Flair Writing IPO Day 1: Issue subscribed 1.14 times so far; retail portion booked 1.53x
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 first day itself. 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% in the overall writing and creative instruments industry in India.
Also Read: Flair Writing IPO: GMP, price, review, other details in 10 points. Apply or not?
Let us check out Flair Writing IPO subscription status, latest GMP and other key details:
Flair Writing IPO Subscription Status
Flair Writing IPO has been subscribed 1.14 times so far on day 1 as the issue received bids for 1.64 crore equity shares as against 1.44 crore shares on the offer, as per data available on NSE at 1:30 pm.
The public issue has been subscribed 1.53 times in the retail category and 0.51 times in the Qualified Institutional Buyers’ (QIB) category. The Non-Institutional Investors’ (NII) portion was booked 1.07 times so far.
Flair Writing IPO GMP Today:
Flair Writing IPO GMP today, or grey market premium today, is ₹60 per share, as per market observers. This indicates that the equity shares of Flair Writing are trading higher by ₹60 or 19.74% in the grey market than their issue price of ₹304 apiece.
Considering the GMP today of ₹60 and the issue price of ₹304, the estimated listing price of Flair Writing shares would be ₹364 apiece ( ₹304 + ₹60).
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 shares will be listed on BSE and NSE with the tentative listing date fixed on December 5.
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.
Also Read: Flair Writing Industries bags ₹177 crore from anchor investors ahead of IPO launch
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.
