Credo Brands Marketing, Maker of Mufti Jeans, Gets SEBI Nod for IPO

10 Oct 2023 , 01:39 PM

Mumbai-based Credo Brands Marketing Ltd, a dominant player in the mid-premium and premium men’s casual wear market in India, secured the final approval from the capital markets regulator, Securities and Exchange Board of India (SEBI), to launch its initial public offering (IPO) for fundraising.

The company had initially submitted its IPO documents to Sebi in July 2023.

This IPO, with a face value of Rs 2 per share, is a complete offer for sale (OFS), consisting of up to 19.63 million shares offered by the Promoter, Promoter Group, and other selling shareholders.

The OFS comprises up to 4.14 million shares from Kamal Khushlani, up to 4.27 million shares from Poonam Khushlani, up to 1.08 lakh shares from Sonakshi Khushlani, up to 1.08 lakh shares from Andrew Khushlani, up to 2.03 million shares from Concept Communications Ltd, up to 5.03 million shares from Bela Properties Private Ltd, up to 1.97 million shares from Jay Milan Mehta, and up to 1.97 million shares from Sagar Milan Mehta.

Credo Brands Marketing, led by Kamal Khushlani, is the creator of the renowned ‘Mufti’ brand, which is celebrating its 25th anniversary. Mufti aimed to revolutionize men’s fashion by offering a range of casual clothing that is innovative, daring, and expressive, catering to the modern Indian man. The company is committed to providing a diverse range of wardrobe solutions for various occasions, including shirts, t-shirts, jeans, chinos, and more, ensuring year-round fashion choices for customers.

As of May 31, 2023, Credo Brands Marketing boasts an extensive presence across India, with 1,773 touchpoints, including 379 Exclusive Brand Outlets (EBOs), 89 Large Format Stores (LFSs), and 1,305 Multi-Brand Outlets (MBOs), spanning major metropolitan areas as well as Tier-3 cities. The brand has a footprint in 582 cities as of March 31, with its EBOs strategically located in prominent locations such as high streets, shopping malls, airports, and residential areas, offering a comprehensive shopping experience.

DAM Capital Advisors Limited, ICICI Securities Limited, and Keynote Financial Services Limited serve as the book running lead managers for the IPO, while Link Intime India Private Limited is the registrar to the offer.

The equity shares are intended to be listed on both BSE and NSE.