Mumbai’s Credo Brands Marketing, the company behind the Mufti brand, has received approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

What Happened: As detailed in the public filing on the SEBI’s website, the Mumbai-based firm has been given the final observations for its IPO. Credo Brands, a substantial player in the mid-premium and premium male casual wear segment in India, submitted its initial IPO papers to SEBI in July 2023.

The IPO, which has a face value of ₹2, represents a total offer for sale of up to 19.63 million shares by the promoter, the promoter group, and other selling shareholders. This includes shares from significant stakeholders like Kamal Khushlani, Poonam Khushlani and companies such as Concept Communications and Bela Properties Private.

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Credo Brands, which was established by Kamal Khushlani, is the company behind the “Mufti” brand, currently marking its 25th anniversary. As of May, the firm has a strong footprint across India with 1,773 touchpoints, inclusive of exclusive brand outlets, large format stores, and multi-brand outlets.

DAM Capital Advisors Limited, ICICI Securities Limited, and Keynote Financial Services Limited are the book running lead managers for the IPO, with Link Intime India Private Limited slated to act as the registrar. Following a successful launch, the equity shares are expected to be listed on BSE and NSE.

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