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Mufti Menswear IPO is a book built issue of Rs 549.78 crores. The issue is entirely an offer for sale of 1.96 crore shares.
Mufti Menswear IPO bidding started from December 19, 2023 and ended on December 21, 2023. The allotment for Mufti Menswear IPO was finalized on Friday, December 22, 2023. The shares got listed on BSE, NSE on December 27, 2023.
Mufti Menswear IPO price band is set at ₹266 to ₹280 per share. The minimum lot size for an application is 53 Shares. The minimum amount of investment required by retail investors is ₹14,840. The minimum lot size investment for sNII is 14 lots (742 shares), amounting to ₹207,760, and for bNII, it is 68 lots (3,604 shares), amounting to ₹1,009,120.
Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), ICICI Securities Limited and Keynote Financial Services Ltd are the book running lead managers of the Mufti Menswear IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Mufti Menswear IPO RHP for detailed information.
| IPO Date | December 19, 2023 to December 21, 2023 |
| Listing Date | December 27, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹266 to ₹280 per share |
| Lot Size | 53 Shares |
| Total Issue Size | 19,634,960 shares (aggregating up to ₹549.78 Cr) |
| Offer for Sale | 19,634,960 shares of ₹2 (aggregating up to ₹549.78 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 64,301,880 |
| Share holding post issue | 64,301,880 |
Mufti Menswear IPO offers 19,634,960 shares. 3,926,992 (20.00%) to QIB, 2,945,244 (15.00%) to NII, 6,872,236 (35.00%) to RII and 5,890,488 (30.00%) to Anchor investors. 129,664 RIIs will receive minimum 53 shares and 1,323 (sNII) and 2,646 (bNII) will receive minimum 742 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 5,890,488 (30.00%) | NA |
| QIB Shares Offered | 3,926,992 (20.00%) | NA |
| NII (HNI) Shares Offered | 2,945,244 (15.00%) | |
| bNII > ₹10L | 1,963,496 (10.00%) | 2,646 |
| sNII < ₹10L | 981,748 (5.00%) | 1,323 |
| Retail Shares Offered | 6,872,236 (35.00%) | 129,664 |
| Total Shares Offered | 19,634,960 (100%) |
Mufti Menswear IPO raises Rs 164.93 crore from anchor investors. Mufti Menswear IPO Anchor bid date is December 18, 2023. Mufti Menswear IPO Anchor Investors list
| Bid Date | December 18, 2023 |
| Shares Offered | 5,890,488 |
| Anchor Portion Size (In Cr.) | 164.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | January 21, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | March 21, 2024 |
Mufti Menswear IPO opens on December 19, 2023, and closes on December 21, 2023.
| IPO Open Date | Tuesday, December 19, 2023 |
| IPO Close Date | Thursday, December 21, 2023 |
| Basis of Allotment | Friday, December 22, 2023 |
| Initiation of Refunds | Tuesday, December 26, 2023 |
| Credit of Shares to Demat | Tuesday, December 26, 2023 |
| Listing Date | Wednesday, December 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 21, 2023 |
Investors can bid for a minimum of 53 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 53 | ₹14,840 |
| Retail (Max) | 13 | 689 | ₹192,920 |
| S-HNI (Min) | 14 | 742 | ₹207,760 |
| S-HNI (Max) | 67 | 3,551 | ₹994,280 |
| B-HNI (Min) | 68 | 3,604 | ₹1,009,120 |
| Lot Size Calculator | |||
The Promoters of the company are Kamal Khushlani and Poonam Khushlani.
| Share Holding Pre Issue | 66.66% |
| Share Holding Post Issue | 53.66% |
Incorporated in 1999, 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.
