Flair Writing IPO subscribed 0.96 times so far on day 1

22 Nov 2023 , 12:47 PM

As of 12.40 PM on November 22, Flair Writing Industries’ Rs 593-crore Initial Public Offering (IPO) has been subscribed 0.96 times, with bids received for 1,37,59,347 shares against the issue size of 1.44 crore. Click here to subscribe the IPO.

Notably, retail investors have subscribed to 1.28 times their allocated quota, while non-institutional investors have subscribed to 0.84 times the shares reserved for them. The QIB portion has been booked 0.51 times. 

The company successfully raised Rs 177.9 crore from investors through its anchor book on November 21. The IPO comprises a fresh issue of 96.05 lakh shares, amounting to Rs 292 crore, and an offer-for-sale of 99.01 lakh shares, valued at Rs 301 crore. The price band for the IPO, which is scheduled to close on November 24, has been set at Rs 288-304 per share. The promoters of the company include Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod, and Sumit Rathod.

The proceeds from the fresh issue will be allocated for the establishment of a new manufacturing facility for writing instruments in Valsad, with an estimated cost of Rs 55.99 crore. Additionally, Rs 86.75 crore will be allocated for capital expenditure, and Rs 77 crore will be utilized to meet working capital requirements. The IPO presents an opportunity for investors to participate in the growth and expansion plans of Flair Writing Industries.