Mumbai-based Flair Writing Industries closed its maiden public issue last week on a robust note. The company is expected to finalise the basis of allotment of IPO shares by November 28, sources told Moneycontrol, but pointed out that this was a tentative date and it might change.
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The allotment of shares will take place on a proportionate basis considering the strong demand to the issue. The Rs 593-crore public issue was subscribed 46.68 times during November 22-24, backed by support from across categories of investors.
Qualified institutional buyers were aggressive, subscribing 115.6 times the portion set aside for them, while high net-worth individuals bought 33.37 times the allotted quota and retail investors 13.01 times.
The participants of the offer can check their share allotment status either on the BSE website or the portal of IPO registrar (Link Intime India) by following three easy steps.
On the BSE website,
a) They must select issue type ‘equity’ and issue name ‘Flair Writing Industries Limited’
b) Enter either ‘application number’ or ‘PAN number’
c) Check box (I am not a robot) and click on ‘search’ button
On the IPO registrar’s portal,
a) Select ‘Flair Writing Industries Limited – IPO’ in the dropdown
b) Select and accordingly enter either ‘PAN number’, or ‘Application number’, or ‘DP Client ID’
c) Finally click on ‘search’ button
The stationery products manufacturing company is expected to transfer shares to the demat accounts of successful investors by November 29 or 30, and may list its equity shares on the bourses by December 1. These are tentative dates and may change.
According to the share market observers, Flair Writing Industries IPO shares were available at more than 25 percent premium in the grey market, an unofficial platform for trading in IPO shares till the listing.
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The initial public offering by the writing instruments maker consisted of a fresh issuance of shares worth Rs 292 crore, and an offer-for-sale of shares worth Rs 301 crore by the Rathod family.
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The company will spend net fresh issue proceeds for setting up a new manufacturing facility for writing instruments in Valsad, capital expenditure, working capital requirements, and repaying debts, besides general corporate purposes.
