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Mufti Menswear Sees Modest Gains, Listed at Rs 282

27 Dec 2023 , 09:47 AM

Credo Brands Marketing, known for its Mufti Menswear, experienced a subdued listing on the stock exchanges. The shares commenced trading at Rs 282.35 on NSE, marking a modest premium of 0.84% over the issue price of Rs 280 per share, while on BSE, the listing price was Rs 282.

The public issue, valued at Rs 550 crore, garnered robust investor interest, witnessing a subscription of 51.85 times during the period of December 19-21. Notably, Qualified Institutional Buyers (QIBs) displayed strong bullish sentiment, oversubscribing their allotted portion by an impressive 104.95 times. High net worth individuals (HNIs) subscribed 55.52 times, and retail investors showed significant interest with a subscription rate of 19.94 times.

Financially, Mufti demonstrated commendable performance, achieving a Compound Annual Growth Rate (CAGR) of approximately 42% for revenue between FY21 and FY23. The net profit doubled compared to the preceding year, showcasing a substantial increase from FY21. The EBITDA displayed robust growth at a CAGR of 84% during the same period, accompanied by a strong margin performance.

Credo Brands Marketing, offering a diverse product range from shirts and t-shirts to jeans and chinos, caters to year-round clothing needs. With an extensive presence of 1,807 touchpoints spanning 591 cities, the brand has established a significant retail footprint.

It’s worth noting that the Mufti Menswear IPO comprised solely an offer-for-sale, lacking a fresh issue component. Consequently, the entire net issue proceeds were directed to the selling shareholders.

Related Tags

  • Mufti Menswear
  • Mufti Menswear IPO
  • Mufti Menswear listing price
  • Mufti Menswear share price
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