Credo Brands Marketing Limited offers casual clothing for men with its flagship brand “Mufti”.
In 1998, the company’s product range consisted only of shirts, T-shirts and trousers. Today, however, the company offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters. These products are available in different categories, e.g. relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear and athleisure.
The company currently operates 1,773 retail outlets across India (as of May 31, 2023). These include 379 exclusive brand stores (EBOs), 89 large format stores (LFSs) and 1,305 multi-brand stores (MBOs).
The company’s reach extends from major metropolitan areas to Tier 3 cities. As of March 31, 2023, March 31, 2022, and March 31, 2021, the company is present in 582, 598 and 569 cities, respectively.
As of May 31, 2023, the company’s design team consisted of 15 members. They made it possible to create and produce more than 1,348 designs in the 2023 financial year.
Mufti Menswear IPO – Details
| IPO Opening Date | 19 December 2023 |
| IPO Closing Date | 21 December 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1,96,34,960 Shares Worth ₹549.78 Crore Offer For Sale: 1,96,34,960 Shares Worth ₹549.78 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹266 – ₹280 |
| Market Lot | 53 Shares |
| Min Order | 53 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Mufti Menswear IPO – Date Schedule
| IPO Open Date | 19 December 2023 |
| IPO Close Date | 21 December 2023 |
| Basis of Allotment Date | 22 December 2023 |
| Initiation of Refund | 26 December 2023 |
| Credit of Shares to Demat Account | 26 December 2023 |
| IPO Listing Date | 27 December 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 21 December 2023 |
Mufti Menswear IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 53 | 14,840 |
| Retail (Max) | 13 | 689 | 1,92,920 |
| S-HNI (Min) | 14 | 742 | 2,07,760 |
| S-HNI (Max) | 67 | 3,551 | 9,94,280 |
| B-HNI (Min) | 68 | 3,604 | 10,09,120 |
Competitive Strengths
- Strong brand equity with presence across categories;
- Multi-channel pan-India distribution network;
- Scalable asset light model;
- Strong in-house design competencies to deliver innovative and high-quality products with end-to-end tech-enabled supply chain capabilities;
- Financially stable business model; and
- Experienced Promoter and senior management team.
Company Promoters
- Kamal Khushlani
- Poonam Khushlani
Company Financials (Restated Consolidated)
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2021 | 261.15 | 257.14 | 3.44 | 15.22 |
| 31 March 2022 | 354.83 | 307.00 | 35.74 | 13.46 |
| 31 March 2023 | 509.32 | 405.51 | 77.51 | 10.07 |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 23.22 |
| ROE | 29.98% |
| ROCE | 28.16% |
| Debt/Equity | 0.65 |
| EPS (Rs) | 0.54 |
| RoNW | 29.98% |
Object Of The Issue
- The objectives of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges and (ii) carry out the Offer for Sale of up to 19,634,960 Equity Shares. Further, the Company expects that the proposed listing of its Equity Shares will enhance our visibility and brand image and provide liquidity to the Shareholders and a public market for the Equity Shares in India.
Mufti Menswear IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Aditya Birla Fashion and Retail Limited | – |
| 2 | 10 | Go Fashion (India) Limited | 88.24 |
| 3 | 4 | Arvind Fashions Limited | 157.08 |
| 4 | 10 | Kewal Kiran Clothing Limited | 40.24 |
Mufti Menswear IPO Promoter Holding
| Pre Issue Share Holding | 66.66% |
| Post Issue Share Holding | 53.66% |
Mufti Menswear IPO Prospectus
Company Contact Information
| Credo Brands Marketing Limited B-8, MIDC Central Road, Marol, Next to MIDC Police Station Andheri (E), Mumbai – 400093, Phone: +91 22 6141 7200 Email: investorrelations@mufti.in Website: https://www.credobrands.in/ |
Mufti Menswear IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: credobrands.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
Mufti Menswear IPO Lead Manager(s)
| 1. Dam Capital Advisors Ltd 2. ICICI Securities Limited 3. Keynote Financial Services Ltd |
Mufti Menswear IPO FAQs
| What is Mufti Menswear IPO? Mufti Menswear IPO is a main-board IPO. The issue is priced at ₹266 to ₹280 per equity share. The IPO is to be listed on BSE & NSE. |
| When Mufti Menswear IPO will open? The IPO is to open on 19 December 2023 for QIB, NII, and Retail Investors. |
| What is Mufti Menswear IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Mufti Menswear IPO? You can apply Mufti Menswear IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Mufti Menswear IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Mufti Menswear”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Mufti Menswear IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Mufti Menswear“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Mufti Menswear IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Mufti Menswear”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Mufti Menswear IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Mufti Menswear”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Mufti Menswear IPO Size? Mufti Menswear IPO size is ₹549.78 Crore. |
| What is Mufti Menswear IPO Price Band? Mufti Menswear IPO Price Band is ₹266 to ₹280. |
| What is Mufti Menswear IPO Minimum and Maximum Lot Size? The minimum bid is 53 Shares with ₹14,840 amount while the maximum bid is 689 Shares with ₹192,920. |
| What is the Mufti Menswear IPO Allotment Date? Mufti Menswear IPO allotment date is 22 December 2023. |
| What is the Mufti Menswear IPO Listing Date? Mufti Menswear IPO listing date is 27 December 2023. The IPO is to list on BSE and NSE. |
