Credo Brands Marketing Raises Rs 164.93 Crore from Anchor Investors Ahead of IPO

18 Dec 2023 , 10:50 PM

Credo Brands Marketing, the parent company of the Mufti Menswear brand, secured Rs 164.93 crore from various anchor investors on December 18, a day before the opening of its initial public offering (IPO) on December 19. The IPO subscription period will close on December 21. 

Anchor investors in the IPO include Integrated Core Strategies, Morgan Stanley Asia (Singapore), Nippon Life India, HSBC Mutual Fund, Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, SBI General Insurance Company, JM Financial Mutual Fund, Reliance General Insurance Company, and Subhkam Ventures.

Credo Brands Marketing, established in 1999, is the company behind the Mufti brand, offering casual clothing for men. The company aims to raise Rs 549.78 crore through its IPO at the upper price band.

 The public issue consists solely of an offer-for-sale (OFS) by existing shareholders, including Kamal Khushlani, Poonam Khushlani, Concept Communication, Bela Properties, Jay Milan Mehta, and Sagar Milan. 

The price band for the issue has been fixed at Rs 266-280 per share, with DAM Capital Advisors, ICICI Securities, and Keynote Financial Services serving as the book-running lead managers.