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Flair Writing Industries files IPO papers worth Rs 745 Crore with SEBI

17 Jul 2023 , 09:43 AM

The pen manufacturer Flair Writing Industries has filed draft papers with the markets regulator SEBI to raise Rs 745 crore via maiden public offer. 

The company in its draft prospectus filed that the issue comprises a fresh equity shares aggregating up to Rs 365 crore and an offer-for-sale (OFS) of equity shares worth up to Rs 380 crore by promoters and promoter group entities.

The individuals participating in the Offer for Sale (OFS) include Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Nirmala Khubilal Rathod, Manjula Vimalchand Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod, Sumit Rathod, Sangita Rajesh Rathod, Shalini Mohit Rathod, and Sonal Sumit Rathod. Currently, the company is entirely owned by the promoters and promoter group entities.

According to the Draft Red Herring Prospectus (DRHP), the company plans to utilize the net proceeds from the IPO for various purposes. These include setting up a manufacturing facility for writing instruments in Valsad district, Gujarat, funding capital expenditure for both the company and its subsidiary Flair Writing Equipments, meeting working capital requirements for the company and its subsidiaries (FWEPL and Flair Cyrosil Industries), repayment of loans, and general corporate purposes.

Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and Axis Capital Ltd have been appointed as the book-running lead managers for the IPO issue.

Flair Writing Industries files IPO papers worth Rs 745 Crore with SEBI

Related Tags

  • Flair Writing Industries
  • Flair Writing Industries DRHP
  • Flair Writing Industries IPO
  • IPO news
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