Flair Writing Industries IPO Makes Grand Debut with 65% Premium Listing

1 Dec 2023 , 09:52 AM

Flair Writing Industries, a leading player in the writing instruments and stationery segment, made a grand debut on the stock exchanges with its shares listing at a premium of 65%. The company’s shares listed at Rs 501 on NSE and Rs 503 on BSE, at premiums of 64.80% and 65.46%, respectively.

The strong listing was driven by higher-than-expected subscription demand, particularly from QIB investors who bid 115.6 times their allotted quota. Overall, the Rs 593-crore IPO was subscribed 46.68 times, with high networth individuals and retail investors also showing strong interest.

The company plans to utilize the net proceeds from the IPO for setting up a new manufacturing facility, capital expenditure, working capital requirements, debt repayment, and general corporate purposes.

Flair Writing’s robust and consistent financial performance has made it one of the top three players in the overall writing instruments industry.