Flair Writing IPO: The initial public offering (IPO) of writing instrument manufacturer Flair Writing Industries received a strong response from investors as the public issue was fully subscribed on the second day as well. Flair Writing IPO opened for public subscription on November 22.
The three-day Flair Writing IPO bidding process will end on November 24. Flair is among the top 3 players in the general writing instrument industry and holds a market share of approximately 9 percent in the general writing instrument industry in India. . Let’s check Flair Writing IPO subscription status, latest GMP and other key details:
Also Read: Flair Writing IPO: GMP, price, review, other details in 10 points. To apply or not?
Flair Writing IPO Subscription Status
Flair Writing IPO was subscribed 6.15 times on day 2 as the issue received bids for 8,82,22,540 equity shares for Rs 1.44 crore of the offer, according to data available on BSE.
Flair Writing IPO has reserved no more than 20 percent of the shares in the public issue for Qualified Institutional Buyers (QIB), no less than 15 percent for Non-Institutional Investors (NII), and no less than 35 percent of the offer is reserved for Retail Investors .
The public number was subscribed 7.16 times in the retail category and 1.36 times in the QIB category. The NII ration was booked 10.05 times on the second day – the highest among the three groups of investors.
On the first day of issue, Flair Writing IPO was subscribed 2.18 times.
Flair Writing IPO GMP Today:
Flair Writing IPO GMP today, or gray market premium today, is ₹82 per share, according to investorgain.com. This indicates that Flair Writing stock shares are trading higher ₹82 or 26.9 percent in the gray market than their issue price of ₹304 each.
Considering the GMP today of ₹82 and the issue price of ₹304, the estimated list price of Flair Writing shares would be ₹386 per ( ₹304 + ₹82).
Flair Writing IPO Details
Flair Writing IPO opened for subscription on November 22nd and will close on November 24th. The IPO allotment is expected to be finalized on November 30. Flair Writing IPO price band was set at ₹288 to ₹304 per share and the company plans to raise ₹593.00 crores at the upper end of the price range.
The IPO consists of a fresh issue of 96.52 lakh equity shares worth ₹292.00 crore and an offer for sale (OFS) of 99.01 lakh shares aggregating to ₹301.00 crores. The IPO lot size is 49 shares and the minimum investment amount required from retail investors is ₹14,896.
The company has already raised ₹177 crore from 23 anchor investors allotting 58,51,972 equity shares at the price band of ₹304. Nuvama Wealth Management and Axis Capital are the book-running lead managers of the Flair Writing IPO, while Link Intime India Private Ltd is the IPO registrar. Flair Writing shares will be listed on BSE and NSE with the tentative listing date set on December 5.
Read also: Flair Writing Industries bags ₹177 crore from anchor investors before IPO launch
Flair Writing IPO Review
Flair Writing is a market leader with consistent healthy financial performance. Its vertical expansion into home products will further boost its earnings by leveraging its existing large distribution network, according to brokerages.
”The stock is priced at 24.9x 1QFY24 P/E (on a diluted and annualized basis) which is a discount to its peers. That’s why we recommend Subscribe. Given the strong brand, pan-India presence, robust financials and expansion plans, it makes Flair a compelling proposition,” said Motilal Oswal Financial Services.
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Updated: 23 Nov 2023, 18:18 IST