Shares of Credo Brands Marketing Ltd, the owner of the renowned denim brand Mufti, marked a modest entry into the market on Wednesday. They were listed with a marginal gain of nearly 1 percent against the issue price of INR 280.
The shares were listed at INR 282, reflecting a 0.71 percent increase from the issue price on the BSE. Subsequently, it regained lost ground and surged by 6.71 percent to reach INR 298.80.
On the NSE, the stock premiered at INR 282.35, registering a gain of 0.83 percent.
The company’s market capitalization stood at INR 1,834.21 crore in the morning trading session.
The Initial Public Offering (IPO) of Credo Brands Marketing was oversubscribed by 51.85 times on Thursday, the final day of the subscription period.
The INR 549.77-crore initial share offering, comprising 1,96,34,960 equity shares, was priced in the range of INR 266 to INR 280 per share.
Credo Brands’ public offering constituted an Offer For Sale (OFS) of a maximum of 1.96 crore shares by promoters and other existing shareholders.
Credo Brands Marketing stands as one of the prominent indigenous brands in the mid-premium and premium segments of the casual men’s wear market in the country.
As of September, the company boasted 1,807 touchpoints nationwide, encompassing 404 exclusive brand outlets, 71 large-format stores, and 1,332 multi-brand outlets.
