Campus Activewear
Mainboard₹1,400 Cr issue
+21.58%
Listing gain over issue price
Issue size
₹1,400 Cr
1 lot at cut-off
₹14,892
Lot size
51shares
Open
26 Apr 2022
Close
28 Apr 2022
Allotment
04 May 2022
Listing
09 May 2022
Listing performance
Issue price
₹292
Listed at
₹355
Listing-day close
₹378.90
Latest price
₹189.15
Close on 23 Oct 2026
Listing gain
+21.58%
Return since issue
-35.22%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Apr 2022 – 28 Apr 2022
- Listing date
- 09 May 2022
- Face value
- ₹5 per share
- Issue price
- ₹292 per share
- Lot size
- 51 shares
- Total issue size
- ₹1,400 Cr
- Market cap at offer price
- ₹8,886 Cr
- Promoter holding
- 78.21% → 74.10% pre-issue → post-issue
- ISIN
- INE278Y01022
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- D-1, Udyog Nagar, Main Rohtak Road, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,43,25,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 51 shares per lot, in multiples, at ₹292
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 51 | ₹14,892 |
| Retail (max) | 13 | 663 | ₹1,93,596 |
| S-HNI (min) | 14 | 714 | ₹2,08,488 |
| S-HNI (max) | 67 | 3,417 | ₹9,97,764 |
| B-HNI (min) | 68 | 3,468 | ₹10,12,656 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,43,25,000
Anchor portion
₹418 Cr
at ₹292 per share
Valuation and performance
Valuation at offer price
₹292 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.88 | — |
| P/E (×) | 331.82 | — |
| Market cap | — | ₹8,886 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 8.60%
- ROCE
- 20.72%
- Debt / equity
- 0.43
- PAT margin
- 4.00%
- EBITDA margin
- 16.84%
- NAV per share
- ₹10.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Campus Activewear
Campus Activewear Limited is a lifestyle-oriented sports and athleisure footwear company incorporated in 2008. The company introduced its flagship 'CAMPUS' brand in 2005 and has since become the largest sports and athleisure footwear brand in India in terms of value and volume as of Fiscal 2021. The company generates revenue entirely from the sale of footwear products, with revenue from operations of ₹7,112.84 million in Fiscal 2021 and ₹8,418.44 million in the nine months ended December 31, 2021. The company sells through multiple channels including trade distribution (75.25% of revenue in Fiscal 2021), direct-to-consumer online (21.11%), and direct-to-consumer offline (3.47%), serving customers with an omnichannel experience across North India and expanding nationally.
Company Analysis
from RHPCampus Activewear Limited is the largest sports and athleisure footwear brand in India by value and volume, offering diverse footwear products across multiple price points and styles under the CAMPUS brand.
Campus Activewear Limited is a lifestyle-oriented sports and athleisure footwear company incorporated in 2008. The company introduced its flagship 'CAMPUS' brand in 2005 and has since become the largest sports and athleisure footwear brand in India in terms of value and volume as of Fiscal 2021. The company generates revenue entirely from the sale of footwear products, with revenue from operations of ₹7,112.84 million in Fiscal 2021 and ₹8,418.44 million in the nine months ended December 31, 2021. The company sells through multiple channels including trade distribution (75.25% of revenue in Fiscal 2021), direct-to-consumer online (21.11%), and direct-to-consumer offline (3.47%), serving customers with an omnichannel experience across North India and expanding nationally.
