Credo Brands IPO Oversubscribed 6.94 Times
Dec 20, 2023 18:36
Credo Brands, owner of Mufti denim, saw its IPO oversubscribed by 6.94 times on the second day. Non-institutional investors and retail investors showed strong interest.
New Delhi, Dec 20 (PTI) The initial share sale of Credo Brands Marketing, which owns denim brand Mufti, got subscribed 6.94 times on the second day of the offer on Wednesday.
The Rs 549.77 crore-Initial Public Offering (IPO) received bids for 9,53,22,779 shares against 1,37,44,472 shares on offer, as per NSE data.
The category for non-institutional investors attracted 11.47 times subscription while the Retail Individual Investors (RIIs) part got subscribed 8.76 times. The portion for Qualified Institutional Buyers (QIBs) fetched 35 per cent subscription.
The IPO of 1,96,34,960 equity shares has a price range at Rs 266-280 a 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 Rs 165 crore 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.
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