Credo Brands makes a quiet listing

Shares of the Mumbai-based Credo Brands Marketing, that owns the Mufti brand of clothing, closed 10.8 per cent higher at ₹312.50 on the BSE against the IPO price of ₹280 on the listing day on Wednesday. The stock made a lacklustre listing at ₹282, dipped further to hit a low of ₹262.05 before recovering to touch a high of ₹324.55.

On NSE, the stock closed at ₹312.20, a gain of 11 per cent.

The ₹549.80-crore IPO came out with a price band of ₹266-280 and was subscribed 51.85 times.

The funds raised went to the promoters and other sellers as the IPO was entirely an offer-for-sale by Kamal Khushlani, Poonam Khushlani and Andrew Khushlani (promoters); and Concept Communication, Bela Properties, Jay Milan and Sagar Milan (investor shareholders).

Ahead of the IPO opening, the company garnered ₹165 crore from anchor investors, who included Nippon Mutual Fund, HSBC Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance, JM Mutual Fund, Subhkam Ventures and Reliance General Insurance.