New Delhi: Credo Brands Marketing, owners of Mufti jeans has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Sebi to raise funds through for its initial public offering (IPO).
The IPO with a face value of Rs 2 is a complete offer for sale (OFS) of up to 19.63 million shares by the Promoter, Promoter Group, and other selling shareholders.
The offer for sale comprises up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh by Sonakshi Khushlani, up to 1.08 lakh shares by Andrew Khushlani, up to 2.03 million shares by Concept Communications Ltd, up to 5.03 million shares by Bela Properties Private Ltd, up to 1.97 million shares by Jay Milan Mehta, up to 1.97 million shares by Sagar Milan Mehta.
Bennett Coleman & Co. in the year 2008 had invested Rs 9.29 crore for 9.72% ownership and currently holds a 12.36% stake, the third largest shareholder after Kamal Khushlani with a 33.84% stake and Poonam Khushlani with a 27.62% stake.
As of May 31, 2023, Credo Brands Marketing has a presence across India with 1,773 touchpoints, including 379 EBOs, 89 LFSs, and 1,305 MBOs, reaching major metros as well as Tier-3 cities. It also has a website, www.muftijeans.in, and other e-commerce platforms for its online customers.
For the fiscal year 2023, the restated revenue from operations increased 46.02% to Rs 498.18 crore against Rs 341.17 crore a year ago on the back of increased revenue generated from the sales of products and also with an increase in exclusive brand outlet (EBOs). Net profit for the period more than doubled from Rs 35.74 crore in fiscal 2022 to Rs 77.51 crore in fiscal 2023.
Credo Brands Marketing follows an asset-light model, outsourcing manufacturing operations to various partners.
DAM Capital Advisors Limited, ICICI Securities Limited and Keynote Financial Services Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.