Credo Brands Marketing Limited IPO is now live on Upstox!

Incorporated in 1999, Credo Brands Marketing Limited retails men’s garments and accessories. The company markets its clothes under the brand name “Mufti”. Its product portfolio includes shirts, t-shirts, trousers, sweatshirts, jeans, cargo, chinos, jackets, blazers and sweaters in categories such as casuals, party wear and athleisure.

It has a multi-channel distribution network of exclusive brand outlets (EBOs), large format stores (LFSs), multi-brand outlets (MBOs), and online channels such as its website and other e-commerce marketplaces. As of 30 September 2023, it had a total of 1,807 touchpoints comprising 404 EBOs, 71 LFSs and 1,332 MBOs in 591 cities in India.

It operates an asset-light business model by focusing on the design and outsourcing of its manufacturing operations to 48 manufacturing partners as of 30 September 2023. It uses multiple platforms like digital and social media, billboards, multiplex cinemas, and live events to create brand awareness and marketing.

Between FY21 and FY23, the company saw a CAGR rise of 26% in its revenue from operations and 183% in its profit. Moreover, the Indian men’s apparel market is expected to grow at a CAGR of 18% between FY23 and FY27, which could benefit the company.

And now, Credo Brands Marketing Limited is coming out with its initial public offer (IPO). The entire IPO will be an offer for sale and the selling shareholders will receive the money raised. Its shares will be listed on the NSE and the BSE.

Here are key details about the Credo Brands Marketing IPO:

Company Name — Credo Brands Marketing Limited
Company Type — Private
Company Established — 1999
IPO Open Date — 19th December 2023
IPO Close Date — 21st December 2023
IPO Allotment Status — 22nd December 2023
Credit of Shares to Demat — 26th December 2023
IPO Listing Date — 27th December 2023
IPO Face Value — ₹2 per share
IPO Lot size — 53 shares
IPO Issue Size — Approx ₹549 crore
IPO Listed at — NSE, BSE
IPO Price — ₹266 – ₹280 per share

Financial snapshot

₹ crore FY21 FY22 FY23
Revenue 244 341 498
Net profit 3.4 35.7 77.5


  • Strong brand equity for Mufti with 25 years of presence in India.
  • Long standing relationships with its 48 fabric and accessories suppliers, including Arvind, NSL Textiles, RSWM and Birla Century as of 30 September 2023.
  • Scalable asset light model as it outsources its manufacturing and operates stores on properties that are not owned by the company.
  • Strong brand recall with two million customers on its customer loyalty programme, “Muftisphere”.
  • A multi-channel pan-India distribution network with flagship stores in Mumbai, Ahmedabad, Hyderabad, Surat, Bengaluru, Rajkot, and Jodhpur.
  • Strong in-house design competencies with a design team of 17 members having produced 682 designs during the six months period ended 30 September 2023.
  • A financially stable business model with an EBITDA margin of 19%, 27% and 32% in FY21, FY22 and FY23 respectively.

Risks and threats

  • Business is entirely concentrated in the men’s casual western wear sector.
  • The company operates in a highly competitive market and faces competition from Jack & Jones, Levi’s, Pepe Jeans U.S. Polo Assn. and Spykar. Also, the business is subject to seasonality.
  • Dependent on third-party manufacturers for finished goods without any exclusivity arrangements.
  • Over the last three years, it has derived more than 90% of its revenue from offline retail distribution channels.
  • Has incurred indebtedness of ₹11 crore as of 30 June 2023.

You can now apply for the Credo Brands Marketing IPO on Upstox here.

Opened my account on 15th Dec 2023, after which I got allotment in Mufti Credo IPO. Since the day of listing, I am trying to sell my holdings but it says " Equity - No brokerage slab found for the given UCC: 7SBG8W" and “Account activation is in progress. Please try after sometime.” Your support chat is useless. I even raised a ticket and sent reminders to your support email but got no solution. This is frustrating as I am loosing my holding value daily. Please look into it ASAP.

Hi @Masoom_Ali,

Could you please share your ticket ID and we will look into this ASAP? Thanks.

The ticket id is #8236518. Dated 5th January 2023

reminder, please update

Hey @Masoom_Ali,

Your segments are now active, and we’ve noted the successful placement of your sell order. If you require any additional assistance, feel free to reach out. Thank you.