Flair Writing Industries IPO: Company sets price band at Rs 288-304/share
Flair Writing Industries has set the price band for its upcoming initial public offering (IPO) at Rs 288-304. The company plans to raise Rs 593 crore through the three-day issue which will open for subscription on November 22, Wednesday.
Under the issue, the pen and writing instruments maker will issue fresh equity shares worth up to Rs 292 crore while an offer for sale (OFS) where equity shares worth Rs 301 crore will be offloaded by the existing shareholders.
The retail portion has been reserved at 35%, where the investors can subscribe a minimum of one lot or 49 shares and in multiples thereof.
The minimum bid amount is Rs 14,896 going up to Rs 200,000.
For non-institutional investors, a 15% quota has been reserved where they can subscribe to a minimum of 686 shares at Rs 208,544. The bidding amount is capped at Rs 10 lakh.
As for the qualified institutional buyers (QIB), a 35% quota is available. QIBs can subscribe a minimum of 3,332 shares at a minimum bidding amount of Rs 1,012,928 lakh.
The post-issue market cap of the company will be 3,051 crore Rs 3,204 crore.
The Book Running Lead Managers (BRLMs) are Axis Capital and Nuvama Wealth Management.
Read More: Pen maker Flair files draft papers with Sebi for Rs 745 crore IPO
Indicative timeline of the issue:
1) Finalisation of the basis of allotment: November 30.
2) Initiation of refunds/unblocking of funds: December 1.
3) Credit of dema shares into demat account: December 4.
4) Listing: December 5.
Under the OFS segment, Khubilal Jugraj Rathod to offload shares worth Rs 76 crore, and Vimalchand Jugraj Rathod to sell up to Rs 57 crore. Other selling shareholders include Nirmala Khubilal Rathod, Manjula Vimalchand Rathod, Rajesh Khubilal Rathod, Mohit
