At the lower and upper end of the price range, the IPO is expected to raise Rs 522 crore and Rs 550 crore respectively.
The first public issue will open for subscription on December 19 and close on December 21, the company announced.
Credo Brands Marketing Ltd, owner of denim brand Mufti, on Thursday set the price range at Rs 266-280 per share for its initial public offering (IPO) worth Rs 550 crore.
The first public issue will open for subscription on December 19 and close on December 21, the company announced.
The company's issue is entirely an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders. Credo Brands Marketing is one of the leading homegrown brands in the mid-premium and premium casual menswear market in the country.
At the lower and upper end of the price range, the IPO is expected to raise Rs 522 crore and Rs 550 crore respectively.
Half of the issue size is reserved for qualified institutional buyers, 35 percent for retail investors and the remaining 15 percent for non-institutional buyers.
Investors can bid for a minimum of 53 shares and then in multiples of 53 shares.
As of September 2023, Credo Brands Marketing has a pan-India presence through 1,807 touchpoints, including 404 exclusive brand stores (EBOs), 71 large format stores and 1,332 multi-brand stores (MBOs).
Credo Bands' operating revenue rose 46 percent to Rs 498.18 crore in fiscal 2023, compared to Rs 341.17 crore in the previous fiscal. Moreover, profit after tax rose 117 percent to Rs 77.51 crore in fiscal 2023 from Rs 35.74 crore in the previous fiscal.
DAM Capital Advisors, ICICI Securities and Keynote Financial Services are the lead managers of the issue. The company's shares are proposed to be listed on BSE and NSE.