Credo Brands Marketing Ltd.'s opened its initial public offering of Rs 550 crore on Tuesday.
The issue is priced in the band of Rs 266–280 per share with the minimum order lot at 53.
The IPO is entirely an offer for sale of up to 1.96 crore shares with a face value of Rs 2 each. Half of the issue size is reserved for qualified institutional buyers, 35% for retail investors and the pending 15% is reserved for non-institutional buyers. The issue will close on Thursday.
Credo Brands has raised Rs 165 crore from anchor investors and allotted 58.9 lakh equity shares to 11 funds at Rs 280 apiece.
IPO Details
Issue opens: Dec. 19.
Issue closes: Dec. 21.
Total issue size: Rs 550 crore.
Price band: Rs 266–280 per share.
Lot size: 53 shares.
Face value: Rs 2 per share.
Listing: BSE and NSE.
Also Read: Mufti Menswear IPO: All You Need To Know
Business
Credo Brands is among the leading homegrown brands in the mid-premium and premium casual's menswear market in the country. It has a strong presence across India with a strong in-house design competency with tech-enabled supply chain capabilities.
Subscription Status: Day 1
The IPO has been subscribed 2.09 times as of 5 p.m. on Tuesday.
Institutional investors: 0.01 times or 1%
Non-institutional investors: 2.06 times.
Retail investors: 3.29 times.
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