IPO Analysis: Campus Activewear Ltd

Vishwajeet Bhandigare
/ Categories: IPO Analysis
IPO Analysis: Campus Activewear Ltd

IPO Rating: Invest for long-term 

About the issue: 

Known for its famous ‘Campus’ shoe brand, the company is a strong player in sports and athleisure footwear industry. It is coming out with its initial public offering (IPO) of equity shares of the face value of Rs 5 per equity share. The issue size is Rs 1,400.14 crore, according to its red herring prospectus. The price band of the issue has been fixed at Rs 278 to Rs 292 per equity share. The IPO opening date is April 26, 2022, and it will be closing on April 28, 2022. The issue will be listed on the exchange on May 9, 2022. The IPO market lot size is 51 shares. A retail-individual investor can apply up to a maximum of 13 lots (663 shares or Rs 193,596).      


Campus Activewear IPO Details 

IPO Opening Date 

Apr 26, 2022 

IPO Closing Date 

Apr 28, 2022 

Issue Type 

Book Built Issue IPO 

Face Value 

₹5 per equity share 

IPO Price 

₹278 to ₹292 per equity share 

Market Lot 


Min Order Quantity 


Listing At 


Issue Size 

47,950,000 Eq Shares of ₹5 
(aggregating up to ₹1,400.14 Cr) 

Offer for Sale 

47,950,000 Eq Shares of ₹5 
(aggregating up to ₹[.] Cr) 

Employee Discount 

Rs 27 per equity share 

QIB Shares Offered 

50% of the net offer 

Retail Shares Offered 

35% of the net offer 

NII (HNI) Shares Offered 

15% of the net offer 

About the company: 

Incorporated in 2005, Campus Activewear Limited 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, available in multiple colours, styles and at affordable prices. Campus Activewear sells its products through online platforms and offline stores. 

Campus Activewear Limited has a pan-India trade distribution network, with over 400 distributors in 28 states and 625 cities. The company also has 18,200 retailers across India. 

The company owns and operates five manufacturing facilities across India with an installed annual capacity for assembly of 25.60 million pairs as of September 30, 2021. 

Competitive Strengths: 

India's largest sports and athleisure footwear brand and fastest growing scaled sports and athleisure footwear brand. 

Sustained focus on design and product innovation facilitating access to the latest global trends and styles through our fashion forward approach. 

Difficult to replicate integrated manufacturing capabilities supported by robust supply chain. 

Robust omnichannel sales and distribution network with pan-India presence and move to premium category. 

Strong brand recognition, innovative branding and marketing approach. 

Experienced management team. 


One of the key financial parameters is the average selling price (ASP) and the ASP for its products has increased by 19.99 per cent between Fiscals 2019 and six months ended September 30, 2021. For Fiscals 2019, 2020 and 2021 and six months ended September 30, 2020 and September 30, 2021, its ASP per pair was Rs 481, Rs 509, Rs 546, Rs 507 and Rs 577, respectively.  

Summary of financial Information (Consolidated) 


For the year/period ended (Rs in Millions) 







Total Assets 






Total Revenue 






Profit After Tax 








The Indian footwear retail market is expected to grow at a CAGR of 21.6 per cent from Fiscal 2021 to Fiscal 2025, being one of the fastest growing discretionary categories according to Technopak Report. Also, the sports and athletic footwear industry is expected to grow at a CAGR of 25 per cent in the same period. And as the company covers more than 85% of the total addressable market for sports and athleisure footwear in India as of Fiscal 2021, it has the largest market coverage amongst key sports and athleisure footwear brands. And so, it can capitalize on the growth opportunities. 

The nimble and fashion-forward approach in product development is reflected by means of its new launches and expansive product portfolio. It launched 583 new designs in Fiscal 2021. Its product portfolio is extensive with 1,274 active styles for men, 190 active styles for women and 423 active styles for kids and children. 

The financials too look strong although FY21 numbers are down. Being a retail business, it was one of the most hit sectors. Also, it made one-time amortization and depreciation expense which led to margin contraction. Based on our due diligence, we recommend to invest in the IPO for long-term. 

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