sports and athleisure footwearretail footwear
Objects of the Issue
- Achieving the benefits of listing the Equity Shares on the Stock Exchanges p.23
- The Offer is an Offer for Sale by the Selling Shareholders. Our Company will not receive any proceeds from the Offer for Sale. p.71
- Listing of Equity Shares on the Stock Exchanges and enhancement of brand name and liquidity to existing shareholders p.114
- Objects of Issue not explicitly detailed in this section of the document
Issue Structure
- Total Issue
- 47,950,000 Equity Shares aggregating to ₹13,996.00 million
- Fresh Issue
- Nil
- Offer for Sale
- 47,950,000 Equity Shares aggregating to ₹13,996.00 million
- Price Band
- ₹278 to ₹292 per Equity Share
- Lot Size
- 51 Equity Shares (Bid Lot)
- Face Value
- ₹5 per Equity Share
Business Model
The company earns revenue primarily through the sale of footwear products under the CAMPUS brand across three main channels: trade distribution through over 425 distributors, direct-to-consumer online channels through third-party marketplaces, and direct-to-consumer offline through exclusive brand outlets (EBOs) and company-owned company-operated stores (COCOs). The company manufactures footwear using contract labor at five manufacturing facilities across India.
Business Segments
Campus designs, manufactures, and sells branded footwear products including shoes and slippers through multiple distribution channels
Design, development, manufacturing, and sale of sports and athleisure footwear products across men's, women's, and kids' segments
Footwear products priced at or below ₹1,049, representing the largest volume segment and 48% of the S&A footwear market as of Fiscal 2021
Footwear products priced between ₹1,050 and ₹1,499, representing 16% of the S&A footwear market as of Fiscal 2021
Footwear products priced at or above ₹1,500, representing 24% of the S&A footwear market as of Fiscal 2021 and demonstrating strategic focus on premiumization
Manufacture and distribution of footwear and accessories through retail stores, wholesale networks, e-commerce and key accounts channels
The company has identified its business as a single operating segment - 'Footwear and Accessories'. This segment includes sports and athleisure footwear and accessories for men, women, kids and children categories sold through trade distribution and direct-to-consumer channels.
Design, manufacture and sale of sports and athleisure footwear products across multiple price categories (entry-level, semi-premium and premium) and through multiple distribution channels (trade distribution and direct-to-consumer).
SWOT Analysis
Strengths
- • High in-house assembly capability(p.50)
- • Significant in-house sole manufacturing(p.50)
- • Multiple manufacturing facilities providing geographic diversity(p.50)
- • Strong profitability in recent period(p.57)
- • Solid debt service coverage ratio(p.59)
- • Substantial intellectual property portfolio(p.61)
- • Largest sports and athleisure footwear brand in India by volume(p.159)
- • Fastest growing scaled sports and athleisure footwear brand(p.159)
- • Widest portfolio of sports and athleisure footwear products among Indian brands(p.160)
- • Only established Indian brand in predominantly international market segment(p.157)
- • 100% focus on sports and athleisure category(p.159)
- • Integrated manufacturing capabilities with low lead time(p.165)
- • Covers over 85% of addressable market across price segments(p.162)
- • Presence in premium category as Indian brand(p.162)
- • Market leadership in sports and athleisure footwear(p.178)
- • Fastest growing scaled sports and athleisure brand(p.178)
- • Extensive product portfolio coverage(p.178)
- • Vertically integrated manufacturing with quality control(p.181)
- • Fast design-to-market cycle(p.180)
- • Pan-India omnichannel distribution network(p.173)
- • Strong brand recognition(p.182)
- • Experienced management team with industry expertise(p.184)
- • Significant promoter ownership concentration and board representation(p.230)
- • Established corporate governance structure with independent directors and board committees(p.231)
- • Diversified management team with extensive industry experience(p.239)
