Credo Brands IPO GMP, Details, Date, Price, Allotment 2023

Credo Brands  IPO description – Credo Brands   India Limited is coming up with its Initial public offering. The IPO will be open for subscription on December 19, 2023

 

 

Credo Brands IPO Details

 

Credo Brands IPO Dates 19 – 21 December 2023
Credo Brands IPO Price INR 266 – 280 per share
Fresh issue NIL
Offer For Sale 19,634,960 shares (INR 522.29 – 549.78 crore)
Total IPO size 19,634,960 shares (INR 522.29 – 549.78 crore)
Minimum bid (lot size) 53 shares (INR 14,840)
Face Value  INR 2 per share
Retail Allocation 35%
Listing On BSE, NSE

 

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Credo Brands IPO – Date Schedule

 

IPO Opening Date 19 December 2023
IPO Closing Date 21 December 2023
Finalization of Basis of Allotment 22 December 2023
Refunds Initiation 26 December 2023
Transfer of shares to demat accounts 26 December 2023
Listing Date of IPO 27 December 2023

 

Credo Brands IPO – About Company 

 

Credo Brands Marketing Limited is the proud purveyor of casual menswear through its flagship brand, “Mufti.”

Back in 1998, Mufti’s offerings were limited to shirts, T-shirts, and trousers. Fast forward to today, and the brand has expanded its repertoire to include a diverse array of products such as sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters. These items are curated into distinct categories, catering to various lifestyles, including relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear, and athleisure.

As of May 31, 2023, Credo Brands operates an impressive network of 1,773 retail outlets across India. This comprises 379 exclusive brand stores (EBOs), 89 large format stores (LFSs), and 1,305 multi-brand stores (MBOs).

The company’s market presence spans from major metropolitan areas to Tier 3 cities. As of March 31, 2023, the brand has reached 582 cities, showcasing substantial growth from the figures recorded on March 31, 2022 (598 cities) and March 31, 2021 (569 cities).

At the core of Mufti’s innovation is its design team, which, as of May 31, 2023, consists of 15 talented members. Their collective efforts have yielded remarkable results, generating over 1,348 unique designs during the 2023 financial year.

 

Credo Brands IPO GMP, Details, Date, Price, Allotment 2023
Credo Brands IPO GMP, Details, Date, Price, Allotment 2023

 

Credo Brands IPO – Industry Overview 

 

E-tail in India has witnessed a rapid growth trajectory and is expected to reach ~11% (INR 12,512 Bn) of total retail by FY 2027 from its share of 7 % in FY 2022 (INR 5,337 Bn) with projected growth CAGR of 36%. Between 2015 and 2020, ecommerce sales have grown at CAGR of 44%. Apparel and Apparel Accessories had the 2nd highest share of e-commerce among all categories at 24% for FY 2023. It follows the category Consumer Electronics at 29% e-commerce share for FY 2022. 

Apparel market size in India was valued at INR 5,476 Bn (USD 68.45 Bn) in FY 2023 and projected to grow at a CAGR of ~18% between FY 2023 and FY 2027 to reach INR 10,683 Bn (USD 133.5 Bn) by FY 2027 on the back of factors like higher brand consciousness, increasing digitization, greater purchasing power and increasing urbanization. The share of organised retail in apparel has witnessed a steady increase over the past years. The share of organised sector in apparel was 23% in FY 2015 increased to 32% in FY 2020 and 38% in FY 2023, is expected to reach 48% by FY 2027. 

Western wear market accounted for close to 70% of the overall apparel market, with FY 2023 market size of INR 3,847 Bn (US$ 48.09 Bn). The organized sector forms 38% share of the western wear market, while unorganized sector was 62%. Western wear dominates the Men’s wear market with a 94% share for FY 2023. It is expected to grow at a CAGR of 19.5% from FY 2023 to FY 2027, reaching INR 4,051 Bn (US$ 50.6 Bn) in FY 2027. Western wear market for women amounted to INR 505 Cr (US$ 6.3 Bn) for FY 2022 and is expected to grow at a CAGR of 22.2% to reach INR 1,377 Bn (US$ 17.2 Bn) for FY 2027. 

 

Credo Brands IPO – Financial Performance

 

FY 2022 FY 2023 Q1 FY 2024
Revenue 341.17 498.18 118.49
Expenses 307.00 405.51 108.12
Net income 35.74 77.51 8.58
Margin (%) 10.48 15.56 7.24

Figures in INR Crores

 

Credo Brands IPO – Valuations & Margins

 

FY 2021 FY 2022 FY 2023
EPS 0.54 5.56 12.06
PE ratio 22.06 – 23.22
RONW (%) 1.81 16.70 29.98
NAV 30.13 36.92 43.75
ROCE (%) 5.86 17.31 28.16
EBITDA (%) 19.80 27.87 32.89
Debt/Equity 0.62 0.44 0.65

 

Credo Brands IPO – Prospectus

 

 

Credo Brands IPO – 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.
  • Experienced Promoter and senior management team 

 

Credo Brands IPO – 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.

 

Credo Brands IPO GMP Today

 

Date IPO GMP Kostak Subject to Sauda
18 December 2023 110 4,700
16 December 2023 120 5,000

 

Credo Brands IPO – Allotment Status

Credo Brands IPO allotment status will be available on the Link Intime’s website website. Click on this link to get allotment status.

Credo Brands IPO – Lots Size & Price

 

Application Lots Shares Amount ( Cut-Off)
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

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