Credo Brands Marketing, Mufti Jeans owner files DRHP to raise funds via IPO

17 Jul 2023 , 10:05 AM

The Mufti jeans brand owner, Credo Brands Marketing Limited has filed IPO papers with the markets regulator SEBI. 

As stated in the Draft Red Herring Prospectus (DRHP), the upcoming IPO will consist entirely of an offer for sale (OFS) of up to 19.63 million shares by the existing shareholders and promoters. The breakdown of the OFS includes up to 4.14 million shares by Kamal Khushlani, up to 4.28 million shares by Poonam Khushlani, up to 2.03 million shares by Concept Communications Ltd, up to 5.03 million shares by Bela Properties Pvt Ltd, up to 1.97 million shares each by Jay Milan Mehta and Sagar Milan Mehta, and up to 0.11 million shares by Andrew Khushlani.

As of March 2023, the company had built a robust network comprising 45 fabric and accessories suppliers, in addition to over 45 manufacturing partners. Notably, the top five suppliers and partners have maintained long-standing relationships with the company, with an average association of eight years each. This demonstrates the company’s commitment to fostering enduring partnerships within its supply chain.

Dam Capital Advisors, ICICI Securities and Keynote Financial Services Ltd are the lead managers to the issue.