US-based private equity firm TPG Capital has sold its remaining 7.62% stake in Campus Activewear Ltd for about Rs 800 crore through block deals on the National Stock Exchange on Friday.
The investment firm had invested Rs 268 crore in the company in September 2017 and has exited with an overall realisation of Rs1,700 crore . This amounts to a return of almost 6.4 times on the capital invested.
“It’s one of the highest returns generated in India,” a person in the know said.
TPG Global had sold over half its stake in Campus Activewear when the footwear maker went public in 2022, and has now completely exited the company.
The company’s initial public offer (IPO) was entirely a secondary share sale worth Rs 1,400 crore. Ahead of the IPO, TPG Global held 5.32 crore shares in the company, or 17.19% stake in the company as on 31 March 2022. TPG sold 3 crore shares in the IPO.
On Friday, TPG Global sold the shares at Rs 345 a piece, data on the exchanges showed. The sale price was at a discount of nearly 7% to Thursday’s closing price, and on Friday, the shares closed at Rs 338.55 on the NSE, down 8.6% from the previous close.
TPG Global held 2.32 crore shares in the company through its arm TPG Growth Iii Sf Pte. Ltd as on Dec 31.
Campus Activewear, which manufacturers sports and athleisure footwear, had a 17% market share in the industry as on FY21, and has more than 20,000 retailers in the country.
The company listed on Indian bourses in May 2022, debuting at a premium of nearly 24%. The shares hit an all-time high of Rs 639.30 in October last year, up 119% from its issue price of Rs 292. As on Friday, the shares were up about 16% from the issue price.