Credo Brands Shares Surge 12% on Debut

New Delhi, Dec 27 (PTI) Shares of Credo Brands Marketing Ltd, which owns denim brand Mufti, ended with a premium of nearly 12 per cent after making a muted market debut on Wednesday, against the issue price of Rs 280.

The stock listed at Rs 282, up 0.71 per cent from the issue price on the BSE. Later, it recovered the lost ground and jumped 15.91 per cent to Rs 324.55 in intra-day trade. Shares of the company ended at Rs 312.50, up 11.60 per cent.

At the NSE, the stock made its debut at Rs 282.35, up 0.83 per cent. Shares of the firm later ended at Rs 311, up 11.07 per cent.

The company's market valuation was Rs 2,009.43 crore.

In traded volume terms, 18.29 lakh shares of the company were traded at the BSE and over 3.12 crore shares at the NSE during the day.

The Initial Public Offering (IPO) of Credo Brands Marketing got subscribed 51.85 times on Thursday, the last day of subscription.

The Rs 549.77-crore initial share sale of 1,96,34,960 equity shares had a price range of Rs 266-280 apiece.

Credo Brands' public issue was an Offer For Sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.

Credo Brands Marketing is among the leading home-grown brands in the mid-premium and premium casual men's wear market in the country.

As of September, 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.