Credo Brands Marketing, the company behind Mufti Menswear, marked its market debut on Wednesday, December 27, with a steady performance on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock opened at ₹282 on the BSE, in line with its issue price of ₹280 per share. Simultaneously, on the NSE, it listed at ₹282.35 per share.
The grey market premium (GMP) experienced a notable surge, reaching nearly 30% above the IPO price. This implied a projected listing price of ₹360 against the IPO price of ₹280 per share. Analysts, buoyed by these indicators, had expressed optimism and expected favorable listing gains.
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The grey market serves as an unofficial trading platform where shares are bought and sold before allotment and up to the listing day. Investors commonly track the GMP to gauge potential listing prices.
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The public issue garnered substantial attention, with an overall subscription of 51.85 times. Qualified institutional bidders (QIBs) displayed significant confidence, oversubscribing their category by a staggering 104.95 times. Non-institutional investors’ portion was subscribed 55.52 times, and the retail investors’ quota witnessed a healthy subscription of 19.94 times during the bidding process.
Credo Brands’ compelling valuation, robust financial track record, a well-established distribution network, and industry-specific factors, including double-digit growth in the men’s wear segment, urbanization trends, and a burgeoning middle class, led Indsec to assign a ‘Subscribe’ rating to the IPO.
In the fiscal year 2023, Credo Brands reported a commendable 46% YoY increase in revenue from operations, reaching ₹498 crore, with profits amounting to ₹77.5 crore during the same period.
DAM Capital Advisors, ICICI Securities, and Keynote Financial Services served as the book-running lead managers for the issue, while Link Intime India undertook the role of registrar. Market participants will be closely watching Credo Brands in the coming sessions as it navigates the dynamic landscape of the stock market.
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“Despite the disappointing listing, Credo Brands still possesses its core strengths, including a strong brand, a wide distribution network, and consistent financial performance. However, the flat debut highlights the potential risks associated with the highly competitive market, seasonality, and current market sentiment,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Nyati also said that, Given the uncertain outlook, a cautious approach is warranted, and investors may consider exiting their holdings, but long-term investors with high-risk capacity may hold their position by keeping stop loss.

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