Credo Brands, which owns Mufti, a Mumbai-based men’s clothing fashion brand, has fixed the price band of its maiden initial public offering (IPO), which will open for subscription on December 19 and close two days later.
Price band
The price band of the ₹550 crore public issue has been set at ₹266- ₹280 per share, as per Moneycontrol. The IPO consists of only an offer for sale (OFS) of 1.96 crore shares by the existing shareholders, including promoters Kamal and Poonam Khushlani, among others.
Also, as the offering is an OFS, the proceeds (excluding offer expenses) will go entirely to the selling shareholders, and not the company.
Share allocation
According to The Economic Times, 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors (NIIs). Also, investors can bid for a minimum of 53 equity shares, and in multiples of 53 shares thereafter.
Important dates
While the issue opening and closing dates are December 19 and 21, respectively, Credo Brands will finalise the basis of allotment of the IPO shares by December 22; by December 26, on the other hand, these will be credited to the demat accounts of the successful investors.
On the stock exchanges, the trading in these equity shares will be available with effect from December 27.
About Credo Brands
Led by Kamal Khushlani, Credo Brands introduced Mufti, a brand that celebrated its 25th anniversary this year. Mufti, which has operations in 582 Indian cities as of March 31, 2023, provides a wide array of wardrobe solutions, with a range of products that includes shirts, t-shirts, jeans, chinos, and more.