Flair Writing Industries, which owns the over 45-year-old flagship brand ‘Flair’ got its initial public offering (IPO) listed on bourses on Friday, December 1. The IPO had opened for subscriptions from November 22 to 24.
On the last day of the subscription, the issue was subscribed 46.68 times. It had received bids for 67,28,33,455 shares against 1,44,13,188 shares on offer, as per NSE data.
The quota for qualified institutional buyers (QIBs) got subscribed 115.60 times, while the portion for non institutional investors received 33.37 times subscription. The category for retail individual investors (RIIs) attracted 13.01 times subscription.
Flair Writing’s IPO had a fresh issue of equity shares aggregating up to ₹292 crore and an Offer for Sale (OFS) of equity shares worth up to ₹301 crore by promoters and promoter group entities.
The issue had a price band of ₹288-304 a share.
The company, which owns the over 45-year-old flagship brand ‘Flair’, is among the top three players in the overall writing instruments industry with a market share of about nine per cent as of March 2023.
It manufactures and distributes writing instruments, including pens, stationery products, and calculators, and has also diversified into manufacturing houseware products and steel bottles.
Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and Axis Capital Ltd were the book-running lead managers to the IPO.
Follow all the updates here: