Investor Enthusiasm: Mufti Menswear’s Initial Public Offering (IPO) kicked off on a strong note, witnessing a subscription of 2.08 times on the first day of bidding, December 19. The response was marked by bids for 2.86 crore equity shares against the offer size of 1.37 crore shares, with retail investors and high-net-worth individuals leading the way.
Diverse Investor Participation: Retail investors and high-net-worth individuals displayed significant interest, subscribing 3.28 times and 2.06 times their allotted quotas, respectively. Qualified institutional investors also contributed, showing interest by picking 1 percent equity shares against their reserved portion of 39.26 lakh shares.
Offer Details: The IPO, with a price band of Rs 266-280 per share, aims to raise Rs 549.78 crore through an offer-for-sale (OFS) by promoters and investors. The offer concludes on December 21, and the entire proceeds, excluding IPO expenses, will go to the selling shareholders.
Anchor Book Success: Credo Brands Marketing, the company behind Mufti, raised Rs 164.93 crore through the anchor book, featuring prominent investors such as HSBC Mutual Fund, Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, and others.
Upcoming Milestones: Mufti Menswear IPO shares are trading at a robust premium of over 40 percent in the grey market. The basis of allotment will be finalized by December 22, with equity shares expected to be credited to eligible investors’ demat accounts by December 26. Credo Brands Marketing is set to make its debut on the stock exchanges on December 27, adhering to the IPO schedule.
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