Credo Brands Marketing IPO: Issue subscribed 4.26 times so far

20 Dec 2023 , 11:05 AM

The Mufti Menswear IPO demonstrated robust investor interest, garnering a subscription of 2.08 times on the first day of bidding, with bids received for 2.86 crore equity shares against the offer size of 1.37 crore shares. On the second day, the subscription increased to 2.84 times, receiving bids for 3,89,65,706 equity shares by 11 AM. Click here to subscribe the IPO.

In terms of subscription, the retail portion witnessed 4.26 times, while non-institutional investors subscribed 2.96 times. Qualified institutional investors secured 24% of the available quota. 

The company, promoted by Kamal Khushlani and Poonam Khushlani, aims to raise Rs 549.78 crore through its initial public offering at the upper price band.

Scheduled to close on December 21, the IPO’s price band is set at Rs 266-280 per share. Notably, the IPO solely comprises an offer-for-sale (OFS) by promoters and investors, ensuring that the entire issue proceeds (excluding IPO expenses) will be directed to the selling shareholders.

Credo Brands Marketing, the parent company offering casual men’s clothing under the flagship brand Mufti, has already mobilized Rs 164.93 crore through an anchor book launched on December 18, one day before the issue opened, at the upper price band.