Campus Activewear Limited IPO Details

Issue Date26th– 28th  April, 2022
Issue Size (Shares)Offer for Sale of upto 47,950,000 Equity Shares
Face Value₹ 5/-
Issue Size -Gross (₹ Cr)₹ 1,333 – 1,400 Cr
Bid Lot51 shares
Price Band₹ 278 – 292
Issue Structure : 
QIB50% of net offer ( Approx 23,875,000 Shares ) (₹ 664 – 697 Cr)
NIB15% of the net offer ( Approx 7,162,500 Shares ) (209 Cr)
NIB Catg- 1 ) 2-10 Lac :2397500 shares ,  3357 appls at min appl size (714 shares)
                 2)  More than10 Lac4795000 shares ,  1382 appls at min appl size( 3468 shares)
Retail35% of net offer(~16,712,500 Shares, ₹ 488 Cr) (3.3 L appls 1x)

Campus Activewear IPO Review Video in Presentation Form

About Campus Activewear Limited

  • Campus Activewear is one of the key players in organized sports & casual footwear sector in India.
  • The flagship brand “Campus,’’ in recent years, has emerged as the largest domestic sports and casual footwear brand in India
  • The company is primarily engaged in the manufacturing, distribution and sales of sports and athleisure footwear products.
  • Campus has an expansive pan-India reach that enabled them to sell, 1.37 crore pairs in 9 months ended December 31, 2021.
  • Their product portfolio is extensive: 1,433 active styles for men, 241 active styles for women ; 485 active styles for kids
  • Campus has 5 manufacturing facilities across India with an installed annual capacity for assembly of 28.80 million pairs as on Dec 31, 2021.

Salient Points

  • Promoters are Hari Krishan Agarwal and Nikhil Aggarwal
  • HK Agarwal founded “Action” brand in 1983.
  • Drawing on his deep insight pertaining to the Indian footwear industry, he later curated the “Campus” brand .
  • 60% of Issue by PE fund TPG (17% -> 8% stake)
  • 26% by Promoters (78% -> 74% )
  • 13% by QRG Enterprises (Havells promoters) (8% -> 4% )
  • Campus IPOoffer constitutes 15.76% of the post-issue equity.
  • The only Indian brand to compete with dominating international brands.
  • It has a strong presence in the men’s category with a over 80% sales contribution over FY19-21. The Offer is an Offer for Sale of Equity Shares by the Selling Shareholders.

Anchor Investors

  • Campus Activewear IPO raised Rs 418.3 crore from 32 anchor investors.
  • Marquee investors participated in the anchor book included Abu Dhabi Investment Authority, Fidelity Funds, Nomura, Eastspring Investments, HSBC Global Investment Funds and Ashoka India Equity Investment.
  • Domestic investors include ASK Investments, Volrado Ventures, Kotak Mutual Fund, SBI Pension Fund, UTI Mutual Fund, Aditya Birla Sun Life Mutual Fund, Quant Mutual Fund, Winro Commercial, HDFC Life Insurance, SBI Life Insurance, Authum Investments etc.
  • Good participation by Mutual Funds including HDFC Balanced Fund.


  • Failure to effectively promote or develop the brand.
  • Inability to anticipate product trends and consumer preferences.
  • Failure to compete effectively in the highly competitive sports and athleisure footwear industry
  • Pricing pressure from customers
  • Problems due to ongoing COVID-19 pandemic
  • Adverse developments at manufacturing facilities
  • Competition from organized and unorganized sector

Major brands: Revenue from Footwear

 Sales in CrCAGR FY19-21VolumesFY
Nike *International549502377-17%0.30.2

Listed Peers Comparison

 CompanyCMP/IPO Pr.FVFY21 sales (cr)PAT (In Cr)EPS TTMPE
Mirza Int.21621046.827.387.4529

Brands ROCE 
FY 2019FY 2020FY 2021
Campus 38.38%30.07%20.72%


  • India is mirroring the global trend with respect to sports and athleisure and outpaced the global growth rate with market estimated at ₹ 19,500 crore (USD 2.6 billion) in FY 2020 and is expected to grow 16% by FY 2025.
  • Footwear industry in India has grown at a CAGR of ~9% over FY2015 to FY20.
  • Campus is the Fastest growing scaled sports and athleisure footwear brand
  • Campus offer multiple choices across styles, color palettes, price points and an attractive product value proposition.
  • Campus had ~15% market share in the branded sports and athleisure footwear industry in India by value for Fiscal 2020, which increased to a 17% in Fiscal 2021.
  • Online D2C sales Up from Rs. 17 cr revenue in FY19 to Rs. 272 cr in 9MFY22.
  • Robust omnichannel sales and distribution network – 60% Distributors, 5% – EBO , 35% direct to consumer (D2C)
  • Average selling price up 13% in 9MFY22 to Rs. 615 from FY21’s Rs. 546.
  • Thus moving towards premium products with better prices through EBOs & D2C
  • As of December 31, 2021, company total borrowings of ₹ cr.
  • Debt Equity ratio for nine months ended December 31, 2021, was 0.43
  • New products account 50-60% of revenue and company.
  • Prompters may not dilute their holdings in near future.
  • Company generates ~Rs.125 cr. cash annually which can take care of Capex if needed.
  • The TTM EPS on post-issue equity works out to Rs 3.10. At the upper price band of Rs 292, P/E works out to 92.95.
  • Campus has strong Business Model, But Valuation Is Stretched. This may be made by aggressive growth seen in 1st 9 months of this fiscal.

Campus Activewear IPO: Apply or Not

  • Risk  :  Low
  • Expected Reward   : Good to Moderate. Low Chance of  some loss if markets are too bearish. 
  • Listing Gains  :   Reasonable Chances.
  • Hold for Medium/ Long Term:  Looks OK to Good to me.
  • Subscription  :  Expected to be Good
  • I am likely to apply in this IPO.
  • Above are my views only. Please do your own diligence.

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