Mufti Menswear | Globe Capital Market LTD.
Mufti Menswear
Price Band
₹266 to ₹280
IPO Issue Period
Dec 19, 2023 to Dec 21, 2023
Issue Size
₹549.78 Cr
Face value
₹2 per share
Fresh issue
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Dec 27, 2023

Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
ICICI Securities Limited
Keynote Financial Services Ltd

Incorporated in 1999, Credo Brands Marketing Limited offers casual clothing for men with its flagship brand “Mufti”.

In 1998, the company’s product range consisted only of shirts, T-shirts and trousers. Today, however, the company offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters. These products are available in different categories, e.g. relaxed casual wear for vacations, authentic everyday wear, urban casual wear, party wear and athleisure.

The company currently operates 1,773 retail outlets across India (as of May 31, 2023). These include 379 exclusive brand stores (EBOs), 89 large format stores (LFSs) and 1,305 multi-brand stores (MBOs).

The company’s reach extends from major metropolitan areas to Tier 3 cities. As of March 31, 2023, March 31, 2022, and March 31, 2021, the company is present in 582, 598 and 569 cities, respectively.

As of May 31, 2023, the company’s design team consisted of 15 members. They made it possible to create and produce more than 1,348 designs in the 2023 financial year.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 509.32 354.84 261.15
Profit After Tax 77.51 35.74 3.44
EPS 12.06 5.60 0.54
OPM (%) 32.89% 27.87% 19.80%
PATM (%) 15.56% 10.48% 1.41%


  • Strong brand equity with presence across categories;
  • Multi-channel pan-India distribution network;
  • Scalable asset light model;
  • Strong in-house design competencies to deliver innovative and high-quality products with end-to-end tech-enabled supply chain capabilities;
  • Financially stable business model; and
  • Experienced Promoter and senior management team.

The objectives of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges and (ii) carry out the Offer for Sale of up to 19,634,960 Equity Shares.

The company is operating in a highly competitive segment and has no own manufacturing unit, but deals of third party contract model. Based on annualized FY24 earnings, the issue appears fully priced. Hence, investor may subscribe for the medium to long term rewards

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