Credo Brands Marketing Ltd., owners of Mufti Jeans has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Sebi to raise funds through for its initial public offering (IPO).
Mufti is one of the largest homegrown brands in the mid-premium and premium men’s casual wear market in India in terms of market share in fiscal 2022.
The IPO with a face value of Rs. 2 is a complete offer for sale (OFS) of up to 19.63 million shares by Promoter, Promoter Group and other selling shareholders.
Introduced by Kamal Khushlani, the brand ‘Mufti’ is celebrating its 25th anniversary.
Bennett Coleman & Co., also holds 12.36 per cent stake in this and it the third largest shareholder after Kamal Khushlani with a 33.84 per cent stake and Poonam Khushlani with a 27.62 per cent stake.
Mufti has a presence across India with 1,773 touchpoints, including 379 EBOs, 89 LFSs, and 1,305 MBOs, reaching major metros as well as Tier-3 cities.
As per the information available, for the fiscal year 2023, the restated revenue from operations increased 46.02 per cent to Rs. 498.18 crore against Rs. 341.17 crore a year ago on the back of increase revenue generated from the sales of products and also with an increase in EBOs.
Its net profit for the period more than doubled from Rs. 35.74 crore in fiscal 2022 to Rs. 77.51 crore in fiscal 2023.
