Mufti Jeans Maker Credo Brands' Rs 550 Cr IPO To Open On Dec 19

Credo Brands Marketing Ltd, which owns denim brand Mufti, on Thursday fixed the price band at Rs 266-280 a share for its Rs 550-crore initial public offering (IPO). The maiden public issue will open for subscription on December 19 and conclude on December 21, the company announced.

The company's issue is entirely an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders. Credo Brands Marketing is among the leading homegrown brands in the mid-premium and premium casual men's wear market in the country. At the lower and the upper end of the price band, the IPO is expected to fetch Rs 522 crore and Rs 550 crore respectively.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers. Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter. As of September 2023, Credo Brands Marketing has a presence across India through 1,807 touchpoints, including 404 exclusive brand outlets (EBOs), 71 large format stores, and 1,332 multi-brand outlets (MBOs).

Credo Bands' revenue from operations increased 46 per cent to Rs 498.18 crore in fiscal 2023 from Rs 341.17 crore in the preceding fiscal. Besides, profit after tax surged 117 per cent to Rs 77.51 crore in fiscal 2023 from Rs 35.74 crore in the previous financial year. DAM Capital Advisors, ICICI Securities, and Keynote Financial Services are the book-running lead managers to the issue. The company's equity shares are proposed to be listed on BSE and NSE.

(PTI)