Public Market

IPO

Pen maker Flair Writing collects Rs.178-Cr from 23 anchor investors

Economic Times  

Pen maker Flair Writing Industries Ltd has mopped up Rs 178 crore from anchor investors ahead of its initial public offering. The company has allocated 58.52 lakh equity shares to 23 funds at INR 304 apiece, which is also the upper end of the price band. Participants in the anchor book include SBI Mutual Fund (MF), Aditya Birla Sun Life MF, Tata MF, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, Troo Capital and Winro Commercial (India) Ltd. Flair Writing's IPO comprises a fresh issue of equity shares aggregating up to INR 292 crore and an offer-for-sale (OFS) of equity shares worth up to INR 301 crore by promoters and promoter group entities. At present, promoters and promoter group entities own 100% stake in the company. Proceeds of the fresh issue will be used for setting up a manufacturing facility at Valsad district in Gujarat and for funding the company's capital expenditure. Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and Axis Capital Ltd are the book-running lead managers to the IPO.