Mufti's Parent Company, Credo Brands Marketing, Sets IPO Price Band at Rs 266-280 per Share

14 Dec 2023 , 09:30 AM

Credo Brands Marketing, the entity behind the retail sale of garments and accessories under the Mufti brand, has established the price band for its Rs 550-crore public issue at Rs 266-280 per share.

Key IPO Details:

• Issue Dates: December 19 to December 21, 2023.
• Price Band: Rs 266-280 per share.
• Anchor Book Opening: December 18, 2023.
• Basis of Allotment: December 22, 2023.
• Initiation of Refunds: December 26, 2023.
• Credit of Shares to Demat: December 26, 2023.
• Trading Commencement: December 27, 2023.

Offer Details:

• The IPO comprises only an Offer-for-Sale (OFS) of 1.96 crore equity shares by existing shareholders.
• Promoters Kamal Khushlani and Poonam Khushlani, along with non-promoters including Concept Communication, Bela Properties, Jay Milan Mehta, and Sagar Milan, will participate in the OFS.

Investment Parameters:

• Minimum Bid: 53 equity shares.
• Retail Investors: Minimum application size of Rs 14,840 for 53 shares.
• Maximum Retail Investment: Rs 1,92,920 for 689 shares (up to Rs 2 lakh in the IPO).

Business Model and Distribution:

• Credo Brands Marketing follows an asset-light business model, focusing on product design while outsourcing manufacturing.
• Multi-channel distribution network with 1,807 touchpoints across India.

With Mufti’s popularity and an established distribution network, Credo Brands Marketing aims to attract investor interest as it enters the capital market.