Shares of Mufti menswear owner Credo Brands Marketing Ltd. listed on the National Stock Exchange on Wednesday at Rs 282.35 apiece, a premium of 0.84% over its issue price.
On the BSE, the stock debuted at Rs 282 apiece, a premium of 0.71% to its IPO price of Rs 280 apiece.
The shares ended at a premium of 11.61% over the IPO price and rose 10.82% from its listing price to end at Rs 312.50 apiece on the BSE.
The Rs 549.8-crore initial public offering was subscribed 51.85 times on its third and final day. The bids were led by institutional investors (104.92 times), non-institutional investors (55.52 times) and retail investors (19.94 times).
"In (the) first six months of this year, we have opened 31 new stores and as of Sept. 30, the tally stood at 404 stores," Managing Director Kamal Khushlani said. "We aim to grow double in the next four to five years."
Business
Credo's flagship brand, Mufti, was introduced 25 years ago to offer alternative dressing solutions for men. Its product range includes shirts, t-shirts, jeans, and chinos, providing year-round clothing options.
The company is focused on delivering youthful aesthetics, while staying abreast with current fashion trends. It is involved in the retail sale of garments and accessories and does not engage in apparel manufacturing.
Use Of Proceeds
Realise the advantages of having the equity shares listed on the bourses.
Conduct the offer for sale of a maximum of 1.96 crore equity shares.
The company expects that the listing will improve visibility and brand image, offering liquidity to shareholders and establishing a public market for the equity shares in India.
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