Mufti Jeans owner Credo Brands sets price band at Rs 266-280 for Rs 550-cr IPO

Credo Brands Marketing IPO size at Rs 550 crore

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

The IPO will open for subscription on December 19 and close on December 21. The anchor book will be opened for a day on December 18.

The IPO consists of only an offer-for-sale (OFS) of 1.96 crore equity shares by existing shareholders, including promoters Kamal Khushlani and Poonam Khushlani. Further, non-promoters, including Concept Communication, Bela Properties, Jay Milan Mehta and Sagar Milan, will also offload shares in the OFS.

As there is no fresh issue component by the company, all the IPO funds, excluding offer expenses, will go to selling shareholders.

Also read: INOX India IPO | Anchor investors pick Rs 438 crore worth shares, issue opening on December 14

Investors can bid for a minimum of 53 equity shares and in multiples of 53 shares thereafter. Retail investors can make a minimum application size of Rs 14,840 for 53 shares, and their maximum investment will be Rs 1,92,920 for 689 shares as they can invest up to Rs 2 lakh in the IPO.

With an asset-light business model, Credo focuses on the design of products and outsources the manufacturing of products. It sells products through a pan-India multi-channel distribution network with 1,807 touchpoints.

The company will finalise the basis of allotment of IPO shares by December 22 and the equity shares will be credited to the demat accounts of successful investors by December 26.

Also read: RBZ Jewellers IPO opens on December 19 with only fresh issue component

The trading in equity shares on the BSE and NSE will be available with effect from December 27.

Total eight companies launched public issues in the current month, including Credo. The public issues by Doms Industries, India Shelter Finance Corporation and Inox India are opened for subscription, while RBZ Jewellers, Happy Forgings, Suraj Estate Developers, Motisons Jewellers, and Muthoot Microfin will open for subscription next week.