Credo Brands Marketing makes muted debut, lists flat at ₹282

Credo Brands Marketing had a subdued debut on the secondary market, with shares listed at a marginal premium of 0.83% over the IPO price.

A Ksheerasagar
First Published27 Dec 2023, 10:07 AM IST
Credo Brands Marketing Limited (Credo) was incorporated on April 29, 1999. It offers casual clothing for men with its flagship brand -Mufti.
Credo Brands Marketing Limited (Credo) was incorporated on April 29, 1999. It offers casual clothing for men with its flagship brand -Mufti.(Shutterstock)

Credo Brands Marketing listing today: Credo Brands Marketing witnessed a subdued debut today (December 27), with its shares being listed at 282.35 apiece on the NSE, representing a marginal premium of 0.83% over the IPO price of 280. The share price quickly retreated to 278.35 levels within minutes after entering the secondary market.

The 549.78 crore IPO was open for subscription between December 19 and December 21, at a price band in the range of 266–280 per share. 

Also Read: 2023 in review: IPOs this year have broken records; 2024 will likely see even more IPOs, says Venkatraghavan of Equirus

The issue received a stellar response from retail investors, whose portion was subscribed to 19.94 times, and a solid response from non-institutional buyers, whose portion was subscribed to 55.52 times, according to data on Trendlyne. The qualified institutional buyers (QIBs) portion was subscribed to a whopping 104.95 times. The issue was overall subscribed to 51.85 times.

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Credo Brands Marketing Limited (“Credo") was incorporated on April 29, 1999. It offers casual clothing for men with its flagship brand, "Mufti." The company's product mix has evolved significantly over the past several years, from consisting of only shirts, t-shirts, and trousers in 1998 to a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters in relaxed holiday casuals, authentic daily casuals, urban casuals, party wear, and also athleisure categories as of date.

Its products are available through a pan-India multichannel distribution network that it has built over the years, combining its exclusive brand outlets (“EBOs"), large format stores ("LFSs"), and multi-brand outlets (“MBOs"), as well as online channels comprising its website and other e-commerce marketplaces.

Also Read: Sachin Tendulkar, Infosys founder and others likely to buy shares of FirstCry

In terms of financials, the company posted a revenue of 498 crore in FY23, an increase of 46% compared to a revenue of 341 crore posted in FY22. The profit after tax came in at 77.51 crore, an improvement of 116.87% over FY22's net profit of 35.74 crore.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

20 Yrs

First Published:27 Dec 2023, 10:07 AM IST
HomeMarketsStock MarketsCredo Brands Marketing makes muted debut, lists flat at ₹282

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