Mufti Jeans Owner, Credo Brands, Unveils Pricing Details for Debut IPO

Credo Brands, the parent company of the popular Mumbai-based men's clothing fashion brand Mufti, has disclosed the price band for its upcoming maiden initial public offering (IPO). The IPO, valued at ₹550 crore, is scheduled to open for subscription on December 19 and conclude two days later.

Pricing Details: The price band for the ₹550 crore public issue has been fixed at ₹266 to ₹280 per share, as reported by Moneycontrol. This IPO exclusively comprises an offer for sale (OFS) of 1.96 crore shares, with existing shareholders, including promoters Kamal and Poonam Khushlani, participating.

Share Allocation: The allocation structure reserves 50% of the issue for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors (NIIs). Interested investors can bid for a minimum of 53 equity shares, with subsequent bids allowed in multiples of 53 shares.

Offer Dynamics: Given that this is an OFS, the proceeds (excluding offer expenses) will be entirely directed to the selling shareholders rather than the company itself.

Important Dates: The IPO's subscription window is set to open on December 19 and close on December 21. The basis of allotment details will be finalized by December 22, and the credited shares will be reflected in the demat accounts of successful investors by December 26. Trading of these equity shares on the stock exchanges is anticipated to commence on December 27.

About Credo Brands: Under the leadership of Kamal Khushlani, Credo Brands introduced Mufti, which recently celebrated its 25th anniversary. As of March 31, 2023, Mufti operates in 582 Indian cities, offering a diverse range of wardrobe solutions that include shirts, t-shirts, jeans, chinos, and more. Investors are eager to participate in this milestone IPO, marking a significant moment in Mufti's journey within the fashion industry.