Mufti Menswear IPO is a book built issue of Rs 549.78 crores. The issue is entirely an offer for sale of 1.96 crore shares.
Mufti Menswear IPO opens for subscription on December 19, 2023 and closes on December 21, 2023. The allotment for the Mufti Menswear IPO is expected to be finalized on Friday, December 22, 2023. Mufti Menswear IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, December 27, 2023.
Mufti Menswear IPO price band is set at ₹266 to ₹280 per share. The minimum lot size for an application is 53 Shares. The minimum amount of investment required by retail investors is ₹14,840. The minimum lot size investment for sNII is 14 lots (742 shares), amounting to ₹207,760, and for bNII, it is 68 lots (3,604 shares), amounting to ₹1,009,120.
Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), ICICI Securities Limited and Keynote Financial Services Ltd are the book running lead managers of the Mufti Menswear IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Mufti Menswear IPO RHP for detailed information.
Mufti Menswear IPO Details
| IPO Date | December 19, 2023 to December 21, 2023 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | ₹266 to ₹280 per share |
| Lot Size | 53 Shares |
| Total Issue Size | 19,634,960 shares (aggregating up to ₹549.78 Cr) |
| Offer for Sale | 19,634,960 shares of ₹2 (aggregating up to ₹549.78 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 64,301,880 |
| Share holding post issue | 64,301,880 |
Mufti Menswear IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Mufti Menswear IPO Anchor Investors Details
Mufti Menswear IPO raises Rs 164.93 crore from anchor investors. Mufti Menswear IPO Anchor bid date is December 18, 2023.
| Bid Date | December 18, 2023 |
| Shares Offered | 5,890,488 |
| Anchor Portion Size (In Cr.) | 164.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | February 5, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | April 29, 2024 |
Mufti Menswear IPO Timeline (Tentative Schedule)
Mufti Menswear IPO opens on December 19, 2023, and closes on December 21, 2023.
| IPO Open Date | Tuesday, December 19, 2023 |
| IPO Close Date | Thursday, December 21, 2023 |
| Basis of Allotment | Friday, December 22, 2023 |
| Initiation of Refunds | Tuesday, December 26, 2023 |
| Credit of Shares to Demat | Tuesday, December 26, 2023 |
| Listing Date | Wednesday, December 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 21, 2023 |
Mufti Menswear IPO Lot Size
Investors can bid for a minimum of 53 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 53 | ₹14,840 |
| Retail (Max) | 13 | 689 | ₹192,920 |
| S-HNI (Min) | 14 | 742 | ₹207,760 |
| S-HNI (Max) | 67 | 3,551 | ₹994,280 |
| B-HNI (Min) | 68 | 3,604 | ₹1,009,120 |
| Lot Size Calculator |
Mufti Menswear IPO Promoter Holding
The Promoters of the company are Kamal Khushlani and Poonam Khushlani.
| Share Holding Pre Issue | 66.66% |
| Share Holding Post Issue | 53.66% |
About Credo Brands Marketing Limited
Incorporated in 1999, Credo Brands Marketing Limited offers casual clothing for men with its flagship brand “Mufti”.
In 1998, the company’s product range consisted only of shirts, T-shirts and trousers. Today, however, the company offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters. These products are available in different categories, e.g. relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear and athleisure.
The company currently operates 1,773 retail outlets across India (as of May 31, 2023). These include 379 exclusive brand stores (EBOs), 89 large format stores (LFSs) and 1,305 multi-brand stores (MBOs).
The company’s reach extends from major metropolitan areas to Tier 3 cities. As of March 31, 2023, March 31, 2022, and March 31, 2021, the company is present in 582, 598 and 569 cities, respectively.
As of May 31, 2023, the company’s design team consisted of 15 members. They made it possible to create and produce more than 1,348 designs in the 2023 financial year.
Credo Brands Marketing Limited Financial Information (Restated Consolidated)
Credo Brands Marketing Limited’s revenue increased by 43.54% and profit after tax (PAT) rose by 116.88% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 592.38 | 574.48 | 476.05 | 416.99 |
| Revenue | 119.43 | 509.32 | 354.84 | 261.15 |
| Profit After Tax | 8.58 | 77.51 | 35.74 | 3.44 |
| Net Worth | 289.88 | 281.35 | 235.73 | 192.33 |
| Reserves and Surplus | ||||
| Total Borrowing | 11.30 | 10.08 | 13.46 | 15.23 |
| Amount in ₹ Crore |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 23.22 |
| ROE | 29.98% |
| ROCE | 28.16% |
| Debt/Equity | 0.65 |
| EPS (Rs) | 0.54 |
| RoNW | 29.98% |
Check Mufti Menswear IPO Peer Comparison here.
Objects of the Issue (Mufti Menswear IPO Objectives)
The objectives of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges and (ii) carry out the Offer for Sale of up to 19,634,960 Equity Shares. Further, the Company expects that the proposed listing of its Equity Shares will enhance our visibility and brand image and provide liquidity to the Shareholders and a public market for the Equity Shares in India.
Credo Brands Marketing Limited Contact Details
Credo Brands Marketing Limited
B-8, MIDC Central Road, Marol,
Next to MIDC Police Station
Andheri (E), Mumbai – 400093,
Phone: +91 22 6141 7200
Email: investorrelations@mufti.in
Website: https://www.credobrands.in/
Mufti Menswear IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: credobrands.ipo@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html