Flair Writing IPO booked 46.68 times, NII portion 33.37x so far on last bidding day

Ahead of the IPO, Flair Writing Industries raised Rs 177.9 crore from anchor investors

The Rs 593-crore public issue of Flair Writing Industries has been booked 46.68 times so far on November 24, the final day of bidding, with bids for 67.28 crore shares against an issue size of 1.44 crore.

Retail investors bought 13.01 times, non-institutional investors picked up 33.37 times and qualified institutional buyers bought 115.6 times their allotted quotas.

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Ahead of the IPO, the company raised 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 through the anchor book.

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

The Flair Writing IPO 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 has been fixed at Rs 288-304 per share. Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod and Sumit Rathod are the promoters of the company.

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

Flair will utilise fresh issue proceeds for setting up a 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.

Also read: Flair Writing IPO opens tomorrow. Should you subscribe to Rs 593-crore issue?

Flair is among the top three players in the writing instruments industry with a revenue of Rs 915.55 crore in FY23 and enjoys a market share of approximately 9 percent in the overall writing and creative instruments industry in India. Its products are sold under four brands, Flair, Hauser, Pierre Cardin, and ZOOX. The company manufactures its pens and other products at its 11 manufacturing plants in Gujarat, Maharashtra, Daman, and Dehradun.