Flair Writing Industries' Rs 593-Crore IPO Oversubscribed 9.45 Times on Final Bidding Day

24 Nov 2023 , 12:02 PM

On the final day of bidding, November 24, the Flair Writing Industries’ Rs 593-crore public issue has garnered strong demand, being oversubscribed 9.45 times. The total bids received amount to 13.62 crore shares against the initial issue size of 1.44 crore. Click here to subscribe the IPO.

Retail investors have subscribed 9.36 times, non-institutional investors have shown significant interest with a subscription rate of 17.59 times, and qualified institutional buyers have subscribed 3.51 times their allotted quotas.

Prior to the IPO, the company secured Rs 177.9 crore from anchor investors on November 21. The proceeds from the fresh issue will be utilized for establishing a writing instruments manufacturing facility in Valsad, costing Rs 55.99 crore. Additionally, Rs 86.75 crore will be allocated for capital expenditure, and Rs 77 crore will be used to meet working capital requirements.