The initial public offering of Mumbai-based Credo Brands Marketing was subscribed twice on the opening day, Tuesday. The ₹549.80-crore IPO comes with a price band of ₹266-280 and investors can bid for a minimum of 53 shares. The issue will close on Thursday.
Subscription details
As against the public offer of 1.37 crore shares, the IPO received bids for 2.87 crore shares. While the retail investors’ portion received bids 3.29 times, the quota set aside for non-institutions and QIB was subscribed 2.06 times and 0.01 times, respectively.
The offer is being made through the Book Building Process, wherein not more than 50 per cent is available for allocation to qualified institutional buyers, not less than 15 per cent to Non-Institutional Bidders and not less than 35 per cent to retail individual bidders.
100 per cent OFS
The offer of face value of ₹2 a share is entirely an offer for sale up to 1,96,34,960 shares. Under the OFS, promoters Kamal Khushlani, Poonam Khushlani, and Andrew Khushlani, and investor shareholders such as Concept Communication, Bela Properties, Jay Milan, and Sagar Milan will offload shares.
Anchor investors
Ahead of the IPO opening, the company has garnered ₹165 crore from anchor investors on Monday.
The company informed the bourses that it has allocated 58.90 lakh shares at ₹280 a share to foreign and domestic long-only Institutions, including Nippon Mutual Fund, HSBC Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance, JM Mutual Fund, Subhkam Ventures, and Reliance General Insurance.
DAM Capital, ICICI Securities, and Keynote Financial Services Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer.
Wardrobe solution
The company believes in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, offering a range of products from shirts to t-shirts to jeans to chinos, catering to year-round clothing needs. Their products are designed to deliver a youthful appearance while staying abreast of ongoing fashion trends.
Engaged in the retail sale of garments and accessories, the company does not manufacture any apparel. The brand “Mufti” was launched 25 years ago by the Promoter, Kamal Khushlani, with a vision to redefine menswear.