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, on Monday, informed the bourses that it allocated 58,90,488 equity shares at ₹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 ₹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.
Credo Brands Marketing IPO details
The IPO will open for subscription on Tuesday, December 19, and will close on Thursday, December 21. The company has set the price band at ₹266 – ₹280 per equity share.
The investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter. The offer of face value of ₹2 per equity share is entirely an offer for sale up to 1,96,34,960 Equity Shares.
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.
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Published: 18 Dec 2023, 09:14 PM IST