Mufti owner Credo Brand sets IPO price band at 266 to 280 rupees per share

Mumbai-based Credo Brands Marketing Limited, owner of apparel brand Mufti, has fixed the price band at 266 rupees to 280 rupees per equity share for its initial public offer (IPO).

The company said in a statement that the planned IPO will open on December 19, 2023, for subscription and close on December 21, 2023. Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter.

The company added that the offer of face value of 2 rupees per equity share is entirely an offer for sale up to 1,96,34,960 equity shares.

Kamal Khushlani launched the Mufti brand 25 years ago with a vision to redefine menswear. The brand offers a wide product range consisting of shirts, t-shirts, sweatshirts, jackets, blazers, sweaters, jeans, cargos and chinos.

The brand has evolved over the years and now caters to the customers looking for relaxed holiday casuals, authentic daily casuals, urban casuals, party wear to athleisure.

The products are available through a pan-India multichannel distribution network across exclusive brand outlets (EBOs), large format stores (LFSs) and multi-brand outlets (MBOs), as well as company-owned website and third party e-commerce marketplaces. As of September 30, 2023, Mufti is available through 1,807 touchpoints across 591 cities consisting of 404 EBOs, 71 LFSs and 1,332 MBOs

The company further said that the equity shares are proposed to be listed on BSE and NSE.