clothing The IPO of Kusumgar Limited, a company related to the business of Rs. This IPO opened on Wednesday, July 8. Kusumgar’s IPO got bumper support from investors. On the last day on Friday, the IPO of Kusumgar Limited received a total subscription of 128.85 times. Kusumgar Limited, established in the year 1990, manufactures woven, coated and laminated synthetic fabrics, known as engineered fabrics.
QIB category received the highest subscription of 284.10 times.
According to NSE data, bids were received for 1,47,76,17,435 shares against 1,14,68,094 shares in the Rs 650 crore IPO. The portion reserved for QIB (qualified institutional buyers) category received the highest subscription of 284.10 times. Besides, the non-institutional investors (NII) category was subscribed 165.46 times and the retail investors quota was subscribed 26.47 times. Apart from this, the company has also raised Rs 193.9 crore from anchor investors.
Kusumgar’s IPO is completely based on OFS
Kusumgar Limited is going to raise Rs 650 crore from its IPO. There is no fresh share in this IPO. This entire IPO is based on OFS, in which the promoters of the company will sell their stake. Therefore, this Mumbai company will not get any money from the IPO and all the money will go to the promoters selling shares.
Shares will be issued at a price of Rs 419
Under this IPO, the company had fixed the price band of Rs 398 to Rs 419 for each share. Shares will be issued to investors at a price of Rs 419. The company has given a discount of Rs 39 on each share to its employees. The popularity of Kusumgar IPO can be gauged from the fact that it was fully subscribed on the very first day on Wednesday.
GMP reached Rs 162
According to investorgain.com, on Saturday, shares of Kusumgar Limited are trading with a bumper GMP of Rs 162 (38.66 percent). There is a tremendous response to the company’s shares in the gray market. However, till the time of listing of the company in the domestic stock market, there may be a lot of fluctuations in GMP. Kusumgar Limited will be listed on BSE and NSE, both the major exchanges of the domestic stock market, next week on 15th July.
Disclaimer: This article has been written for information purposes only. Always consult your financial advisor before making any kind of investment or taking any financial risk. India TV will not be liable for any kind of risk.
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