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    Credo Brands Marketing IPO price band fixed at Rs 266-280 per share

    Synopsis

    Credo Brands IPO is being made through the book building process, where 50% is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors. At the upper end of the price band, the company plans to raise about Rs 550 crore.

    Mufti jeans maker Credo Brands' IPO price band fixedAgencies
    Mumbai-based Credo Brands Marketing has fixed a price band of Rs 266-280 for its IPO. Investors can bid for a minimum of 53 shares in one lot.

    At the upper end of the price band, the company plans to raise about Rs 550 crore.

    The offer is being made through the book-building process, where 50% is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors.

    Credo Brands Marketing is one of the largest homegrown brands in the mid-premium and premium men's casual wear market in India in terms of market share in fiscal 2022.

    Led by Kamal Khushlani, Credo Brands operates the brand "Mufti", which is now celebrating its 25th anniversary. It provides a wide array of wardrobe solutions, encompassing a range of products such as shirts, t-shirts, jeans, chinos, and more.

    As of May 31, 2023, the company has a presence across India with 1,773 touchpoints, including 379 EBOs (exclusive brand outlets), 89 large format stores, and 1,305 MBOs (multi-brand outlets), reaching major metros as well as Tier-3 cities. Their EBOs, located nationwide in high streets, malls, airports, and residential areas, provide a comprehensive shopping experience.

    Credo Brands IPO dates

    The initial public offer (IPO) of Credo Brands will open for subscription on December 19 and close on December 21.

    Credo Brands IPO size

    The issue is completely an offer for sale of 1.96 crore shares. Since the IPO is an OFS, the proceeds will entirely go to the selling shareholders and not the company.

    Credo Brands Financials

    In FY23, revenue from operations jumped 46% year-on-year to Rs 498 crore, and profit increased to Rs 77.5 crore.

    Credo Brands IPO Book-running Lead Managers

    DAM Capital Advisors Limited, ICICI Securities Limited and Keynote Financial Services Limited are the book-running lead managers to the issue.

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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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