Flair Writing Industries Ltd has successfully secured ₹177 crore from 23 anchor investors ahead of its Initial Public Offering (IPO) launch. The company allocated 58, 51,972 equity shares at a price band of ₹304, including a share premium of ₹299 per equity share.
Of the total allocation to anchor investors, 47.34% (27, 70,264 Equity Shares) were assigned to six domestic mutual funds through 14 schemes, as disclosed by the company to the exchange houses.
The Flair Writing IPO subscription is set to commence on Wednesday, November 22, and will conclude on Friday, November 24. The IPO price band ranges from ₹288 to ₹304 per equity share with a face value of ₹5. The floor price is 57.60 times the face value, while the cap price is 60.80 times the face value. The price-to-earnings ratio based on diluted EPS for the financial year 2023 at the higher end of the price band is 24.01 times, and at the lower end, it is 22.75 times. The IPO lot size is 49 equity shares, with multiples of 49 equity shares thereafter.
For the public issue, Flair Writing Industries Limited has allocated not more than 50% of the shares for Qualified Institutional Buyers (QIB), at least 15% for Non-Institutional Investors (NII), and a minimum of 35% for Retail Investors.
The IPO comprises a fresh issue of shares amounting to ₹292 crore and an Offer for Sale (OFS) of equity shares with a face value of ₹2 each, aggregating up to ₹301 crore. The total size of the Flair Writing IPO is ₹593 crore.
The book running lead managers for the Flair Writing IPO are Nuvama Wealth Management Limited and Axis Capital Limited, with Link Intime India Private Ltd serving as the issue’s registrar.
Flair Writing Industries is a company specializing in the design and manufacturing of writing instruments tailored for the dynamic market demands of today.
As of today, the Grey Market Premium (GMP) for Flair Writing Industries Limited IPO is ₹60, indicating that shares are trading at an issue price of ₹304 with a ₹60 premium in the grey market, according to investorgain.com. The Grey Market Premium serves as an indicator of investors’ willingness to pay more than the issue price.
In summary, Flair Writing Industries has successfully garnered ₹177 crore from anchor investors, setting the stage for its IPO subscription period from November 22 to November 24. The IPO, with a price band of ₹288 to ₹304, includes both a fresh issue of shares and an Offer for Sale, with a total IPO size of ₹593 crore. The company aims to cater to various investor categories, allocating shares accordingly.