Flair Writing Industries IPO Day 2: Issue subscribed 6.11 times, retail portion booked 6.98 times

The company mobilised Rs 177.9 crore from anchor investors on November 21

Flair Writing Industries’ Rs 593 crore IPO has subscribed 6.11 times on November 23, the second day of bidding, receiving bids for 8.8 crore shares against the issue size of 1.44 crore shares. Retail investors bought 7.14 times, non-institutional investors picked 10.04 times and qualified institutional buyers bought 1.36 times the allotted quota.

Also Read: Flair Writing Industries Ltd IPO: Will it pen its success story at the bourses?

The company mobilised Rs 177.9 crore from anchor investors on November 21. Marquee names like Theleme India Master Fund, Natixis International Funds, Troo Capital, Winro Commerical, SBI Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Tata Mutual Fund, Mirae Asset Mutual Fund, ICICI Prudential Life Insurance Company, and Carnelian Structure Shift Fund invested in the company via anchor book.

Also Read: Flair Writing Industries IPO | Anchor investors buy shares worth Rs 178 crore ahead of issue opening

The public comprises a fresh issue of 96.05 lakh shares worth Rs 292 crore and an offer-for-sale of 99.01 lakh shares worth Rs 301 crore.  The price band for the issue, which will close on November 24, has been fixed at Rs 288-304 per share. The promoters of the company are Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod and Sumit Rathod.

Also Read: Flair Writing IPO: Should you subscribe to Rs 593-crore issue?

Flair will utilise fresh issue proceeds for setting up a new manufacturing facility for writing instruments in Valsad at a cost of Rs 55.99 crore. It will spend Rs 86.75 crore on capital expenditure and Rs 77 crore to meet working capital requirements.