- Price Band of ₹266 – ₹280 per equity share bearing face value of ₹2 each (“Equity Shares”)
- Bid/Offer Opening Date – Tuesday December 19, 2023 and Bid/Offer Closing Date – Thursday December 21, 2023
- Minimum Bid Lot is 53 Equity Shares and in multiples of 53 Equity Shares thereafter.
- The Floor Price is 133 times the face value of the Equity Share and the Cap Price is 140 times the face value of the Equity Share.
Risks to Investors
Mumbai, December 14, 2023: Mumbai-based Credo Brands Marketing Limited (the “Company") has fixed the price band at ₹266 to ₹280 per Equity Share for its initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on December 19, 2023, for subscription and close on December 21, 2023. Investors can bid for a minimum of 53 Equity Shares and in multiples of 53 Equity Shares thereafter.
The Offer of face value of ₹2 per Equity Share is entirely an offer for sale up to 1,96,34,960 Equity Shares.
Kamal Khushlani launched the brand “Mufti” 25 years ago with a vision to redefine menswear. It believes in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t- shirts to jeans to chinos, that caters to all year-round clothing. The products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends.
Mufti’s product mix has evolved significantly over the past several years from consisting of only shirts and trousers to a wide range of products including t-shirts, sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters in relaxed holiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure categories as on date.
The products are available through a pan-India multichannel distribution network that we have built over the years comprising of its exclusive brand outlets (“EBOs”), large format stores (“LFSs”) and multi-brand outlets (“MBOs”), as well as online channels comprising the website and other e-commerce marketplaces. As of September 30, 2023, it has a pan-India presence through 1,807 touchpoints consisting of 404 EBOs, 71 LFSs and 1,332 MBOs, with its reach extending from major metros to Tier-3 cities, with a presence in 591 cities.
The Mumbai-based Fashion retailer launched “Muftisphere” in the year 2014, a customer loyalty programme, to provide benefits to its customers for shopping the brand thereby increasing their stickiness with the brand. As on November 1, 2023, it had 137,000 followers on its Instagram page, 3.40 million followers on its Facebook page and 15,200 subscribers on its Youtube channel.
The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.
DAM Capital Advisors Limited, ICICI Securities Limited, Keynote Financial Services Limited* are the book running lead managers and Link Intime India Private Limited is the registrar to the Offer. The Equity shares are proposed to be listed on BSE and NSE.
* In compliance with the proviso to Regulation 21A of the SEBI Merchant Bankers Regulations and Regulation 23(3) of the SEBI ICDR Regulations, Keynote Financial Services Limited will be involved only in marketing of the Offer. Keynote Financial Services Limited has signed the due diligence certificate and has been disclosed as a BRLM for the Offer.
Disclaimer clause of BSE Limited:
"It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the Red Herring Prospectus has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the Red Herring Prospectus. The investors are advised to refer to the Red Herring Prospectus for the full text of the ‘Disclaimer Clause of BSE Limited."
Disclaimer clause of NSE:
"It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the ‘Disclaimer Clause of NSE."
“Credo Brands Marketing Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed the red herring prospectus dated December 12, 2023 (“RHP”) with the Registrar of Companies, Maharashtra at Mumbai. The RHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, DAM Capital Advisors Limited, ICICI Securities Limited and Keynote Financial Services Limited at www.damcapital.in, www.icicisecurities.com and www.keynoteindia.net respectively, and the websites of the National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”, together with NSE, the “Stock Exchanges”) at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP. Potential investors should not rely on the DRHP for any investment decision.”
“The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in “offshore transactions” as defined in and in reliance on Regulation S and the applicable laws of each jurisdiction where such offers and sales are made. There will be no public offering of the Equity Shares in the United States.”