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IPO

Mens' casual wear seller Credo Brands' Rs.550-Cr IPO subscribed 51.85 times

Business Standard  

The Initial Public Offering (IPO) of Credo Brands Marketing, which owns denim brand Mufti, got subscribed 51.85. The INR 549.77 crore IPO attracted bids for 71,26,92,325 shares against 1,37,44,472 shares on offer. Credo Brands' public issue was an Offer For Sale (OFS) of 1.96 crore shares by promoters and other existing shareholders. The Qualified Institutional Buyers (QIBs) part got subscribed 104.95 times while the portion for non-institutional investors (NIIs) received 55.51 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 19.94 times. The IPO had a price range of INR 266-280 a share. The company had collected INR 165 crore from anchor investors. DAM Capital Advisors, ICICI Securities and Keynote Financial Services were the managers to the offer. Credo Brands sells mid-premium and premium casual men's wear.