"Despite the disappointing listing, Credo Brands still possesses its core strengths, including a strong brand, a wide distribution network, and consistent financial performance. However, the flat debut highlights the potential risks associated with the highly competitive market, seasonality, and current market sentiment," said Shivani Nyati, Head of Wealth, Swastika Investmart.
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The issue was completely an offer for sale of 1.96 crore shares. Since the IPO is an OFS, the proceeds will entirely go to the selling shareholders and not the company.
The share allotment of Credo Brands IPO is likely to be finalised today. Investors received shares on a lottery basis and the whole process was supervised by the registrar.