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Mufti Owner Credo Brands and RBZ Jewellers receive SEBI nod for IPOs

Oct 11, 2023

By: BlinkX Research Team

Credo Brands Marketing, the owner of Mufti brand jeans, and Ahmedabad-based retail jeweller RBZ Jewellers have received the green light from SEBI to proceed with their respective IPO plans. Credo Brands intends to raise funds through an offer-for-sale (OFS) of 1.96 crore equity shares without a fresh issue component. The OFS includes eight selling shareholders, including promoters Kamal Khushlani, Poonam Khushlani, and Sonakshi Khushlani. SEBI issued an observation letter on October 6, signifying that the IPO launch process can commence.

Mumbai-based Credo, a leading brand in the mid-premium and premium men's casual wear market, reported robust earnings in FY23, with net profit growing by 117% to Rs 77.51 crore and revenue increasing by 46% to Rs 498.2 crore compared to the previous year.

RBZ Jewellers, which filed draft papers with SEBI in June, plans to raise funds through a fresh issue component of 1 crore shares, with no offer-for-sale portion. This means that the entire issue proceeds, excluding IPO expenses, will go to the company. The Gujarat-based B2B and retail jewellery company specializes in antique gold jewellery and is expected to raise around Rs 100 crore via IPO.