Credo Brands Marketing IPO subscribed 2.08 times

Published on Dec 19, 2023 17:15

The initial public offer (IPO) of Credo Brands Marketing received bids for 2,86,40,405 shares as against 1,37,44,472 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (19 December 2023). The issue was subscribed 2.08 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 266-280 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The offer comprises only offer for sale of up to 1,96,34,960 equity shares. The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by the respective selling shareholders as part of the offer.

Ahead of the IPO, Credo Brands Marketing on Monday, 18 December 2023, raised Rs 164.93 crore from anchor investors. The board allotted 58.90 lakh shares at Rs 280 each to 11 anchor investors.

Credo Brands Marketing (CBMPL) is engaged in the marketing of men�s fashion garments in the lifestyle category under the brand name of `Mufti�. The company�s product mix has evolved significantly since inception from consisting of only shirts, t-shirts and trousers in the year 1998 to a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters in relaxed holiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure categories as on date.

As of September 30, 2023, the company has presence in 591 cities across India. The company has a total touch point of 1,807 of which 404 are exclusive brand outlets (EBOs), 71 are large format stores (LFSs) and the balance 1,332 are multi brand outlets (MBOs).

The firm reported a net profit of Rs 8.58 crore and total sales of Rs 118.49 crore for the three months ended on 30 June 2023.