Credo Brands shares make a muted debut on D-Street, list at mere 1% premium
Credo Brands listed on the exchanges with a premium of 0.8% on Wednesday. The stock was listed at Rs 282.3 on NSE compared with an issue price of Rs 280.
Meanwhile, the stock was listed with a premium of 0.7%, at Rs 282 on BSE.
Ahead of the listing, the company's shares got a premium of Rs 105 in the unlisted market.
The IPO of Credo Brands received a healthy response from investors with nearly 52 times subscription. The QIB portion of the IPO was booked 104 times, followed by NIIs at 55.52 times.
Mumbai-based Credo Brands has already garnered Rs 165 crore from marquee anchor investors ahead of its issue launch.
Credo Brands Marketing is one of the largest homegrown brands in the mid-premium and premium men's casual wear market in India in terms of market share in fiscal 2022.
Led by Kamal Khushlani, Credo Brands operates the brand «Mufti» which is now celebrating its 25th anniversary.
It provides a wide array of wardrobe solutions, encompassing a range of products such as shirts, t-shirts, jeans, chinos, and more.
As of May 31, 2023, the company has a presence across India with 1,773 touchpoints, including 379 EBOs (exclusive brand outlets), 89 large format stores, and 1,305 MBOs (multi brand outlets), reaching major metros as well as Tier-3 cities. Their EBOs, located nationwide in high streets, malls, airports, and residential areas, provide a comprehensive shopping experience.
The issue was completely an offer for sale of 1.96 crore shares.
