Flair Writing shares jump over 65 pc in debut trade
Shares of pen maker Flair Writing Industries made a stunning debut on Friday, listing with a premium of over 65 per cent against the issue price of Rs 304.The stock made its debut at Rs 503, registering a jump of 65.45 per cent, on the BSE.
Shares of pen maker Flair Writing Industries made a stunning debut on Friday, listing with a premium of over 65 per cent against the issue price of Rs 304.
The stock made its debut at Rs 503, registering a jump of 65.45 per cent, on the BSE. It further rallied 69 per cent to Rs 514.
At the NSE, it was listed at Rs 501, up 64.80 per cent.
The company's market valuation stood at Rs 4,771.25 crore during the morning trade.
The Initial Public Offer (IPO) of Flair Writing Industries was subscribed 46.68 times on the last day of subscription on November 24.
Flair Writing's IPO had a fresh issue of equity shares aggregating up to Rs 292 crore and an Offer for Sale (OFS) of equity shares worth up to Rs 301 crore by promoters and promoter group entities.
The issue had a price band of Rs 288–304 per share. Proceeds from the fresh issue will be used for setting up a manufacturing facility for writing instruments at Valsad district in Gujarat, funding the company's capital expenditure and subsidiary Flair Writing Equipments Pvt Ltd (FWEPL).
Besides, the proceeds will be used to support the working capital requirements of the company and its subsidiaries FWEPL and Flair Cyrosil Industries.
Also, the money will be used for payment of loan and general corporate purposes.
The company, which owns the over 45-year-old flagship brand 'Flair', is among the top three players in the writing instrument industry, with a market share of about nine per cent as of March 2023.
It manufactures and distributes writing instruments, including pens, stationery products, and calculators, and has also diversified into manufacturing houseware products and steel bottles.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)