December 19, 2023

New Delhi, India

IPO Watch: Credo Brands Marketing Opens Today

Credo Brands Marketing Ltd., a Mumbai-based company, received a major vote of confidence ahead of its public debut. Just one day before its Initial Public Offering (IPO) opens, Credo secured ₹165 crore from prominent anchor investors. This pre-IPO funding bodes well for the company’s prospects in the public market.

Investor Confidence High:

• Credo allocated 58,90,488 equity shares at ₹280 per share to marquee investors, including Nippon Mutual Fund, HSBC Mutual Fund, and insurance giants like Kotak Mahindra and Bajaj Allianz.
• Notably, domestic mutual funds, through three schemes, grabbed nearly 42.4% (₹70 crore) of the allocated shares. This strong participation underlines broad interest from both domestic and foreign institutions.

Rupee vs Dollar

IPO Details at a Glance:

• Subscription dates: December 19-21, 2023
• Price band: ₹266-280 per share
• Minimum bid: 53 shares, subsequent bids in multiples of 53
• Offer size: 1,96,34,960 equity shares (offer for sale only)
• Allocation: 50% maximum for Qualified Institutional Buyers (QIBs), 15% minimum for Non-Institutional Bidders, 35% minimum for Retail Individual Bidders

Also Read: Government Reverses Ban, Sparks Surge in Sugar Stocks on Ethanol Production Boost

Strong Positioning for Market Entry:

The pre-IPO funding and diverse investor interest bode well for Credo’s IPO. The strategically set price band further adds to the appeal. Investors can participate in the IPO starting December 19th(today) and closing on December 21st.