The company has allotted 58.9 lakh equity shares to 11 funds at Rs 280 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE’s website
New Delhi: Credo Brands Marketing Ltd, which owns denim brand Mufti, on Monday said it has collected Rs 165 crore from anchor investors ahead of its initial public offering.
The company has allotted 58.9 lakh equity shares to 11 funds at Rs 280 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE’s website.
Nippon Mutual Fund, HSBC Mutual Fund, JM Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance Company, Bajaj Allianz Life Insurance Company, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance Company, and Reliance General Insurance Company are among the investors that participated in the anchor book.
Credo Brands’ maiden public issue is entirely an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.
The issue, with a price band of Rs 266-280, will open for subscription during December 19-21.
At the lower and the upper end of the price band, the IPO is expected to fetch Rs 522 crore and Rs 550 crore, respectively.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers.
Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter.
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).
Credo Bands’ revenue from operations increased 46 per cent to Rs 498.18 crore in fiscal 2023 from Rs 341.17 crore in the preceding fiscal. Besides, profit after tax surged 117 per cent to Rs 77.51 crore in fiscal 2023 from Rs 35.74 crore in the previous financial year.
DAM Capital Advisors, ICICI Securities, and Keynote Financial Services are the book-running lead managers to the issue.
The equity shares of the company are proposed to be listed on BSE and NSE.
