On Friday, December 22, Credo Brands Marketing (Mufti Menswear) is likely to reveal the rationale behind its share-sharing. Over the course of the weekend or by Tuesday, bidders will receive emails, notifications, or notices regarding the revocation of their IPO mandate or the debiting of their funds. Investors reacted favorably to the garment company’s initial public offering.
Between December 19 and December 21, Credo Brands held an initial public offering (IPO) with a lot size of 53 shares and a price range of Rs 266-280 per share. With its primary offering, which was restricted to an offer for sale (OFS) of up to 1,96,34,960 equity shares, the company hoped to raise about 550 crore.
Remarkably, 55.52 times more subscriptions were made to the category for non-institutional investors than to the part earmarked for qualified institutional bids (QIBs), with 104.95 times more. In all, 51.85 subscribers to the issue. During the bidding procedure, the retail investor quota was subscribed to 19.94 times.
Due to vigorous bidding from QIB investors, Credo Brands Marketing’s gray market premium (GMP) has held steady despite the volatility in the wider markets. As of the most recent hearing, the business was asking for a premium of Rs 135–140 per share, which would indicate that investors would get a 47–50% listing premium.
Credo Brands Marketing, founded in 1999 and best known for its flagship brand “Mufti,” began selling shirts, T-shirts, and jeans in 1998. At the moment, a wide range of products are available, such as blazers, cargo pants, chinos, sweaters, sweatshirts, and jackets.
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Most brokerage companies expressed support for Mufti Menswear and recommended subscribing because of the company’s vast reach into Tier II and Tier III cities, affordable price, tech-enabled supply chain expertise, and asset-light business strategy. However, fierce competition and meager financial gains posed the greatest threats.
The book-running lead managers for the Mufti Menswear IPO are DAM Capital Advisors (formerly IDFC Securities), ICICI Securities, and Keynote Financial Services, while Link Intime India is the registrar. The company’s shares are anticipated to go up for sale on the BSE and NSE on Wednesday, December 27.
By visiting the IPO application verification page on the BSE website, investors who placed a bid on Credo Brands Marketing can verify the allocation status. Equity at the time of arrival: Click “Submit” after choosing Credi Brands Marketing Limited from the drop-down menu under “I am not a Robot,” entering your application number and PAN card number to confirm your identity.
With Link Intime India, the issue registrar, one can use their web service to monitor the status of their allocation. Go to the Kfin Tech website and navigate to the Credo Brands Marketing IPO dropbox. To find out the allotment status for your application, use the application number, PAN card number, or DP client ID on the relevant tab, then click “search.”
Notice: Business Today does not offer investment advice; it merely offers stock market news for informational purposes. It is recommended that readers speak with a certified financial advisor before making any investing decisions.
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