Updated December 27th, 2023 at 11:07 IST
Credo Brands Marketing makes tepid stock market debut
Credo Brands opened for trading at Rs 282 against initial public offering (IPO) price of Rs 280, marking an upside of 0.71 per cent.
Shares of Credo Brands Marketing, which offers casual clothing under the brand name Mufti, made a tepid stock market debut on Wednesday. The stock opened for trading at Rs 282 against initial public offering (IPO) price of Rs 280, marking an upside of 0.71 per cent.
Shares of Credo Brands Marketing were in very high demand during the three-day share sale via IPO which ended December 21. The IPO was subscribed 51.85 times with qualified institutional buyers showing keen interest. The portion set aside for QIBS was booked 104.95 times, portion set aside for non-institutional investors (NII) was booked 55.52 times and retail portion was subscribed 19.94 times, data from stock exchanges showed.
The company raised Rs 549.78 crore from the IPO which was purely on offer for sale. The company sold shares in the price band of Rs 266-280 per share and a retail investor was allowed to bid for minimum one lot of 53 shares up to maximum of 13 lots. One lot of Credo Brands Marketing shares was priced at Rs 14,840 at the upper end of the price band.
The company had raised Rs 164.93 crore from anchor investors ahead of opening of its IPO.
Credo Brands Marketing Limited offers casual clothing for men with its flagship brand Mufti.
The company currently operates 1,773 retail outlets across India (as of May 31, 2023). These include 379 exclusive brand stores (EBOs), 89 large format stores (LFSs) and 1,305 multi-brand stores (MBOs).
As of 10:26 am, Credo Brands Marketing shares traded at Rs 286, up 2.29 per cent from IPO price.
Published December 27th, 2023 at 10:29 IST