The initial public offering (IPO) of Credo Brands Marketing (Mufti Menswear) will open for bidding on Tuesday, December 19.
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The company will be selling its shares in the range of Rs 266-280 apiece with a lot size of 53 equity shares and its multiples thereafter. The bidding for the issue will close on Thursday, December 21.
Incorporated in 1999, Credo Brands Marketing 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. Currently, it offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters.
The company is looking to raise a total of close to Rs 550 crore, which entirely includes an offer-for-sale (OFS) component by its promoters, promoter group and other investors shareholders. The anchor book for the issue will open on Monday, December 18.
The company currently operates 1,773 retail outlets across India, as of May 31, 2023.
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These include 379 exclusive brand stores, 89 large format stores and 1,305 multi-brand stores. The company’s reach extends from major metropolitan areas to Tier III cities. As of March 31, 2023, the company is present in 582 cities.
For the period ended on June 30, Credo Brands reported a net profit of Rs 8.58 crore with a revenue of Rs 119.43 crore. The company’s bottomline came in at Rs 77.51 crore with a revenue of Rs 509.32 crore for the financial year ended on March 31, 2023.
The company has reserved half of the issue or 50 per cent for the qualified institutional bidders (QIBs), while retail investors will get 35 per cent of reservation in the net offer. Remaining 15 per cent of the shares shall be allocated towards non-institutional investors.
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DAM Capital Advisors (Formerly IDFC Securities), ICICI Securities and Keynote Financial Services are the book running lead managers of the Mufti Menswear IPO, while Link Intime India is the registrar for the issue. Shares of the company will be listed on both BSE and NSE on December 27, Wednesday.
