Crocodile manufacturer SP Apparels files for IPO

The makers Crocodile brand of menswear, Coimbatore’s SP Apparels, have filed for initial public offering (IPO). The draft red herring prospectus (DRHP) has been filed with capital market regulators SEBI (Securities and Exchange Board of India). The company is hoping to raise up to Rs 215 crores through fresh issuefs of shares. It may be recalled that in December 2014, another PE-backed apparel maker Monte Carlo Fashions went public.