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Credo Brands Marketing shares make muted debut on stock exchanges at nearly 1 pc higher

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The stock listed at Rs 282, up 0.71 per cent from the issue price on the BSE. Later, it recovered the lost ground and jumped 6.71 per cent to Rs 298.8

New Delhi: Shares of Credo Brands Marketing Ltd, which owns denim brand Mufti, made a muted market debut on Wednesday, listing with a marginal gain of nearly 1 per cent against the issue price of Rs 280.

The stock listed at Rs 282, up 0.71 per cent from the issue price on the BSE. Later, it recovered the lost ground and jumped 6.71 per cent to Rs 298.80.

At the NSE, the stock made its debut at Rs 282.35, up 0.83 per cent.

The company’s market valuation was Rs 1,834.21 crore during the morning trade.

The Initial Public Offering (IPO) of Credo Brands Marketing got subscribed 51.85 times on Thursday, the last day of subscription.

The Rs 549.77-crore initial share sale of 1,96,34,960 equity shares had a price range of Rs 266-280 apiece.

Credo Brands’ public issue was an Offer For Sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.

Credo Brands Marketing is among the leading home-grown brands in the mid-premium and premium casual men’s wear market in the country.

As of September, the company had 1,807 touch points across the country, including 404 exclusive brand outlets, 71 large format stores, and 1,332 multi-brand outlets.

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