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IPO

Pen maker Flair Writing's Rs.593-Cr IPO subscribed 46.6 times

Economic Times  

The initial public offer (IPO) of Flair Writing was subscribed 46.6 times led by strong interest from both non-institutional and institutional investors. The qualified institutional buyer (QIB) category for the issue was booked 115 times, while that of NIIs (non-institutional investors) was subscribed 33 times. The part reserved for retail investors was subscribed 13 times. The IPO comprises a fresh issue of INR 292 crore and an offer for sale (OFS) of INR 301 crore. The price band is fixed at INR 288-304. Under the OFS, Khubilal Jugraj Rathod will offload shares worth INR 76 crore and Vimalchand Jugraj Rathod will sell up to INR 57 crore. Other selling shareholders include Nirmala Khubilal Rathod, Manjula Vimalchand Rathod, and Rajesh Khubilal Rathod. The company will use the proceeds of the fresh issue to set up a manufacturing facility for writing instruments in Valsad district, Gujarat, and also for 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.