Mufti Jeans IPO To Open On December 19; Credo Brands Announces Price Band

Credo Brad (Mufti) IPO: Credo Brands Marketing Ltd, which owns denim brand Mufti, on Thursday announced the price band for their Rs. 550 crore initial public offering (IPO). The company directors agreed on a price range of Rs. 266-280 per share.

Credo Brad (Mufti) IPO bidding dates

The initial public offering of the denim brand will open for subscription on December 19 and will close on December 21. Mufti is a popular clothing and apparel brand in India. 

Credo Brad (Mufti) IPO issue size

The company's issue is an offer for sale (OFS) of 1.96 crore shares entirely by the promoters and other existing shareholders. At the lower and upper end of the price band respectively, the IPO was priced at Rs. 522 crore, and Rs. 550 crore is expected.

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35% Of IPO reserved for retail investors

As per the company's filing to exchanges, half of the issue volume is allocated to qualified institutional buyers, 35 percent to retail investors, and the remaining 15 percent to institutional buyers.

What is the Lot Size Of the Credo brand (Mufti) IPO

Investors can bid for a minimum of 53 equity shares and thereafter bid in multiples of 53 equity shares.  Credo Brands Marketing is one of the leading domestic brands in the country's mid-premium and premium casual menswear market.

According to information, as of September 2023, Credo Brands is marketing across India through 1,807 touchpoints, including 404 Exclusive Brand Outlets (EBOs), 71 Large Design Stores, and 1,332 Multi-Brand Outlets (MBOs).

Credo Revenue

In fiscal 2023, Credo Bands' revenue grew by 46 percent to Rs. 498.18 crore from Rs. 341.17 crore. last financial year's profit after tax was Rs. 35.74 crore, an increase of 117 percent to Rs 77.51 crore in FY23.

DAM Capital Advisors, ICICI Securities, and Major Financial Services are the lead book-running managers for the issue. It is proposed to list the equity shares of the company on BSE and NSE.

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