Mufti (Credo Brands) IPO Witnesses Strong Subscription of 17.61 Times on Closing Day

21 Dec 2023 , 02:11 PM

The Credo Brands, known for its Mufti menswear, has concluded its initial public offering (IPO) on a high note, with robust demand from investors. Here are the key highlights:

Subscription Figures:

1. Total Subscribed: The IPO garnered bids for 24.20 crore shares against the issue size of 1.96 crore shares, resulting in an overall subscription of 17.61 times.
2. Retail Investors: Retail investors showed significant interest, subscribing 15.41 times their allotted quota.
3. High Net-Worth Individuals (HNIs): High net-worth individuals exhibited strong demand, subscribing nearly 36.46.6 times their allotted quota.
4. Qualified Institutional Buyers (QIBs): QIBs participated actively, subscribing to 7.33 times of the shares in the reserved portion.

Issue Details:

1. Offer Size: The public offer amounted to Rs 549.78 crore.
2. Offer for Sale (OFS): The IPO comprised only an Offer for Sale (OFS) component, with no fresh issue of shares.
3. Price Band: The price band for the issue was set at Rs 266-280 per share.
4. Lot Size: The lot size was a minimum of 53 shares, followed by multiples of 53.

Anchor Book: Prior to the public offering, Credo Brands secured Rs 164.93 crore from the anchor book, launched at the upper price band on December 18.