 "Mufti Jeans")
The Initial Public Offering (IPO) of Credo Brands Marketing, which owns denim brand Mufti, got subscribed 51.85 times on Thursday, the last day of subscription.
Heavy demand from institutional buyers helped the share sale attract smart subscription on the closing day.
The Rs 549.77 crore-initial share sale attracted bids for 71,26,92,325 shares against 1,37,44,472 shares on offer, as per data available with the NSE.
The Qualified Institutional Buyers (QIBs) part got subscribed a staggering 104.95 times while the portion for non-institutional investors received 55.51 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 19.94 times.
The IPO of 1,96,34,960 equity shares had a price range of Rs 266-280 a share.
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Credo Brands' public issue was an Offer For Sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.
The company has collected Rs 165 crore from anchor investors.
Credo Brands Marketing is among the leading homegrown brands in the mid-premium and premium casual men's wear market in the country.
As of September, the company had 1,807 touch points across the country, including 404 exclusive brand outlets, 71 large format stores, and 1,332 multi-brand outlets.
DAM Capital Advisors, ICICI Securities and Keynote Financial Services were the managers to the offer.
The equity shares of the company are proposed to be listed on BSE and NSE.
