Shares of Mufti Menswear’s parent company Credo Brands Marketing were listed on NSE at Rs 282.35/share with a premium of 0.84%. Whereas on BSE the stock entered at Rs 282/share with a premium of 0.71%. Let us tell you that the issue price of IPO was Rs 280/share.
How much was the subscription?
The IPO of Rs 549.8 crore was subscribed a total of 51.85 times till the third and final day. In this, Institutional Investors had purchased 104.92 times and NIIs (Non Institutional Investors) had purchased 55.52 times. Whereas retail investors had subscribed the shares 19.94 times.
What does the company do?
Credo’s flagship brand is Mufti, which entered the menswear market 25 years ago. Its products include products like shirts, T-shirts, jeans, chinos. The brand sells clothes according to the seasons of the year.
The main focus of the company is on fashion related to youth. It is also into retail sale of accessories along with garments, but the brand does not manufacture clothes.
The company expects that the listing will further improve the brand’s visibility and brand image, as well as provide liquidity to shareholders.
