Flair Writing Industries bags ₹177 crore from anchor investors ahead of IPO launch

Flair Writing Industries Ltd has raised ₹177 crore from 23 anchor investors by allocating 58,51,972 equity shares at the price band of ₹304 (including share premium of ₹299 per equity share).

“Out of the total allocation 58,51,972 Equity Shares to the Anchor Investors, 27,70,264 Equity Shares (i.e. 47.34% of the total allocation to Anchor Investors) were allocated to 6 domestic mutual fund have applied through a total of 14 schemes,” the company informed the exchange houses.

Flair Writing IPO date of subscription is scheduled for Wednesday, November 22, and will close on Friday, November 24. Its IPO price band has been set in the range of ₹288 to ₹304 per equity share of face value of ₹5. 

The floor price is 57.60 times the face value of the equity shares and the cap price is 60.80 times the face value of the equity shares. The price to earnings ratio based on diluted EPS for financial year 2023 for the company at the higher end of the price band is as high as 24.01 times and the lower end of the price band is 22.75 times. Flair IPO lot size is 49 equity shares and in multiples of 49 equity shares thereafter.

Flair Writing Industries Limited IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

The public offer comprises a fresh issue of shares of up to ₹292 crore and an offer for sale (OFS) of equity shares with face value of ₹2 each by a promoter and others aggregating up to ₹301 crore. Flair Writing IPO size is ₹593 crore.

The Flair Writing IPO's book running lead managers are Nuvama Wealth Management Limited and Axis Capital Limited, and the issue's registrar is Link Intime India Private Ltd.

Flair is a company that designs and manufactures writing instruments specifically suited for the ever-evolving market of today.

Flair Writing IPO GMP today

Flair Writing Industries Limited IPO GMP or grey market premium is ₹60, which means shares are trading at their issue price of ₹304 with ₹60 premium in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.