SEBI Approves IPOs for Credo Brands and RBZ Jewellers
Credo Brands IPO to Celebrate Mufti’s 25th Anniversary
India’s Securities and Exchange Board (SEBI) has given the green light for initial public offerings (IPOs) to Credo Brands Marketing and RBZ Jewellers. This approval comes as Credo Brands celebrates the 25th anniversary of its popular “Mufti” brand. Led by Kamal Khushlani, the company plans to offer 19.63 million shares through an offer for sale (OFS) by promoters holding a 67% stake.
Credo Brands is a leader in India’s mid-premium and premium men’s casual wear market. The company operates in 582 cities with 1,773 touchpoints, including exclusive brand outlets in high streets, malls, airports, and residential areas. DAM Capital Advisors Limited, ICICI Securities Limited, and Keynote Financial Services Limited are managing the IPO process, with Link Intime India Private Limited serving as the registrar. The shares are set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
RBZ Jewellers Raising Funds for Working Capital and Corporate Needs
RBZ Jewellers, on the other hand, plans to issue 10 million fresh shares with the aim of raising ₹80.75 crore ($1.08 billion) for working capital and corporate needs. The company has its roots in the gold business of Bababhai Hargovandas Zaveri and owns a facility at Sarkhej Gandhinagar Highway. The RBZ Jewellers IPO process is managed by Arihant Capital Markets, with Bigshare Services Private Ltd serving as the registrar.
Continued Growth in India’s Retail Sector
Both Credo Brands and RBZ Jewellers refilled their preliminary papers in July 2023 before receiving SEBI’s approval this week. These IPO approvals signal the continued growth of India’s retail sector and provide investors with new opportunities in the country’s equity market.