Credo Brands Marketing Limited's revenue increased by 43.54% and profit after tax (PAT) rose by 116.88% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 592.38 | 574.48 | 476.05 | 416.99 |
| Revenue | 119.43 | 509.32 | 354.84 | 261.15 |
| Profit After Tax | 8.58 | 77.51 | 35.74 | 3.44 |
| Net Worth | 289.88 | 281.35 | 235.73 | 192.33 |
| Reserves and Surplus | ||||
| Total Borrowing | 11.30 | 10.08 | 13.46 | 15.23 |
| Amount in ₹ Crore | ||||
The market capitalization of Mufti Menswear IPO is Rs 1800.45 Cr.
| KPI | Values |
|---|---|
| ROE | 29.98% |
| ROCE | 28.16% |
| Debt/Equity | 0.65 |
| RoNW | 29.98% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 0.54 | |
| P/E (x) | 23.22 | 23.23 |
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.
[Dilip Davda] The company is operating in a highly competitive segment and has no own manufacturing unit, but deals of third party contract model. After posting robust growth in bottom lines for FY22 and FY23, it marked decline as hinted by Q1-FY24 performance. Based on annualized FY24 earnings, the issue appears fully priced. Well-informed investors may park funds for the medium to long term rewards. Read detail review...
The Mufti Menswear IPO is subscribed 51.85 times on December 21, 2023 7:02:00 PM. The public issue subscribed 19.94 times in the retail category, 104.95 times in the QIB category, and 55.52 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 104.95 |
| NII | 55.52 |
| bNII (bids above ₹10L) | 55.73 |
| sNII (bids below ₹10L) | 55.10 |
| Retail | 19.94 |
| Total | 51.85 |
Total Application : 2,392,774 (18.45 times)
| Listing Date | December 27, 2023 |
| BSE Script Code | 544058 |
| NSE Symbol | MUFTI |
| ISIN | INE220Q01020 |
| Final Issue Price | ₹280 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹280.00 |
| ₹282.00 |
| ₹262.05 |
| ₹324.55 |
| ₹312.50 |
| NSE |
|---|
| ₹280.00 |
| ₹282.35 |
| ₹261.60 |
| ₹324.80 |
| ₹312.20 |
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/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: credobrands.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Mufti Menswear IPO is a main-board IPO of 19,634,960 equity shares of the face value of ₹2 aggregating up to ₹549.78 Crores. The issue is priced at ₹266 to ₹280 per share. The minimum order quantity is 53 Shares.
The IPO opens on December 19, 2023, and closes on December 21, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Mufti Menswear IPO using UPI as a payment gateway. Zerodha customers can apply in Mufti Menswear IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Mufti Menswear IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Mufti Menswear IPO opens on December 19, 2023 and closes on December 21, 2023.
Mufti Menswear IPO lot size is 53 Shares, and the minimum amount required is ₹14,840.
You can apply in Mufti Menswear IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Mufti Menswear IPO will be done on Friday, December 22, 2023, and the allotted shares will be credited to your demat account by Tuesday, December 26, 2023. Check the Mufti Menswear IPO allotment status.
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#credo brands #Mufti @MuftiJeans
#Q3Results declared
QoQ PAt grew by ⏫226% at
28 cr PAT vs 8.56 cr in June Quarter.
Revenue ⏫40% growth QoQ at 166.8 cr vs 119.4 cr in last quarter
Company on path of growing at fast pace as declared in guidence by promotor
HoH revenue growth by 21%
And YoY revenue growth is 17%
Total 31 new store added in FY24
ROCE 38.4% & ROE 26.2%
#Mufti has 2nd market leading position in India.
Cities presence = 213
Number of stores = 379
And 3rd place in India market Share of Men’s Casual Led Western Wear Players in
the Mid Price+ Branded Market – FY2022 (image attached)
📌Asset light business model
📌 Net debt free
All in All best result🎉
And next result would be blockbuster and more fruitful than this as Navratri , Diwali & Christmas;all 3 festivals sales will come as revenue in upcoming December ending Q3 result.
Current TTM PE is just 23.75 while PEER Cantabill at 34.2 and KKCL at 33.5.
I'm holding for atleast 350 target and may go to 400 because I see good Potential in the company and leading position in India market of Apperal/clothing still I may go wrong so take you own decision accordingly🙏. Thanks for reading.