Campus Activewear slips 7% after over 9% equity changes hand on NSE

Shares of Campus Activewear slipped 7 per cent to Rs 345.10 on the National Stock Exchange (NSE) in Friday’s intra-day trade after over 9 per cent of total equity changed hands on the exchange.

Till 09:33 AM; around 27.93 million shares representing 9.17 per cent of total equity of Campus Activewear changed hands on the NSE, the exchange data shows. A combined 29.2 million shares or 9.6 per cent of total equity of footwear company changed hands on the NSE and BSE. The names of the buyers and sellers were not ascertained immediately.

According to media report private equity firm TPG had plans to sell 7.62 per cent stake worth Rs 800 crore in Campus Activewear via a block deal at Rs 345 per share.

As on December 31, 2022, TPG Growth Iii Sf Pte. Ltd. held 23.21 million shares in Campus Activewear, the shareholding pattern data shows.

Campus Activewear is India's largest sports and athleisure footwear brand. The company manufactures and distributes a variety of footwear like running Shoes, walking Shoes, casual Shoes, floaters, slippers, flip flops and sandals, in multiple colours, styles and at affordable prices. Campus Activewear sells its products through online platforms and offline stores.

The company made its stock market debut on May 9, 2022. The company issued shares at price of Rs 292 per share in initial public offering (IPO). The stock had hit a record high of Rs 640 on October 19, 2022. It touched an all-time low of Rs 296.85 on June 20, 2022.

In past six months, Campus Activewear has underperformed the market by falling 42 per cent, as compared to 1.4 per cent decline in the Nifty 50.

“The Indian sports and athleisure footwear market is at an inflexion point with rising fitness quotient amongst customers across India including metros, Tier II cities and hinterland areas. The Company aims to create sustainable growth in the coming years through its omnichannel experience, focus on premiumization, product diversification across product segments & categories and pan-India distribution network,” the company’s management said while announcing December quarter result on February 14, 2023.