Credo Brands Marketing Limited is poised for the disclosure of the basis of allotment for its IPO, eagerly awaited by investors and anticipated to be announced on Friday, December 22.
Offer Insights from Credo Brands Marketing Limited
Credo Brands Marketing Limited presented its IPO within the price range of Rs 266-280 per share, featuring a lot size of 53 shares. The bidding window, operational from December 19 to December 21, targeted raising around Rs 550 crore through an offer for sale (OFS) of up to 1,96,34,960 equity shares.
Robust Subscription for Credo Brands Marketing Limited:
The IPO witnessed overwhelming subscription, with an overall rate of 51.85 times. Qualified institutional bidders (QIBs) subscribed an impressive 104.95 times, non-institutional investors subscribed 55.52 times, and retail investors subscribed 19.94 times during the active bidding period.
Also Read: Major Update on NSE IPO: SEBI Sets Conditions – Will Investors Face a Prolonged Wait?
Grey Market Premium (GMP) Stability:
Despite market fluctuations, the Grey Market Premium (GMP) for Credo Brands Marketing Limited has remained steady. Presently standing at a premium of Rs 135-140 per share, it indicates a potential listing pop of 47-50%, underscoring strong investor confidence.
Insight into Credo Brands Marketing Limited:
Established in 1999, Credo Brands Marketing Limited, renowned for its flagship brand ‘Mufti,’ initiated its product line in 1998. Initially focusing on shirts, T-shirts, and trousers, the company has expanded its offerings to include a diverse range of products, such as sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters.
Brokerage Perspectives
Brokerage firms express optimism about Mufti Menswear, recommending subscription due to its extensive reach in Tier II and Tier III cities, reasonable pricing, tech-enabled supply chain capabilities, and an asset-light model. However, they highlight high competition and muted financials as key risks.
Listing Journey
DAM Capital Advisors, ICICI Securities, and Keynote Financial Services are the book running lead managers for the Mufti Menswear IPO, with Link Intime India serving as the registrar. The company’s shares are poised for listing on both BSE and NSE, with December 27 set as the tentative listing date.
How to Check Allotment Status
Investors keen on Credo Brands Marketing Limited’s IPO can verify the allotment status on the BSE website’s IPO application check page. Select “Credo Brands Marketing Limited” under the issue type, input the application number and PAN card number before submitting.
Alternatively, the allotment status can be confirmed through the online portal of Link Intime India. Choose the IPO of Credo Brands Marketing Limited, input the PAN card number, application number, or DP client ID, and hit ‘search’ to access the allotment status for the application.