SP Apparels Limited, a Coimbatore-based leading manufacturers and exporters of knitted garments for infants and children, under the brand name of Crocodile, has launched an Initial Public Offer (IPO) of equity shares of face value of Rs.10 each. The offer opens on August 2.

With a price band of Rs.258 to Rs.268 per equity, shares consisting of fresh issue of equity shares will aggregate up to Rs.215 crores. On offer is 9 lakh shares. The IPO closes on August 4, the company Chairman and Managing Director, P. Sundararajan told reporters today.

Bids can be made for a minimum of 55 equity shares, and in multiples of 55 shares thereafter. The shares offered through the IPO are proposed to be listed on BSE and NSE, Sundararajan said.

The business of the company consists of garments division for manufacture and export of knitted garments for infants and children and the retail division for manufacture, distribution and marketing of products in India under the Crocodile brand, he said.

The company has exported about 35.98 million pieces of knitted garments for infants and children (zero to eight years) for the fiscal 2016, Sundararajan said, and added that it has generated a revenue of Rs.5,377.54 million in the fiscal, with a net profit of Rs.347.14 million, achieving a return of 30.80 per cent for equity shareholders.

On future plans, Sundararajan said that the company intends to concentrate on the infants, children, and men’s wear (Crocodile) as of now, but it may foray into women’s garments in the future.