The Rs 593-crore public issue of Flair Writing Industries was subscribed 3.59 times till mid-day November 23, the second day of offer, with bids for 5.17 crore shares against an issue size of 1.44 crore. Retail investors bought 4.62 times, non-institutional investors 5.25 times and qualified institutional buyers picked up 0.54 times their respective allotted quotas.
The company mobilised Rs 177.9 crore from anchor investors on November 21. Marquee names like Theleme India Master Fund, Natixis International Funds, Troo Capital, Winro Commerical, SBI Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Tata Mutual Fund, Mirae Asset Mutual Fund, ICICI Prudential Life Insurance Company, and Carnelian Structure Shift Fund invested in the company through the anchor book.
The IPO comprises a fresh issue of 96.05 lakh shares worth Rs 292 crore and an offer-for-sale of 99.01 lakh shares worth Rs 301 crore. The price band for the issue, which will close on November 24, has been fixed at Rs 288-304 per share. The promoters of the company are Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod and Sumit Rathod.
Flair will use the fresh issue proceeds for setting up a manufacturing facility for writing instruments in Valsad at a cost of Rs 55.99 crore and earmark Rs 86.75 crore for capital expenditure and Rs 77 crore to
Source Link: Flair Writing IPO subscribed 3.59 times, retail portion 4.6 times so far on Day 2