Credo Brands Marketing Ltd, which owns denim and fashion brand Mufti, has filed for preliminary papers with market regulator SEBI in order to raise funds through an Initial Public Offering (IPO).
As per the DRHP filed, IPO is complete offer for sale of up to 1.96 crore shares by the promoters and existing shareholders.
Among those offering their stake through offer for sale are the promoters Kamal Khushlani and Poonam Khushlani, promoter group members Sonakshi Khushlani, and other shareholders, Andrew Khushlani, Jay Milan Mehta, Sagar Milan Mehta, Concept Communication, and Bela Properties.
At the current state promoters and promoter group members of Credo Brand Marketing has a hold of over 67 percent in the company. Bennett Colman & Co, parent company of Times of India also has an ownership of 12.36 percent in the company after an investment of over 9 crore. Credo Marketing is among the few yet successful homegrown brands that offers mid-premium to premium range of men’s wear. As of May 2023, Credo Brands Marketing has a presence across India through 1,773 touch points which includes 379 exclusive brand outlets (EBOs) 89 large format stores and 1,305 multi-brand outlets (MBOs).
The company’s revenue has improved over 46 percent from Rs 341.2 crore in FY22 to Rs 498.2 crore in FY23. The net profit has doubled from Rs 35.74 crore to 77.51 crore in a year.
DAM Capital Advisors, ICICI Securities, and Keynote Financial Services are the book-running lead managers as per the DRHP filed and the equity shares are proposed to be listed on the BSE and the NSE.