AgenciesThe QIB category for the issue was booked 115 times, while that of NIIs was subscribed 33 times. The part reserved for retail investors was subscribed 13 times.
According to market sources, the company's shares are commanding a premium of Rs 86 in the unlisted market.
The IPO comprises a fresh issue of Rs 292 crore and an offer for sale (OFS) of Rs 301 crore. The price band of this public issue is fixed at Rs 288-304.
Under the OFS, Khubilal Jugraj Rathod will offload shares worth Rs 76 crore and Vimalchand Jugraj Rathod will sell up to Rs 57 crore. Other selling shareholders include Nirmala Khubilal Rathod, Manjula Vimalchand Rathod, and Rajesh Khubilal Rathod among others.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.
Flair Writing is among the top three 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, as of March 2023. Its flagship brand “Flair” has enjoyed a market presence of over 45 years.
The company makes and distributes writing instruments including pens, stationery products and calculators and has also diversified into manufacturing houseware products and steel bottles.
Net proceeds of the fresh issue will be used towards setting up a new manufacturing facility for writing instruments in the Valsad district, funding capital expenditure, working capital requirements and other general corporate purposes.
Nuvama Wealth Management (formerly known as Edelweiss Securities Limited) and Axis Capital are the book-running lead managers to the issue.
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