Credo Brands IPO Opens Tomorrow with Price Band of ₹266-₹280 per Share

 Mumbai-based Credo Brands Marketing Limited (the “Company") has fixed the price band at ₹266 to ₹280 per Equity Share for its initial public offer.  The Initial Public Offering (“IPO” or “Offer”) of the Company will open on December 19, 2023, for subscription and close on December 21, 2023. Investors can bid for a minimum of 53 Equity Shares and in multiples of 53 Equity Shares thereafter. 

The Offer of face value of ₹2 per Equity Share is entirely an offer for sale up to 1,96,34,960 Equity Shares. 

Kamal Khushlani launched the brand “Mufti” 25 years ago with a vision to redefine menswear. It believes in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t- shirts to jeans to chinos, that caters to all year-round clothing. The products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends. 

Mufti’s product mix has evolved significantly over the past several years from consisting of only shirts and trousers to a wide range of products including t-shirts, 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.  

The products are available through a pan-India multichannel distribution network that we have built over the years comprising of its exclusive brand outlets (“EBOs”), large format stores (“LFSs”) and multi-brand outlets (“MBOs”), as well as online channels comprising the website and other e-commerce marketplaces. As of September 30, 2023, it has a pan-India presence through 1,807 touchpoints consisting of 404 EBOs, 71 LFSs and 1,332 MBOs, with its reach extending from major metros to Tier-3 cities, with a presence in 591 cities. 

The Mumbai-based Fashion retailer launched “Muftisphere” in the year 2014, a customer loyalty programme, to provide benefits to its customers for shopping the brand thereby increasing their stickiness with the brand. As on November 1, 2023, it had 137,000 followers on its Instagram page, 3.40 million followers on its Facebook page and 15,200 subscribers on its Youtube channel.  

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders. 

DAM Capital Advisors Limited, ICICI Securities Limited, Keynote Financial Services Limited* are the book running lead managers and Link Intime India Private Limited is the registrar to the Offer. The Equity shares are proposed to be listed on BSE and NSE.  

* In compliance with the proviso to Regulation 21A of the SEBI Merchant Bankers Regulations and Regulation 23(3) of the SEBI ICDR Regulations, Keynote Financial Services Limited will be involved only in marketing of the Offer. Keynote Financial Services Limited has signed the due diligence certificate and has been disclosed as a BRLM for the Offer.