Credo Brands Marketing IPO Subscribed 2 Times

New Delhi, Dec 19 (PTI) The initial share sale of Credo Brands Marketing, which owns denim brand Mufti, was subscribed 2.08 times on the first day of the offer on Tuesday.

The Rs 549.77 crore Initial Public Offer (IPO) got bids for 2,86,40,405 shares against 1,37,44,472 shares on offer, the NSE data showed.

The category for Retail Individual Investors (RIIs) received 3.28 times subscription while the portion for non-institutional investors got subscribed 2.06 times. The Qualified Institutional Buyers (QIBs) part got subscribed 1 per cent.

Credo Brands' public issue is an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.

The price range for the three-day IPO is fixed at Rs 266-280 a share.

Credo Brands Marketing Ltd on Monday said it had 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, Credo Brands Marketing has a presence across India through 1,807 touchpoints, including 404 exclusive brand outlets (EBOs), 71 large format stores, and 1,332 multi-brand outlets (MBOs).

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.