Credo Brands Marketing Ltd raises Rs. 165 crore from Marquee Anchor Investors

Mumbai-based Credo Brands Marketing Limited has garnered Rs. 165 crores from marquee anchor investors ahead of its initial public offering that opens for public subscription on Tuesday, December 19, 2023. The company informed the bourses that it allocated 58,90,488 equity shares at Rs. 280 per share on Monday, December 18, 2023, to anchor investors.

Foreign and Domestic long-only Institutions who participated in the anchor were Nippon Mutual Fund, HSBC Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance, JM Mutual Fund, Subhkam Ventures, Reliance General Insurance.

Out of the total allocation of 58,90,488 equity shares to the anchor investors, 24,99,167 equity shares were allocated to domestic mutual funds through a total of 3 schemes amounting to Rs. 70 crore i.e. 42.4% of the Total Anchor Book Size.

DAM Capital, ICICI Securities and Keynote Financial Services Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer.

IPO Details

The Offer of face value of ₹2 per Equity Share is entirely an offer for sale up to 1,96,34,960 Equity Shares.

The Company is proposing to open its initial public offering of Equity Shares (the "Offer") on Tuesday, December 19, 2023, and closes on Thursday, December 21, 2023. The price band for the Offer has been determined at Rs 266 - Rs 280 per equity share.

The IPO will fetch Rs 549.78 crore at the upper end of the price band.

Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

Source : Equity Bulls

Keywords

CredoBrandsMarketing IPO FundRaising AnchorInvestors Subscription