Mufti owner Credo Brands, Ahmedabad's RBZ Jewellers receive SEBI approval for IPOs
RBZ Jewellers and Credo Brands submitted their draft papers to SEBI in June and July, respectively, and received observations from SEBI on Sept 28 and Oct 6.
Credo Brands Marketing Ltd, the owner of the denim brand Mufti, and RBZ Jewellers Ltd, a B2B and retail jewellery firm, have secured approval from the capital markets regulator SEBI to raise funds through initial public offerings (IPOs).
RBZ Jewellers and Credo Brands submitted their draft papers to SEBI in June and July, respectively, and received observations from the Securities and Exchange Board of India (SEBI) on September 28 and October 6, as per data provided by the SEBI on Tuesday.
In SEBI's terminology, receiving observations implies the green light to proceed with the public issue.
According to the draft papers, Credo Brands' inaugural public issue consists entirely of an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.
Currently, the promoters and promoter group collectively hold over 67% of Credo Brands Marketing. Bennett Coleman & Co, which invested over Rs 9 crore to acquire a 12.36% stake in the company, holds a 9.72% ownership.
Credo Brands Marketing is one of the leading domestic brands in the mid-premium and premium casual men's wear market in the country.
The IPO for RBZ Jewellers, based in Ahmedabad, comprises a completely fresh issue of one crore equity shares, according to the draft papers.
The proceeds from the offering will be utilised, up to Rs 80.75 crore, to fund the company's working capital requirements and general corporate purposes.
Both companies intend to list their equity shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Edited by Kanishk Singh
