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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Credo Brands Marketing Limited is an Indian apparel company incorporated in 1999 that designs, markets and retails men's casual clothing under its flagship brand Mufti, spanning shirts, t-shirts, jeans and other casualwear for the mid-premium and premium segment. The company sources its garments through third-party manufacturers rather than owning factories itself, and reaches customers through a large network of exclusive brand outlets, large-format stores and multi-brand outlets alongside a growing online presence. As of May 2023 the company operated 1,773 retail points of sale across India, made up of 379 exclusive brand stores, 89 large-format stores and 1,305 multi-brand outlets, giving it a wide urban and semi-urban footprint. The business is promoted by Kamal Khushlani and Poonam Khushlani, who built Mufti into one of the more recognised homegrown menswear brands in India over more than two decades. The company listed on the NSE and BSE in December 2023 through a pure offer for sale, meaning existing shareholders sold shares and the company itself raised no fresh capital from the issue. Its revenue and profitability grew steadily in the years leading up to listing, reflecting store network expansion and improving demand for its branded casualwear across both offline and online channels.
Ahead of the issue, the company raised close to 165 crore rupees from anchor investors at the cap price of 280 rupees per share, with participation from names including Integrated Core Strategies, Morgan Stanley Asia (Singapore), Nippon Life India, HSBC Mutual Fund, Aditya Birla Sun Life Insurance, Kotak Mahindra Life Insurance, Bajaj Allianz Life Insurance, SBI General Insurance, JM Financial Mutual Fund, Reliance General Insurance and Subhkam Ventures.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Strengths are not available
Concentrated single-brand exposure
The business relies almost entirely on one brand, Mufti, so any damage to its reputation or shifts in consumer perception could disproportionately affect revenue.
Sensitivity to changing fashion demand
As a men's casualwear focused business, sales are exposed to shifts in consumer tastes and discretionary spending patterns.
Dependence on third-party manufacturing
The company does not manufacture in-house and relies on third-party units without exclusivity arrangements, so production disruptions or quality lapses could affect supply.
Heavy reliance on offline retail
Most revenue continues to come from physical stores, and slower growth of the online channel could limit future diversification.
Seasonality of sales
Demand for casualwear varies across the year, and weaker seasons can affect quarterly financial performance.
Franchise partner payment risk
The business depends on timely purchases and payments from franchise store partners, and disputes or delays could affect cash flow.
Leasehold store exposure
Nearly all retail and office space is leased rather than owned, so unfavourable lease terms or relocation requirements could disrupt operations.
Limited pricing flexibility online
A largely fixed-margin approach to online sales limits the company's ability to respond to competitive pricing pressure.
Debt servicing exposure
The company carries borrowings, and any repayment lapses or interest rate increases could add financial pressure.
Concentrated promoter control
Promoters retain a majority stake after the offer, giving them significant influence over key company decisions.
Credo Brands Marketing Limited
B-8, MIDC Central Road, Marol, Next to MIDC Police Station, Andheri (East), Mumbai - 400093, Maharashtra, India
View on Maps →MUFG Intime India Private Limited
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