Mufti IPO
Mufti IPO — date, price band, lot size & details 2023
Mufti listed on 27 Dec 2023 at ₹282.35, 0.8% above the ₹280 issue price.
Credo Brands Marketing runs the Mufti menswear brand, designing clothes in-house and selling them through 404 exclusive brand outlets and other channels. Its total income was Rs 509.32 crore in FY2023.
Stock price
Mufti is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 19 Dec 2023
- Close 21 Dec 2023
- Allotment 22 Dec 2023
- Refund/credit 26 Dec 2023
- Listing 27 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 21 Dec, 2023 |
|---|---|
| Price Band | ₹266 – ₹280 |
| Face Value | ₹2 |
| Lot Size | 53 Shares |
| Issue Size | ₹549.78 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,840 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 53 shares at the ₹280 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 53 | ₹14,840 |
| Retail (max) | 13 | 689 | ₹1,92,920 |
| S-HNI (min) | 14 | 742 | ₹2,07,760 |
| S-HNI (max) | 67 | 3,551 | ₹9,94,280 |
| B-HNI (min) | 68 | 3,604 | ₹10,09,120 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 261.15 crore in FY2021 to Rs 509.32 crore in FY2023.
- 02Profit after tax rose from Rs 3.44 crore in FY2021 to Rs 77.51 crore in FY2023.
- 03The source puts the PAT margin at 15.56% and return on net worth at 29.98%.
- 04Borrowing was low at Rs 11.30 crore on 30 June 2023.
- 05It sells through 404 exclusive brand outlets.
Risks · 5
- 01The whole Rs 549.78 crore issue was offer for sale, so no money went to the company.
- 02Profit after tax was only Rs 8.58 crore in the three months to 30 June 2023.
- 03Production is outsourced to 48 partners, so it controls less of quality and supply.
- 04Fashion demand is seasonal and competitive, and unsold stock can hurt margins. The pre-issue P/E was 23.22 at Rs 280.
- 05Promoters and the promoter group held 66.66% before the issue and 53.66% after it, on a fully diluted basis.
Three years of numbers
All figures in ₹ crore, as reported in the Mufti offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 592.38 | 574.48 | 476.05 | 416.99 |
| Total Income | 119.43 | 509.32 | 354.84 | 261.15 |
| Profit After Tax | 8.58 | 77.51 | 35.74 | 3.44 |
| NET Worth | 289.88 | 281.35 | 235.73 | 192.33 |
| Total Borrowing | 11.30 | 10.08 | 13.46 | 15.23 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Mufti RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Mufti IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 23.22 | 23.23 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹280 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Mufti IPO will be updated shortly.
About the company
It is a design and retail focused company. Its in-house team designs the products, and finished goods are made by third-party manufacturing partners, of which it had 48 on 30 September 2023.
On 30 September 2023 it had 404 exclusive brand outlets, of which about 66.34% were on high streets.
The IPO was Rs 549.78 crore and was entirely an offer for sale by the promoters, promoter group members and other shareholders, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Mufti IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Keynote Financial Services
4 issues handledBest listing: Nova AgriTech (+34.1%). Weakest: Amir Chand Jagdish Kumar (Exports) (-5.7%).
Dam Capital Advisors Ltd
44 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Mufti?
The current Grey Market Premium is ₹110, or 39% over the issue price.
What is the Mufti IPO price band?
₹266 to ₹280, on a face value of ₹2.
When is the allotment?
The basis of allotment is 22 December 2023, with listing on 27 December 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
