow from here with improved profitability,” it added with ‘subscribe for long term’ rating on the issue.