Credo Brands Marketing (Mufti Menswear) is scheduled to announce the basis of allotment of its shares on Friday, December 22. Bidders will receive messages, alerts or emails over the weekend for debit of their funds or cancellation of their IPO mandate. Till Tuesday. The fashion retailer’s initial offering had received a strong response from investors.
Credo Brands sold its IPO in the price band of Rs 266-280 per share with a lot size of 53 shares, which was open for bidding between December 19 and December 21. The company aimed to raise around Rs 550 crore from its primary offering. , which was entirely an offer for sale (OFS) of up to 1,96,34,960 equity shares.
The issue was subscribed 51.85 times overall as the qualified institutional bidders (QIBs) portion was booked 104.95 times, while the non-institutional investors category was subscribed 55.52 times. The quota reserved for retail investors was subscribed 19.94 times during the bidding process.
Credo Brands Marketing’s gray market premium (GMP) remains stable following strong bidding from QIB investors despite volatility in the broader markets. Last heard, the company was commanding a premium of Rs 135-140 per share, suggesting a listing pop of 47-50 per cent for investors.
Incorporated in 1999, Credo Brands Marketing, known for its flagship brand ‘Mufti’, launched its product range in 1998 with shirts, T-shirts and trousers. Currently, it offers a diverse range of products including sweatshirts, jeans, cargo, chinos, jackets, blazers and sweaters.