Credo Brands Marketing IPO allotment: Check application status, latest GMP and listing date

22/12/2023

Credo Brands Marketing (Mufti Menswear) is scheduled to announce the basis of allotment of its shares most likely on Friday, December 22. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the weekend or by Tuesday. The primary offering of the fashion retailer had received a strong response from the investors.

Credo Brands sold its IPO in the price band of Rs 266-280 per share with a lot size of 53 shares, which was open for bidding between December 19 to December 21. The company aimed to raise a little about 550 crore from its primary offering, which was entirely an offer for sale (OFS) of up to 1,96,34,960 equity shares.

The issue was overall subscribed 51.85 times as the portion for qualified institutional bidders (QIBs) was booked a whopping 104.95 times, while the non-institutional investors’ category was subscribed 55.52 times. The quota reserved for retail investors was subscribed 19.94 times during the bidding process.

Grey market premium (GMP) of Credo Brands Marketing has remained stable, following robust bidding from QIB investors despite the volatility in the broader markets. Last heard, the company was commanding a premium of Rs 135-140 per share, suggesting a listing pop of 47-50 per cent for the investors.

Incorporated in 1999, Credo Brands Marketing, known for its flagship brand ‘Mufti,’ started its product line in 1998 with shirts, T-shirts, and trousers. Presently, it offers a diverse range of products, including sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters.

Brokerage firms were mostly positive on the issue of Mufti Menswear and suggested subscribing to it on the back of deep penetration in Tier II and Tier III cities, reasonable pricing, tech-enabled supply chain capabilities and an asset light model. However, high competetion and muted financial were the key risks.

DAM Capital Advisors (formerly IDFC Securities), ICICI Securities, and Keynote Financial Services serve as the book running lead managers for the Mufti Menswear IPO, while Link Intime India acts as the registrar. Shares of the company will be listed on both BSE and NSE, with December 27, Wednesday, as the tentative date of listing.

Investors, who bid for the issue of Credo Brands Marketing, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Credi Brands Marketing Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button.

Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Kfin Tech and select the IPO of Credo Brands Marketing in the dropbox. Enter the either PAN card number, application number or DP client ID as selected tab and hit ‘search’ to get the allotment status for your application.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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