Senior Correspondent, IndianRetailer.com & Retailer Magazine May 26, 2017 / 2 MIN READ
Private equity investor, ChrysCapital is likely to buy Indian denim and casual wear brand, Mufti in a deal estimated at slightly over Rs 500 crore. ChrysCapital is in exclusive discussions with Credo Brands Marketing, the owner of Mufti, and is completing due diligence ahead of signing a definitive buyout deal.
Mufti founder, Kamal Khushlani holds a 65% stake in the parent company, while private investors hold the rest. Khushlani, along with some of the investors, is selling stakes in the company. This deal, estimated to value the company at about Rs 750 crore, will give ChrysCapital a controlling stake.
ChrysCapital sees scope in strengthening the home-grown brand which fits with the country’s young consumers, who seek to blend western fashion with the Indian spirit.
According to a source, “The brand has strong latent equity, and fresh investments will scale it up."
With a pan-India reach through 1,807 touchpoints, including 404 EBOs, 71 LFSs, and 1,332 MBOs, Mufti extends its footprint from major metros to Tier-III cities, reaching 591 cities as of September 30, 2023.
The IPO follows the Book Building Process, with allocations set at a maximum of 50 percent for Qualified Institutional Buyers, at least 15 percent for Non-Institutional Bidders, and a minimum of 35 percent for Retail Individual Bidders.
This latest collection is an embodiment of contemporary prints, a refined color palette, modern silhouettes, and innovative fabric choices.
The IPO, with a face value of Rs 2, will be a complete offer for sale (OFS) of up to 19.63 million shares by the Promoter, Promoter Group, and other selling shareholders.
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