Mumbai-based Credo Brands Marketing Ltd, one of the largest homegrown brands in the mid-premium and premium men's casual wear market in India in terms of market share in Fiscal 2022 has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The company had refiled preliminary IPO papers with Sebi in July 2023.
The IPO with a face value of Rs 2 is a complete offer for sale (OFS) of up to 19.63 million shares by Promoter, Promoter Group and other selling shareholders.
The offer for sale comprises of up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh by Sonakshi Khushlani, up to 1.08 lakh shares by Andrew Khushlani, up to 2.03 million shares by Concept Communications Ltd, up to 5.03 million shares by Bela Properties Private Ltd, up to 1.97 million shares by Jay Milan Mehta, up to 1.97 million shares by Sagar Milan Mehta.
Led by Kamal Khushlani, Credo Brands Marketing, introduced the brand "Mufti" which is now celebrating its 25th anniversary. The brand aimed to revolutionize men's fashion by offering casual clothing options that are creative, bold, and expressive, catering to the contemporary Indian man. Credo Brands Marketing believes in providing a wide array of wardrobe solutions for different occasions in customers' lives, encompassing a range of products such as shirts, t-shirts, jeans, chinos, and more, ensuring year-round clothing options.
As of May 31, 2023, Credo Brands Marketing has a presence across India with 1,773 touchpoints, including 379 EBOs, 89 LFSs, and 1,305 MBOs, reaching major metros as well as Tier-3 cities. The brand operates in 582 cities as of March 31. Their EBOs, located nationwide in high streets, malls, airports, and residential areas, provide a comprehensive shopping experience.
DAM Capital Advisors Limited, ICICI Securities Limited and Keynote Financial Services Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.