- • Largest sports and athleisure footwear brand in India by value and volume(p.323)
- • Fastest growing scaled sports and athleisure footwear brand in India(p.323)
- • Strong market share in branded sports and athleisure footwear(p.323)
- • One of few established Indian brands in a segment dominated by international brands(p.323)
- • Diverse product portfolio covering majority of addressable market(p.323)
- • Largest sports and athleisure footwear brand in India by value and volume(p.330)
- • Robust omnichannel distribution network with pan-India presence(p.328)
- • Direct-to-consumer channel growing at high CAGR of 104.14%(p.329)
- • Backward integration into manufacturing reducing reliance on suppliers(p.331)
- • Strong working capital management with reduced receivable days(p.332)
- • Significant expansion in premium product segment driving higher ASP(p.331)
Weaknesses
- • Significant dependence on few large customers(p.59)
- • Negative operating cash flow in recent period(p.58)
- • High leverage and restrictive debt covenants(p.59)
- • Covenant breach history(p.59)
- • Significant contingent liabilities from GST exposure(p.60)
- • Pending trademark opposition and rectification proceedings(p.62)
- • Limited inventory tracking capability at distributors(p.52)
- • Deteriorating inventory turnover ratio(p.52)
- • Limited omnichannel presence in organized retail(p.155)
- • Significantly lower revenue than international competitors(p.159)
- • Heavy reliance on distribution channel(p.164)
- • Concentrated retail distributor base(p.199)
- • High dependence on trade distribution channel(p.176)
- • Significant reliance on outsourced manufacturing for uppers(p.181)
- • Manufacturing facility geographic concentration(p.188)
- • Capacity utilization challenges post-COVID(p.190)
- • Concentration of promoter shareholding creates control risk(p.243)
- • Limited dividend history and no guaranteed future dividend payments(p.248)
- • Debt obligations may restrict dividend payments(p.248)
- • Substantial inventory provisions indicating obsolescence and slow-moving stock(p.284)
- • Material discrepancies between bank returns and books of accounts(p.289)
- • Significant allowances for credit-impaired trade receivables(p.284)
- • High inventory pledge against borrowings(p.284)
- • Significant concentration of top 15 distributors in trade distribution channel(p.328)
- • High inventory levels relative to current assets(p.332)
- • Significant indebtedness with restrictive covenant conditions(p.59)
- • Reliance on trade discounts and rebates impacting profitability(p.328)
Opportunities
- • Backward integration strategy to reduce supply chain dependence(p.56)
- • Omnichannel distribution expansion(p.60)
- • Rapidly growing sports and athleisure market with high CAGR(p.157)
- • Expanding women's footwear segment with faster growth(p.147)
- • Increasing sports participation and health consciousness in India(p.132)
- • E-commerce growth providing new distribution channel(p.155)
- • Underserved demand in value segment from homegrown brands(p.156)
- • Premiumization trend and ASP expansion(p.154)
- • Tier II and III city expansion with organized retail penetration(p.151)
- • High growth sports and athleisure market(p.170)
- • Expansion in women and children segments(p.184)
- • Premiumization of product portfolio(p.179)
- • Direct-to-consumer channel expansion(p.186)
- • Penetration of underpenetrated geographies(p.175)
- • Favorable demographic trends(p.170)
- • Backward integration opportunities(p.186)
- • Expansion of manufacturing capacity through capital investment(p.255)
- • Strategic diversification through multiple revenue channels(p.239)
- • Strong growth in Indian footwear industry projected to Fiscal 2025(p.323)
- • Expanding premium product portfolio driving ASP growth(p.325)
- • Rapid growth in direct-to-consumer online channel(p.326)
- • Expanding women's and children's product categories(p.324)
- • Expansion of direct-to-consumer channel through EBOs and franchisees(p.329)
- • Growth in metro and Tier I cities segment(p.328)
- • Further backward integration into manufacturing process(p.331)
