Credo Brands Marketing Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹280
Per ShareLot Size
53 Shares
Minimum Investment
₹14,840
Issue Size
₹549.78 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Credo Brands Marketing Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
60.9%
Promoter Holding (Post-Issue)
48.22%
Issue Type
Book Building
ISIN
INE220Q01020
About the Company
The Company's brand "Mufti" was launched by its Promoter, Kamal Khushlani, 25 years ago with a vision to redefine menswear. The brand was created as an alternative dressing solution and was designed to deliver a casual alternative with a focus on creative, bold, and expressive clothing for the contemporary Indian man who wanted something more stylish than what was commonly available. The Company is engaged in the retail sale of garments and accessories, and it does not manufactures any apparel. The Company sells its products through its distribution network comprising exclusive brand outlets ("EBOs"), large format stores ("LFSs"), multi-brand outlets ("MBOs") and online channels. It believes in providing a meaningful wardrobe solution for multiple occasions in a customer's life, with its product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing. Its products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends. The listed competitors of the Company are Aditya Birla Fashion and Retail Limited, Go Fashion (India) Limited, Arvind Fashions Limited and Kewal Kiran Clothing Limited.
Industry Overview
Apparel market size in India was valued at INR 5,476 Bn (USD 68.45 Bn) in FY 2023 and projected to grow at a CAGR of ~18% between FY 2023 and FY 2027 to reach INR 10,683 Bn (USD 133.5 Bn) by FY 2027 on the back of factors like higher brand consciousness, increasing digitization, greater purchasing power and increasing urbanization. Mufti operates in the apparel market.
Company History
Credo Brands Marketing Limited was incorporated as a private limited company in the name of `Credo Brands Marketing Private Limited' in Mumbai, Maharashtra, India under the Companies Act, 1956 pursuant to a certificate of incorporation dated April 29, 1999 issued by the Registrar of Companies, Maharashtra at Mumbai (the "RoC"). Subsequently, the Company was converted from a private limited company to a public limited company and the name of the Company was changed to `Credo Brands Marketing Limited', pursuant to a board resolution dated April 7, 2023, and a special resolution passed by its shareholders on April 18, 2023, consequent to which a fresh certificate of incorporation dated May 11, 2023, was issued by the RoC to the Company.
Products & Services
- The Company is engaged in the retail sale of garments and accessories.
Growth Strategy
- Expand its domestic store network in existing and new cities.
- Enhancement of brand appeal through focused marketing initiatives.
- Deeper penetration to grow sales through online channels by capitalizing on the increasing e-commerce demand in Indian retail.
- Focused expansion of its product portfolio to become a men's lifestyle brand.
- Leverage technology to improve supply-chain management and enhance customer experience.
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 19,634,960* equity shares of face value of Rs. 2 each ("Equity Shares") of Credo Brands Marketing Limited (the "Company" or "Issuer") for cash at a price of Rs. 280 per equity share (including a share premium of Rs. 278 per equity share) (the "Offer Price") aggregating to Rs. 549.78* crores ("Offer") comprising an offer for sale of 4,140,000* equity shares aggregating to Rs. 115.92* crores by Kamal Khushlani and 4,275,000* equity shares aggregating to Rs. 119.70* crores by Poonam Khushlani (together the "Promoter Selling Shareholders"), 108,000* equity shares aggregating to Rs. 3.02* crores by Sonakshi Khushlani and 108,000* equity shares aggregating to Rs. 3.02* crores by Andrew Khushlani (together the "Promoter Group Selling Shareholders"), 2,032,260* equity shares aggregating to Rs. 56.90* crores by Concept Communication Limited, 5,031,260* equity shares aggregating to Rs. 140.88* crores by Bela Properties Private Limited, 1,970,220* equity shares aggregating to Rs. 55.17* crores by Jay Milan Mehta and 1,970,220* equity shares aggregating to Rs. 55.17* crores by Sagar Milan Mehta (together the "Other Selling Shareholders" along with the promoter selling shareholders and promoter group selling shareholders is collectively reffered to as the "Selling Shareholders") ("Offer for Sale" and such equity shares, the "Offered Shares"). The offer constitutes 30.54% of the post-offer paid-up equity share capital of the company. The face value of the equity shares is Rs 2 each and the offer price is 140 times the face value of the equity shares. *Subject to finalization of the basis of allotment
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Strong brand equity with presence across categories.
- Multi-channel pan-India distribution network.
- Scalable asset light model.
- Strong in-house design competencies to deliver innovative and high-quality products with end-to-end tech-enabled supply chain capabilities
- Financially stable business model.
- The company' business is primarily concentrated on the sale of men's casual western wear and is vulnerable to variations in demand and changes in consumer preferences which could have an adverse effect on its business, results of operations and financial condition.
- All the products are sold under a single brand, ufti'. Any inability to effectively market the company products, or any deterioration in public perception of its brand, could affect consumer footfall and consequently adversely impact the business, financial condition, cash flows and results of operations.
- The company's inability to grow the business across emerging markets in India and effectively manage or expand its retail network may adversely impact the company business, results of operations and financial condition.
- While the company design the products in-house, its relies on outsourcing the manufacturing of finished products to third-party manufacturing partners, without exclusivity arrangements. Any inability to obtain sufficient quantities of apparel of the requisite quality in a timely manner and at acceptable prices, or a slowdown, shutdown or disruption in such thirdparty manufacturing partners' operations and performance, could adversely affect the company business, cash flows, results of operations and financial condition.
- The company's business is subject to seasonality. Lower sales and revenue may adversely affect its business, financial condition, and results of operations.