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Credo Brands Marketing stocks close at 12% premium on its debut

Mumbai-based retailer Credo Brands Marketing made a stellar market debut today as its shares closed at a significant 12% premium. The stock was listed at Rs 282 per share on the Bombay Stock Exchange (BSE) and Rs 282.35 per share on the National Stock Exchange (NSE). Closing figures showed MUFTI’s share price at Rs 312.50 per share on BSE, reflecting an 11.61% premium, and Rs 311 per share on NSE, indicating an 11.07% premium, the company announced in a release on Thursday.

According to the National Stock Exchange (NSE), the total quantity of MUFTI shares traded on its debut stood at an impressive 312.05 lakh shares, while the Bombay Stock Exchange (BSE) reported a total quantity of 18.29 lakh shares. The combined turnover for the day across both exchanges amounted to Rs 988.99 crore.

Managing Director of Credo Brands Marketing Limited, Kamal Khushlani, expressed gratitude to shareholders and investors, stating, “As Credo Brands Marketing (MUFTI) enters this momentous phase of being listed on the exchange, we extend our heartfelt gratitude to each shareholder and investor who has been an integral part of our journey. Your unwavering support and trust have been the cornerstone of our growth and success.”

“This milestone is a testament to the collective efforts and resilience of our team and partners. As we stride into this new chapter, we reaffirm our commitment to delivering value, fostering innovation, and upholding the trust you’ve placed in us. Thank you for supporting us,” Khushlani added.

MUFTI’s Market Capitalization at the closing price reached Rs. 2,009.43 Crore on BSE and Rs. 1999.79 Crore on NSE.

The Initial Public Offering (IPO) of Credo Brands Marketing Limited witnessed a positive demand, with an overall subscription rate of 51.85 times. The retail portion was subscribed 19.94 times, the non-institutional investors portion at 55.52 times, and the qualified institutional buyer portion at an impressive 104.95 times.

The brand ‘MUFTI,’ launched by Kamal Khushlani 25 years ago, has evolved its product mix significantly over the years. What began with shirts and trousers has expanded to include a wide range of offerings such as t-shirts, sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters, catering to various fashion categories.

MUFTI’s products are available through a robust pan-India multichannel distribution network, including exclusive brand outlets (EBOs), large format stores (LFSs), and multi-brand outlets (MBOs), as well as online channels, including the brand’s website and other e-commerce marketplaces. As of September 30, 2023, MUFTI boasts a pan-India presence through 1,807 touchpoints in 591 cities, extending from major metros to Tier-3 cities.

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