Credo Brands IPO Day 2: Issue subscribed 6.95 times, NII and retail portion records strong demand

livemint.com:

BSE, Credo Brands IPO's non-institutional investors (NIIs) portion was subscribed 11.48 times while qualified institutional buyers (QIBs) portion was subscribed 0.35 times. On the first day, the issue was subscribed 1.77 times by 4:25 pm on December 19. The retail portion was booked 2.93 times, NII portion was subscribed 1.43 times and QIB was subscribed over 0.01 times.

Credo Brands IPO opened for subscription on Tuesday and will close on Thursday. The apparel company has fixed Credo Brands IPO price band at ₹266 to ₹280 per equity share. The company had garnered Rs.

165 crores from marquee anchor investors ahead of its initial public offering on December 18. The company, on Monday, informed the bourses that it allocated 58,90,488 equity shares at ₹280 per share on Monday, December 18, 2023, to anchor investors. Foreign and Domestic long-only Institutions who participated in the anchor were 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, Reliance General Insurance.

Out of the total allocation of 58,90,488 equity shares to the anchor investors, 24,99,167 equity shares were allocated to domestic mutual funds through a total of 3 schemes amounting to ₹70 crore i.e. 42.4% of the Total Anchor Book Size. Shares of Credo Brands Marketing Ltd are available for trade in unlisted markets.