- • Portfolio expansion through targeted acquisitions of brands and products(p.331)
- • Expansion of distribution network in western and southern regions(p.328)
Threats
- • Risk of manufacturing facility disruptions from regulatory closures(p.50)
- • Supply chain continuity risks from external disruptions(p.50)
- • Dependence on third-party slipper manufacturers with limited control(p.51)
- • Raw material supply disruptions and price volatility(p.52)
- • Risk of retail store closures due to lease termination challenges(p.55)
- • COVID-19 pandemic impact on retail operations and lease payments(p.56)
- • Cyber-attacks and IT system disruptions(p.53)
- • Inverted GST duty structure impact on profitability(p.61)
- • Inflation and rising operating costs(p.67)
- • Limited control over retail pricing and brand image through distributor network(p.53)
- • Intense competition from international brands dominating market(p.157)
- • Competition from other Indian value brands like Relaxo(p.155)
- • COVID-19 market contraction impact(p.145)
- • Emerging D2C brands and digital-first competitors(p.132)
- • High presence of unbranded competitors in mass segment(p.153)
- • Intense competition from international and domestic brands(p.208)
- • Industry-wide COVID-19 impact and revenue volatility(p.167)
- • Raw material import dependence and FX risk(p.198)
- • Supply chain disruption risk from outsourcing(p.198)
- • Retail space availability and lease cost pressures(p.202)
- • Limited business interruption insurance coverage(p.209)
- • Restrictive covenants in loan agreements limit financial flexibility(p.248)
- • Significant reliance on key management personnel(p.241)
- • Segment dominated by international brands creating competitive pressure(p.323)
- • COVID-19 pandemic impact on operations and sales(p.316)
- • Concentration of revenue in men's category creates category risk(p.324)
- • Trade distribution channel revenue concentration declining but still material(p.326)
- • Significant exposure to raw material price fluctuations(p.329)
- • Business seasonality causing fluctuations in operating results(p.331)
- • Dependence on third-party online marketplaces(p.47)
- • Risks associated with leasing retail store real estate(p.55)
- • COVID-19 pandemic impact on operations and sales(p.333)
- • Merchandise returns harming business(p.46)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hari Krishan Agarwal | Promoter | 60.35% | — |
| Nikhil Aggarwal | Promoter | 13.56% | — |
| Hari Krishan Agarwal | Promoter | 60.35% | 57.73% |
| Nikhil Aggarwal | Promoter | 13.56% | 12.08% |
| TPG Growth III SF Pte. Ltd. | Promoter | 17.19% | — |
| QRG Enterprises Limited | Promoter Group | 3.86% | — |
| HKV Trust | Promoter Group | 4.00% | 4.00% |
| Hari Krishan Agarwal | Promoter | 60.35% | 60.35% |
| Nikhil Aggarwal | Promoter | 13.56% | 13.56% |
| TPG Growth III SF PTE. Ltd | Promoter Group | 17.19% | 17.19% |
| Hari Krishan Agarwal | Promoter | — | — |
| Nikhil Aggarwal | Promoter | — | — |
| Hari Krishan Agarwal | Promoter | 60.35% | — |
| Nikhil Aggarwal | Promoter | 13.56% | — |
| Hari Krishan Agarwal | Promoter | 60.35% | — |
| Nikhil Aggarwal | Promoter | 13.56% | — |
| TPG Growth III SF PTE. Limited | Promoter Group | 17.19% | — |
| Hari Krishan Agarwal | Promoter | — | — |
| Nikhil Aggarwal | Promoter | — | — |
| TPG Growth III SF Pte. Ltd. | Promoter Group | — | — |
| QRG Enterprises Limited | Promoter Group | — | — |
| Nikhil Aggarwal | Promoter | — | — |
| Hari Krishan Agarwal | Promoter | — | — |
Leadership
Hari Krishan Agarwal · Chairman and Managing Director
Nikhil Aggarwal · Chief Executive Officer and Whole-Time Director
Raman Chawla · Chief Financial Officer
Archana Maini · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Campus Activewear IPO FAQs
What is the lot size of Campus Activewear IPO?
The minimum lot size of Campus Activewear IPO is 51 shares. One lot costs ₹14,892 at the cut-off price.
When does Campus Activewear IPO open and close?
Campus Activewear IPO opened for subscription on 26 Apr 2022 and closed on 28 Apr 2022.
What is the listing date of Campus Activewear IPO?
Campus Activewear IPO listed on 09 May 2022.