Shares of the Mumbai-based Credo Brands Marketing, that owns the Mufti brand of clothing, will be listed on the bourses today.
The issue price has been fixed at ₹280. The ₹549.80-crore IPO is priced in a band of ₹266-280, and was subscribed 51.85 times.
The QIB portion was subscribed 105 times, while the HNI portion was bid 55.5 times, and that of retail investors nearly 20 times.
Ahead of the IPO opening, the company garnered ₹165 crore from anchor investors, including Nippon Mutual Fund, HSBC Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance, JM Mutual Fund, Subhkam Ventures, and Reliance General Insurance.
The funds raised will go to promoters and other sellers as the IPO was entirely an offer-for-sale by Kamal Khushlani, Poonam Khushlani, and Andrew Khushlani (promoters), and Concept Communication, Bela Properties, Jay Milan, and Sagar Milan (investor shareholders).
The company offers a range of products from shirts to T-shirts, jeans and Chinos. The products have a youthful appearance, while staying abreast of ongoing fashion trends.
Engaged in the retail sale of garments and accessories, the company does not manufacture any apparel. The brand “Mufti” was launched 25 years ago by the promoter, Kamal Khushlani.