Credo Brands Marketing Limited (Mufti)
Mainboard₹14,840 / 53 Shares
IPO Details
Credo Brands Marketing Limited (Mufti) IPO is priced between ₹266-280 per equity share, with a face value of ₹2 per share. The company's equity shares will be listed on the Mainboard, and Link Intime India Private Ltd is managing the issue as the registrar.
The IPO bidding period opened on 19 Dec, 2023, and closed on 21 Dec, 2023. The allotment results will be announced on 22 Dec, 2023, with a tentative listing date set for 27 Dec, 2023.
The total issue comprises OFS : 19,634,960 shares of ₹2, amounting to ₹549.78 Cr.
Credo Brands Marketing Limited (Mufti) IPO Highlights
| IPO Date | Listing Date | Face Value | Price Band | Lot Size | Fresh Issue | Offer for Sale | Listing At |
|---|---|---|---|---|---|---|---|
| Dec 19, 2023 - Dec 21, 2023 | 27 Dec, 2023 | ₹2 Per Equity Share | ₹266-280 per equity share | 53 Shares | Shares | 19,634,960 shares of ₹2 | BSE, NSE |
Credo Brands Marketing Limited (Mufti) IPO Timeline
Issue Price
₹266-280 per equity shareFace Value
₹2 Per Equity ShareListing at Group
BSE, NSERegistrar
Link Intime India Private LtdMarket Lot
Retail: 53 Shares (₹14,840/-)S-HNI: 742 Shares (₹2,07,760/-)
B-HNI: 3,604 Shares (₹10,09,120/-)
Lead Manager
Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)ICICI Securities LimitedKeynote Financial Services LtdIssue Size
OFS : 19,634,960 shares of ₹2(aggregating up to ₹549.78 Cr)Retail Portion
35% (Number of Retail Applications: 1,29,665 Approx),(Number of S-HNI Applications : 1,323 Approx),(Number of B-HNI Applications : 2,646 Approx)Subscription
51.84 timesCredo Brands Marketing Limited (Mufti) IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 23 | 574.48 | 509.32 | 77.51 | - | - | - |
| 31 Mar 22 | 476.05 | 354.84 | 35.74 | - | - | - |
| 31 Mar 21 | 416.99 | 261.15 | 3.44 | - | - | - |
All values are in ₹ Cr.
About Company
Credo Brands Marketing Limited offers casual clothing for men with its flagship brand Mufti.
In 1998, the company's product range consisted only of shirts, T-shirts and trousers. Today, however, the company offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters. These products are available in different categories, e.g. relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear and athleisure.
The company currently operates 1,773 retail outlets across India (as of May 31, 2023). These include 379 exclusive brand stores (EBOs), 89 large format stores (LFSs) and 1,305 multi-brand stores (MBOs).
The company's reach extends from major metropolitan areas to Tier 3 cities. As of March 31, 2023, March 31, 2022, and March 31, 2021, the company is present in 582, 598 and 569 cities, respectively.
As of May 31, 2023, the company's design team consisted of 15 members. They made it possible to create and produce more than 1,348 designs in the 2023 financial year.
Credo Brands Marketing Limited (Mufti) IPO Subscription Details
| As on | QIB | NII bNII sNII | Retail | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 3,926,992 | 2,945,244 1,963,496 981,748 | 6,872,236 | 12,744,472 |
| Day 1 - 19-12-23 05:00 PM | 0.01 x | 2.08 x x | 3.37 x | 2.13 x |
| Day 2 - 20-12-23 05:00 PM | 0.35 x | 11.48 8.72 x 17.00 x | 8.78 x | 6.95 x |
| Day 3 - 21-12-23 05:00 PM | 104.95 x | 55.50 55.73 x 55.06 x | 19.91 x | 51.84 x |
18.37 times
Credo Brands Marketing Limited (Mufti) IPO - Issue Objectives
- The objectives of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges and (ii) carry out the Offer for Sale of up to 19,634,960 Equity Shares. Further, the Company expects that the proposed listing of its Equity Shares will enhance our visibility and brand image and provide liquidity to the Shareholders and a public market for the Equity Shares in India.