Credo Brands Marketing Limited (Mufti) IPO Detail
Incorporated in 1999, 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.
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.
Company Promoters
Kamal Khushlani and Poonam Khushlani.IPO Details
| IPO Opening Date | Dec 19, 2023 |
| IPO Closing Date | Dec 21, 2023 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹2 per equity share |
| IPO Price | ₹266 - 280 per equity share |
| Market Lot | 53 Shares |
| Min Order Quantity | 53 Shares |
| Listing At | BSE, NSE |
| Issue Size | ₹549.78 Cr |
| Fresh Issue | - |
| Offer for Sale | ₹549.78 Cr |
| Retail Portion | 35% |
IPO Subscription (Bidding Detail)
| AS On | QIB | SHNI | BHNI | NII | RII | TOTAL |
|---|---|---|---|---|---|---|
| Day 1 | 0.01x | - | - | 2.07x | 3.33x | 2.11x |
| Day 2 | 0.35x | - | - | 11.52x | 8.92x | 7.03x |
| Day 3 | 104.95x | - | - | 55.52x | 19.94x | 51.85x |
IPO Tentative Timetable
The Credo Brands Marketing Limited (Mufti) IPO open date is Dec 19, 2023, and the close date is Dec 21, 2023. The issue may list on Dec 27, 2023.
| IPO Open Date | Dec 19, 2023 |
| IPO Close Date | Dec 21, 2023 |
| Basis of Allotment Date | Dec 22, 2023 |
| Initiation of Refunds | Dec 26, 2023 |
| Credit of Shares to Demat Account | Dec 26, 2023 |
| IPO Listing Date | Dec 27, 2023 |
IPO Lot Size
The Credo Brands Marketing Limited (Mufti) IPO market lot size is 53 shares. A retail-individual investor can apply for up to 13 lots (689 shares or ₹192920).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 53 | ₹14840 |
| Maximum | 13 | 689 | ₹192920 |
IPO Promoter Holding
| Pre Issue Share Holding | 66.66% |
| Post Issue Share Holding | 53.66% |
Company Financials:
For the year/period ended (₹ in Cr.)
| Financial Year | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-21 | 416.99 | 261.15 | 3.44 |
| 31-Mar-22 | 476.05 | 354.84 | 35.74 |
| 31-Mar-23 | 574.48 | 509.32 | 77.51 |
Objects of the Issue:
The objectives of the Offer are:1. Achieve the benefits of listing the Equity Shares on the Stock Exchanges
2. 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.
Credo Brands Marketing Limited (Mufti) IPO Registrar:
Link Intime India Private Ltd
Credo Brands Marketing Limited (Mufti) IPO Lead Manager(s):
Dam Capital Advisors Ltd ICICI Securities Limited Keynote Financial Services Ltd
Company Contact Information:
Credo Brands Marketing Limited (Mufti)
B-8, MIDC Central Road, Marol,
Next to MIDC Police Station
Andheri (E), Mumbai - 400093,
