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Credo Brands Marketing (MUFTI) stocks closes at 12% premium on its debut

Shares of Mumbai-based retailer Credo Brands Marketing (MUFTI) closes 12% premium on its debut.

The scrip listed Rs 282 per share on BSE and Rs 282.35 per share on NSE. The company’s share price closed at Rs 312.50per share on the BSE, a 11.61% premium, and at Rs 311 per share on the NSE, a 11.07% premium.

As per NSE, the total quantity traded stood at 312.05 lakh shares, on BSE the total Quantity stood at 18.29 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 988.99crore.

Mr. Kamal Khushlani, MD Credo Brands Marketing Limited, said “Mr. Kamal Khushlani, CMD – Credo Brands Marketing Limited, said ” 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.”

The Market Capitalization of the Company at today’s closing price stood at Rs. 2,009.43 Crore as per BSE and Rs. 1999.79Crore as per NSE.

The Initial Public Offering of Credo Brands Marketing Limited was subscribed 51.85 times. Retail Portion was subscribed 19.94 times, Non-Institutional Investors Portion with 55.52 times, whereas Qualified Institutional Buyer Portion subscribed 104.95 times.

Kamal Khushlani launched the brand “Mufti” 25 years ago with a vision to redefine menswear. It believes in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t- shirts to jeans to chinos, that caters to all year-round clothing. The products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends.

Mufti’s product mix has evolved significantly over the past several years from consisting of only shirts and trousers to a wide range of products including t-shirts, sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters in relaxedholiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure categories as on date.

The products are available through a pan-India multichannel distribution network that we have built over the years comprising of its exclusive brand outlets (“EBOs”), large format stores (“LFSs”) and multi-brand outlets (“MBOs”), as well as online channels comprising the website and other e-commerce marketplaces. As of September 30, 2023, it has a pan-India presence through 1,807 touchpoints consisting of 404 EBOs, 71 LFSs and 1,332 MBOs, with its reach extending from major metros to Tier-3 cities, with a presence in 591 cities.

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