Credo Brands Marketing Makes Subdued Debut Post IPO Listing

Credo Brands Marketing Makes Subdued Debut Post IPO Listing

VoM News Desk | December 27, 2023 | 11:22 AM IST | Breaking News | Follow on Google News

Credo Brands Marketing Makes Subdued Debut Post IPO Listing Image/MINT

Credo Brands Marketing Makes Subdued Debut Post IPO Listing

Credo Brands Marketing encountered a muted debut today on the NSE (December 27), as its shares commenced trading at ₹282.35 each, slightly above the IPO price by 0.83% at ₹280.

However, the stock swiftly retreated to ₹278.35 levels shortly after entering the secondary market.

During the IPO, which raised ₹549.78 crore and was open for subscription from December 19 to December 21 within the price range of ₹266–280 per share, the response from various investor segments was remarkable.

Retail investors subscribed nearly 20 times their portion, while non-institutional buyers showed strong interest with an oversubscription of more than 55 times. The qualified institutional buyers (QIBs) portion was overwhelmingly subscribed, reaching a remarkable 104.95 times. Overall, the issue was oversubscribed by 51.85 times, according to data on Trendlyne.

Established on April 29, 1999, Credo Brands Marketing, known for its flagship brand “Mufti,” specializes in offering men’s casual clothing.

Its product range has significantly expanded over the years, encompassing a broad spectrum of offerings, from shirts, t-shirts, and trousers to sweatshirts, jeans, jackets, blazers, and more across multiple casual wear categories.

Utilizing a comprehensive distribution network, including exclusive brand outlets (EBOs), large format stores (LFSs), multi-brand outlets (MBOs), and online platforms, the company has successfully penetrated the Indian market.

Financially, Credo Brands Marketing demonstrated robust growth, recording a revenue of ₹498 crore in FY23, up by 46% from ₹341 crore in FY22. Additionally, the company’s profit after tax surged to ₹77.51 crore, marking a significant increase of 116.87% compared to FY22’s net profit of ₹35.74 crore.

VoM News Desk

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