Mufti-owner Credo Brands Marketing files draft papers with Sebi for IPO
Credo Brands Marketing, the owner of apparel wear Mufti Jeans has filed draft papers with market regulator Sebi to raise funds through an IPO. The IPO is a completely an offer for sale (OFS) of up to 19.63 million shares by promoters and other selling shareholders. The OFS comprises up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh by Sonakshi Khushlani, up to 1.08 lakh shares by Andrew Khushlani, among others.
Other selling shareholders include Concept Communications, Bela Properties, Jay Milan Mehta and Sagar Milan Mehta. Mufti is now into its 25th year, catering to the contemporary Indian man, offering a wide array of wardrobe solutions with a range of products such as shirts, t-shirts, jeans, chinos, and more. Bennett Coleman and Co currently holds 12.36% stake in the company, the third largest shareholder after Kamal Khushlani, who has 33.84% stake and Poonam Khushlani (27.62%).
As of May 31, Credo Brands Marketing has a presence across India with 1,773 touchpoints, including 379 EBOs, 89 LFSs, and 1,305 MBOs, reaching major metros as well as tier-3 cities. For the fiscal year 2023, the company's revenue from operations increased 46% to Rs 498 crore against Rs 341.17 crore a year ago on the back of increased revenue generated from the sales of products and also with an increase in exclusive brand outlet (EBOs). Net profit for the period more than doubled from Rs 35.74 crore in fiscal 2022 to Rs 77.51 crore in fiscal 2023.
Credo Brands Marketing follows an asset-light model, outsourcing manufacturing operations to various partners. This approach enables them to focus on product design and maintain quality through multiple checks. DAM Capital Advisors, ICICI
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