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S P Apparels plans IPO for retail arm

Business Line  

S P Apparels Ltd, a manufacturer and exporter of infants & children's garments, is looking to list its recently carved out retail arm. The INR 867 crore company has hived off its retail division into a separate company, SP Retail Ventures Ltd. Two more brands have been added - a children's brand ‘Angel & Rocket' and a premium brand ‘Head' under SP Retail Ventures under the retail business. In the June 2022 quarter, SP Retail Ventures clocked revenue of INR 17.1 crore and a positive EBITDA of INR 50 lakh. But, reported a loss of INR 40 lakh. While the Avinashi (Tamil Nadu)-based company has set up 59 stores under all brands, it has opened two new stores for Angel & Rocket in Bengaluru and opened stores for the Head brand.