Flair Writing Industries' IPO Receives Robust Response, Subscribed 2.14 Times on Day One

22 Nov 2023 , 09:32 PM

On the first day of bidding, Flair Writing Industries’ Rs 593 crore IPO exhibited strong investor interest, achieving a subscription rate of 2.14 times. The company received bids for 3.04 crore shares against the issue size of 1.44 crore shares. Click here to subscrbe the IPO.

Noteworthy participation came from retail investors, who subscribed 2.78 times, while non-institutional investors and qualified institutional buyers opted for 2.69 times and 0.53 times the allotted quota, respectively.

Flair successfully garnered Rs 177.9 crore from investors through its anchor book on November 21. 

The IPO comprises a fresh issue of 96.05 lakh shares valued at Rs 292 crore and an offer-for-sale of 99.01 lakh shares amounting to Rs 301 crore. The price band for the issue, scheduled to conclude on November 24, has been set at Rs 288-304 per share. The company’s promoters include Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod, and Sumit Rathod.

Flair Writing Industries holds a prominent position as one of the top-three players in the overall writing instruments industry, commanding a market share of approximately 9% in the broader writing and creative instruments sector in India. The IPO’s positive response underscores the market’s confidence in Flair’s standing within the industry.