Mufti’s owner Credo Brands Marketing files DRHP for IPO

Denim brand Mufti’s owner Credo Brands Marketing Limited has filed its Draft Red Herring prospectus with capital market regulator Sebi. The business will move ahead with its initial public offering to raise funds.

Credo Brands Marketing Limited’s IPO is made up of an offer for sale of up to 19.63 million shares. These will be sold by the promoter, promoter group, and other shareholders in the business, Credo Brands Marketing Limited announced in a press release on July 14. 
 
Breaking down the offer for sale, up to 4.14 million shares by Kamal Khushlani will be on sale as well as 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, and up to 1.97 million shares by Sagar Milan Mehta.
 
The book running lead managers for the IPO are DAM Capital Advisors Limited, ICICI Securities Limited, and Keynote Financial Services Limited. The registrar to the offer is Link Intime India Private Limited and the equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
 
Kamal Khushlani launched the brand Mufti 25 years ago with the aim of stirring up men’s fashion in India. Today, Khushlani has the largest shareholding in Credo Brands Marketing at 33.84%, followed by Poonam Khushlani’s 27.62% stake and Bennett Coleman & Co’s 12.36% stake.