Campus Activewear files draft papers to mop up funds via IPO

Campus Activewear IPO

Private equity firm TPG-backed sports and athleisure footwear brand Campus Activewear has filed draft red herring prospectus (DRHP) with the capital markets regulator Sebi to garner funds via initial public offering.

The public issue of 5.1 crore equity shares is entirely an offer for sale by promoters and investors.

Promoters Hari Krishan Agarwal, and Nikhil Aggarwal cumulatively will sell 1.4 crore equity shares via offer for sale. Investors TPG Growth III SF Pte Ltd will offload 3 crore equity shares and QRG Enterprises 67 lakh shares. Among others Rajiv Goel, and Rajesh Kumar Gupta are going to sell 3 lakh shares via OFS.

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Hence, the money raised will go to selling shareholders, and the company will not receive any funds from the offer.

Promoters hold 78.21 percent shareholding in the company, and the remaining 21.79 percent stake is held by TPG Growth III SF Pte Ltd (17.19 percent), and QRG Enterprises (3.86 percent).

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Campus Activewear claimed to be the largest sports and athleisure footwear brand in India in terms of value and volume in FY21. The brand 'CAMPUS' was launched in 2005.

The company had an approximately 15 percent market share in the branded sports and athleisure footwear industry in India by value for FY20, which increased to approximately 17 percent in FY21, as per the DRHP filing.

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The Indian footwear retail market is expected to grow at a CAGR of 21.6 percent during FY21-FY25.

JM Financial, BofA Securities India, CLSA India, and Kotak Mahindra Capital Company are the book running lead managers to the issue.

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