Credo Brands Marketing, RBZ Jewellers get Sebi nod for IPO

Mumbai: Credo Brands Marketing Ltd, the owner of the men's casual wear brand Mufti, and Ahmedabad-based jewellery manufacturer RBZ Jewellers Ltd have received approval from the Securities and Exchange Board of India (Sebi) to raise funds via their respective initial public offerings (IPOs).

Credo Brands' maiden public issue is entirely an offer for sale (OFS) of up to 19.63 million shares by promoters and other existing shareholders.

Promoters and promoter group members together hold over 67% stake in Credo Brands Marketing

As per draft papers, Credo Brands will not receive any proceeds from the issue.

Credo Brands had filed draft IPO papers with Sebi in July.

DAM Capital Advisors Ltd., ICICI Securities Ltd., and Keynote Financial Services Ltd., are the book running lead managers and Link Intime India Private Ltd. is the registrar to the offer.

Led by Kamal Khushlani, Credo Brands Marketing, introduced the brand "Mufti" which is now celebrating its 25th anniversary.

The IPO of RBZ Jewellers is a fresh issue of 10 million equity shares. As per the DRHP, about ₹80.75 crore of IPO proceeds will be used to fund working capital requirements and general corporate purposes.

The company had filed preliminary IPO papers with Sebi in June.

Arihant Capital Markets Ltd. is the sole book running lead manager and Bigshare Services Private Ltd. is the registrar to the offer.

The foundation of RBZ Jewellers' family gold business was laid by Bababhai Hargovandas Zaveri.

The company owns a state-of-the-art gold jewellery manufacturing facility spanning 23,966 sq ft located at Sarkhej Gandhinagar Highway, Ahmedabad.