Flair Writing IPO Day 2: Issue subscribed 6.12 times on second day; NIIs steal the show, retail portion booked over 7x | Mint
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Business News/ Markets / Ipo/  Flair Writing IPO Day 2: Issue subscribed 6.12 times on second day; NIIs steal the show, retail portion booked over 7x
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Flair Writing IPO Day 2: Issue subscribed 6.12 times on second day; NIIs steal the show, retail portion booked over 7x

Flair Writing IPO price band has been set at ₹288 to ₹304 per share and the company plans to raise ₹593.00 crore at the upper end of the price band.

Flair Writing IPO will remain open till November 24, 2023. (Photo: Courtesy company website)Premium
Flair Writing IPO will remain open till November 24, 2023. (Photo: Courtesy company website)

Flair Writing IPO: The initial public offering (IPO) of writing instruments manufacturer Flair Writing Industries has received strong response from investors as the public issue has been fully subscribed on the second day as well. Flair Writing IPO opened for public subscription on November 22.

The three-day bidding process of Flair Writing IPO will conclude on November 24. Flair is among the top-3 players in the overall writing instruments industry and occupies a market share of approximately 9 per cent in the overall writing and creative instruments industry in India. Let's check out Flair Writing IPO subscription status, latest GMP and other key details:

Also Read: Flair Writing IPO: GMP, price, review, other details in 10 points. Apply or not?

Flair Writing IPO Subscription Status

Flair Writing IPO has been subscribed 6.15 times on day 2 as the issue received bids for 8,82,22,540 equity shares as against 1.44 crore shares on the offer, as per data available on BSE.

Flair Writing IPO reserved not more than 20 per cent of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15 per cent for Non Institutional Investors (NII), and not less than 35 per cent of the offer is reserved for Retail Investors.

The public issue has been subscribed 7.16 times in the retail category and 1.36 times in the QIB category. The NII portion 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 grey market premium today, is 82 per share, according to investorgain.com. This indicates that the equity shares of Flair Writing are trading higher by 82 or 26.9 per cent in the grey market than their issue price of 304 apiece.

Considering the GMP today of 82 and the issue price of 304, the estimated listing price of Flair Writing shares would be 386 apiece ( 304 + 82).

Flair Writing IPO Details

Flair Writing IPO opened for subscription on November 22 and will close on November 24. The IPO allotment is expected to be finalized on November 30. Flair Writing IPO price band has been set at 288 to 304 per share and the company plans to raise 593.00 crore at the upper end of the price band. 

The IPO comprises 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 crore. The IPO lot size is 49 shares and the minimum investment amount required by retail investors is 14,896. 

The company already raised 177 crore from 23 anchor investors by allocating 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 fixed on December 5.

Also Read: Flair Writing Industries bags 177 crore from anchor investors ahead of IPO launch

Flair Writing IPO Review

Flair Writing is a frontrunner in the market with consistent healthy financial performance. Its vertical expansion into houseware products would further boost its revenues benefitting from its existing large distribution network, according to brokerages.

‘’The stock is priced at 24.9x 1QFY24 P/E (on diluted & annualized basis) which is discount to its peers. Hence, we recommend Subscribe. Given the strong brand name, pan-India presence, robust financials and expansion plans, it makes Flair a compelling proposition,'' said Motilal Oswal Financial Services.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 23 Nov 2023, 06:18 PM IST
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