1. IPO Details:
Credo Brands (Mufti Jeans) IPO is to open on December 19. The company is to raise ₹550 crores via IPO. Mufti Jeans is among 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. They believe in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with their product offerings ranging from shirts to t-shirts to jeans to chinos, which cater to all year-round clothing. The company reported revenue of ₹509.32 crores in 2023 against revenues of ₹354.83 crores in 2022. The IPO price band is fixed at ₹266 to ₹280 Per Equity Share. The Credo Brands (Mufti Jeans) IPO to list on BSE and NSE.
- Company Name: Mufti Menswear Limited
- IPO Date: December 19, 2023, to December 21, 2023
- Listing Date: To be announced
- Face Value: ₹2 per share
- Price Band: ₹266 to ₹280 per share
- Lot Size: 53 Shares
- Total Issue Size: 19,634,960 shares (₹549.78 Cr)
- Offer for Sale: 19,634,960 shares (₹549.78 Cr)
- Issue Type: Book Built Issue IPO
- Listing Platforms: BSE, NSE
2. IPO Reservation:
- QIB: 20.00%
- NII: 15.00%
- bNII (bids above ₹10L): 10.00% (Allottees: 2,646)
- sNII (bids below ₹10L): 5.00% (Allottees: 1,323)
- Retail: 35.00%
- Anchor Investors: 30.00%
- Total Shares Offered: 19,634,960 (100%)
3. IPO GMP (Grey Market Premium):
- Price Range: ₹266 to ₹280
- Lot Size: 53
- Max. Investment: ₹14,840
- Bid Dates: December 19, 2023, to December 21, 2023
- Listing Date: To be announced
- GMP Yesterday (20 Dec 2023): ₹145
- GMP Today (21 Dec 2023): ₹145
- Expected Share Price: ₹425
- Expected Profit per Lot: ₹7,685
- Buy Y/N: Yes
4. Anchor Investors Details:
- Bid Date: December 18, 2023
- Shares Offered: 5,890,488
- Anchor Portion Size (In Cr.): ₹164.93
- Lock-in period end date for 50% shares (30 Days): February 5, 2024
- Lock-in period end date for remaining shares (90 Days): April 29, 2024
5. IPO Lot Size:
- Investors can bid for a minimum of 53 shares and in multiples thereof.
- Retail (Min): 1 lot (53 shares, ₹14,840)
- Retail (Max): 13 lots (689 shares, ₹192,920)
- S-HNI (Min): 14 lots (742 shares, ₹207,760)
- S-HNI (Max): 67 lots (3,551 shares, ₹994,280)
- B-HNI (Min): 68 lots (3,604 shares, ₹1,009,120)
6. IPO Promoter Holding:
- Promoters: Kamal Khushlani and Poonam Khushlani
- Share Holding Pre Issue: 66.66%
- Share Holding Post Issue: 53.66%
7. Financial Information (Restated Consolidated):
- As of 30 Jun 2023:
- Assets: ₹592.38 Cr
- Revenue: ₹119.43 Cr
- Profit After Tax: ₹8.58 Cr
- Net Worth: ₹289.88 Cr
- Total Borrowing: ₹11.30 Cr
8. Key Performance Indicator (KPI):
- P/E (x): 23.22
- Post P/E (x): 23.23
- Market Cap (₹ Cr.): 1800.45
- ROE: 29.98%
- ROCE: 28.16%
- Debt/Equity: 0.65
- EPS (₹): 0.54
- RoNW: 29.98%
9. IPO Subscription Status (Bidding Details):
- QIB Subscription: 104.95 times
- NII Subscription: 55.52 times
- bNII Subscription: 55.73 times
- sNII Subscription: 55.10 times
- Retail Subscription: 19.94 times
- Total Subscription: 51.85 times
- Total Application: 2,392,774 (18.45 times)
10. Conclusion:
- The Mufti Menswear IPO has garnered significant interest from investors, with a robust subscription across categories.
- The GMP indicates positive market sentiment, and the expected listing price suggests potential profit for investors.
- Investors should carefully consider the financials, industry dynamics, and the company’s growth prospects before making investment decisions. It’s advisable to consult with financial experts and conduct thorough due diligence.
