The initial public offering (IPO) of Credo Brands Marketing, the proprietor of the denim brand Mufti, garnered a subscription rate of 6.94 times on the second day of the offer on Wednesday.
According to NSE data, the Initial Public Offering (IPO) of INR 549.77 crore received bids for 9,53,22,779 shares, surpassing the 1,37,44,472 shares available for subscription.
The non-institutional investors’ category saw a subscription rate of 11.47 times, whereas the Retail Individual Investors (RIIs) segment garnered a subscription of 8.76 times. The portion allocated for Qualified Institutional Buyers (QIBs) received a 35% subscription.
The Initial Public Offering (IPO) consists of 1,96,34,960 equity shares with a price range set at INR 266-280 per share.
Credo Brands’ public issue is an Offer For Sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.
The company has collected INR 165 crore from anchor investors.
Continue Exploring: Mufti’s parent company, Credo Brands, secures INR 165 Crores from anchor investors
Credo Brands Marketing is among the leading homegrown brands in the mid-premium and premium casual men’s wear market in the country.
As of September 2023, the company had 1,807 touch points across the country, including 404 exclusive brand outlets, 71 large format stores, and 1,332 multi-brand outlets.
DAM Capital Advisors, ICICI Securities and Keynote Financial Services are the managers to the offer.
The equity shares of the company are proposed to be listed on BSE and NSE.