Credo brands to open for IPO: Here are some facts to know about the public offer
The initial public offering of credo brands will open for subscription on December 19 and will close on December 21. The company's shares are expected to get listed on both the exchanges.
![Credo brands to open for IPO: Here are some facts to know about the public offer](https://www.psuconnect.in/sdsdsd/Credo_brands_to_open_for_IPO.jpg)
Credo Brands Marketing is one of the largest homegrown brands in the mid-premium and premium men's casual wear market share in fiscal 2022. It provides a wide array of wardrobe solutions, encompassing a range of products such as shirts, t-shirts, jeans, chinos and more. The industrial overview of credo brands is estimated with apparel market size to be valued around Rs 5.47 lakh crore in FY23 and is projected to grow at a CAGR of 18 percent to reach Rs 10.68 lakh crore by FY27 on the back of factors like higher brand consciousness, increasing digitization, greater purchasing power and increasing urbanization.
The issue is a complete offer of sale of 1.96 lakh crore. About 50 percent of the offer is reserved for qualified institutional buyers, 35 percent for retail investors and the rest 15 percent for non-institutional investors.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYThe price band of this public issue is fixed at Rs 266-280, and at the upper end, the company plans to raise Rs 550 crore. Investors can bid for 53 shares in 1 lot and in multiples thereafter. According to market analysts, the current GMP of credo Brands is Rs 0 in the unlisted market. DAM Capital Advisors, ICICI Securities and Keynote Financial Services are the book-running lead managers to the issue.
FINANCIAL PERFORMANCE OF CREDO BRANDS:
In the Financial Year 2023, revenue from operations jumped 46 percent year-on-year to Rs 498 crore, and profit increased to Rs 77.5 crore.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsAs of September 2023, Credo brands Marketing has a presence across India through 1,807 touchpoints, including 404 exclusive brand outlets [EBOs], 71 large format stores, and 1,332 multi-brand outlets [MBOs].
Credo Brands' revenue from operations increased 46 percent to Rs 498.18 crore in fiscal 2023 from Rs 341.17 crore in the preceding fiscal. Besides, profit after tax surged 117 per cent to Rs 77.51 crore in fiscal 2023 from Rs 35.74 crore in the previous financial year.
At the lower and upper end of the price band, the IPO is expected to fetch Rs 522 crore and Rs 550 crore respectively.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh