SP Apparels plans to add 70 more Crocodile retail outlets in next 3 years

S.P. Apparel, a leading manufacturer and exporter of knitted garments for infants and children in India and also have retail menswear garments in India under the brand ‘Crocodile’ is looking at adding spinning capacity and modernize its textile mills to cater to captive requirements and also make investment in processing and knitting, and expansion of Crocodile retail outlets, said Chairman and Managing Director R. Sundararajan on Friday.

It will add 70 more retail outlets in the next three years, and invest in knitting and processing. The Crocodile stores, which are about 40 now, are for menswear. They will think of women’s wear and children’s wear later.

It exports to some of the major international brands and has in-house design and product development facilities.

Mr. Sundarajan said the company’s revenue for 2015-2016 was Rs. 537 crore and it has 21 manufacturing facilities that produce fashion, knitted garments for infants and children (up to eight years of age). Their integrated facilities allow them to provide end-to-end garment manufacturing services from greige fabric to finished products.

S.P. Apparel’s Initial Public Offering will open on August 2 and close on August 4 and the price band has been fixed at Rs. 258 to Rs. 268 per equity share. It hopes to raise about Rs. 215 crore from the IPO.

The funds will be used for strengthening backward linkage, for working capital, repaying debt, apart from expansion of its retail network in the country.