Credo Brands Marketing makes muted debut, lists flat at ₹282
Credo Brands Marketing listing today: Credo Brands Marketing witnessed a subdued debut today (December 27), with its shares being listed at ₹282.35 apiece on the NSE, representing a marginal premium of 0.83% over the IPO price of ₹280. The share price quickly retreated to ₹278.35 levels within minutes after entering the secondary market.
The ₹549.78 crore IPO was open for subscription between December 19 and December 21, at a price band in the range of ₹266–280 per share.
The issue received a stellar response from retail investors, whose portion was subscribed to 19.94 times, and a solid response from non-institutional buyers, whose portion was subscribed to 55.52 times, according to data on Trendlyne. The qualified institutional buyers (QIBs) portion was subscribed to a whopping 104.95 times. The issue was overall subscribed to 51.85 times.
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Credo Brands Marketing Limited (“Credo”) was incorporated on April 29, 1999. It offers casual clothing for men with its flagship brand, “Mufti.” The company’s product mix has evolved significantly over the past several years, from consisting of only shirts, t-shirts, and trousers in 1998 to a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters in relaxed holiday casuals, authentic daily casuals, urban casuals, party wear, and also athleisure categories as of date.
Its products are available through a pan-India multichannel distribution network that it has built over the years, combining its exclusive brand outlets (“EBOs”), large format stores (“LFSs”), and multi-brand outlets (“MBOs”), as well as online channels comprising its website and other e-commerce marketplaces.
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In terms of financials, the company posted a revenue of ₹498 crore in FY23, an increase of 46% compared to a revenue of ₹341 crore posted in FY22. The profit after tax came in at ₹77.51 crore, an improvement of 116.87% over FY22’s net profit of ₹35.74 crore.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Published: 27 Dec 2023, 10:07 AM IST
