Credo Brands Marketing IPO received positive response from retail investors, non-institutional investors (NIIS), and Qualified institutional buyers (QIBs) on day 2. All the three portions were oversubscribed on the third day.
Credo Brands Marketing Limited offers casual clothing for men with its flagship brand ‘Mufti’. The company offers a wide range of products including sweatshirts, jeans, jackets, blazers, sweaters, among others. These products are available in different categories, such as relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear and athleisure.
Credo Brands Marketing IPO Subscription Status
Credo Brands Marketing IPO has received bids for 71,27,02,607 shares against 1,37,44,472 shares on the offer, at 19:00 IST, according to data from BSE. The mainboard IPO was subscribed 6.95 times by the end of the second day.
Credo Brands Marketing IPO has reserved not more than 50 per cent of the shares in the public issue for QIB, not less than 15 per cent for NIIs, and not less than 35 per cent of the offer is reserved for retail investors.
On the third day, the portion reserved for retail investors was subscribed 19.94 times. Credo Brands Marketing IPOs’ retail investors’ portion received bids for 13,70,58,530 shares against 68,72,236 shares on offer for this segment.
The portion reserved for NIIs was subscribed 55.52 times. Credo Brands Marketing IPOs’ NII portion received bids for 16,35,06,325 shares against 29,45,244 shares on offer for the segment.
The portion reserved for QIBs was subscribed 104.95 times. Credo Brands Marketing IPOs’ QIB portion received bids for 41,21,37,752 shares against 39,26,992 shares on offer for the segment, according to BSE data.
Credo Brands Marketing IPO Details
Credo Brands IPO is completely an offer of sale (OFS) of up to 19,634,960 equity shares of face value of ₹2 each aggregating up to ₹549.78 crore, as per Red Herring Prospectus (RHP). Credo Brands Marketing IPO price band has been fixed in the range of ₹266 to ₹280 per equity share of the face value of ₹2. Investors can bid for a minimum of 53 shares and in multiples thereof.
The book running lead managers of the Credo Brands IPO are Dam Capital Advisors Ltd, ICICI Securities Limited, and Keynote Financial Services Ltd. The registrar of the offering is Link Intime India Private Ltd. The promoters of the company are Kamal Khushlani and Poonam Khushlani.
Tentatively, Credo Brands IPO basis of allotment of shares will be finalised on Friday, December 22, and the company will initiate refunds on Tuesday, December 26, while the shares will be credited to the demat account of allottees on the same day following refund.
Credo Brands share price is likely to be listed on BSE and NSE on Wednesday, December 27. Given that T+3 listing is mandatory as of December 1, 2023, Credo Brands Marketing IPO will list on primary markets this month under this norm.
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Published: 21 Dec 2023, 07:40 PM IST
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