India's Securities and Exchange Board (SEBI) has given the green light for initial public offerings (IPOs) to Credo Brands Marketing and RBZ Jewellers on Tuesday. The move comes as Credo Brands, a leader in the country's mid-premium and premium men's casual wear market, is celebrating the 25th anniversary of its "Mufti" brand. The company, led by Kamal Khushlani, plans to offer 19.63 million shares via an offer for sale (OFS) by promoters holding a 67% stake.
The Credo Brands IPO will not generate proceeds for the company but is part of the firm's celebration marking Mufti's quarter-century milestone. The company operates in 582 cities with 1,773 touchpoints, including exclusive brand outlets in high streets, malls, airports, and residential areas. The IPO process is managed by DAM Capital Advisors Limited, ICICI Securities Limited, and Keynote Financial Services Limited. Link Intime India Private Limited is serving as the registrar for the issue, which is set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
In contrast, RBZ Jewellers is issuing 10 million fresh shares with an aim to raise ₹80.75 crore ($1.08 billion) for working capital and corporate needs. The company has its roots in Bababhai Hargovandas Zaveri's gold business and owns a facility at Sarkhej Gandhinagar Highway. Arihant Capital Markets is managing the RBZ Jewellers IPO process, with Bigshare Services Private Ltd serving as the registrar.
Both companies refilled their preliminary papers in July 2023 before receiving SEBI's approval this week. The IPO approvals signal continued growth in India's retail sector and provide investors with new opportunities in the country's equity market.
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