Flair Writing Industries Sets IPO Opening Date on November 22 with Price Band of Rs 288-304 per Share

Mumbai: Flair Writing Industries, a leading stationery products manufacturing company based in Mumbai, is all set to open its initial public offering (IPO) for subscription on November 22, 2023. The company has announced a price band of Rs 288-304 per share for the IPO, aiming to raise Rs 593 crore through its maiden public issue.

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The IPO subscription period is set to close on November 24, and the anchor book of the issue will be open for a day on November 21, allowing institutional investors to participate.

Flair Writing Industries plans to raise funds through a combination of fresh issuance of shares worth Rs 292 crore and an offer-for-sale (OFS) of Rs 301 crore worth of shares by the Rathod family, the company’s promoters.

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The fresh issue size has been revised from the initial Rs 365 crore to Rs 292 crore, following a pre-IPO placement where the company raised Rs 73 crore by issuing 24.01 lakh equity shares to Volrado Venture Partners Fund III – Beta at a price of Rs 304 per share.

The total issue size has also been reduced to Rs 593 crore from the previously mentioned Rs 745 crore in the draft papers filed with the Securities and Exchange Board of India (SEBI) in July this year.

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Flair Writing Industries plans to utilize the net proceeds from the IPO for several purposes, including the establishment of a new manufacturing facility for writing instruments in Valsad, Gujarat, at a cost of Rs 95.6 crore. Additionally, Rs 86.75 crore will be allocated for capital expenditure, Rs 77 crore for working capital requirements, and Rs 43 crore for repaying debts. The remaining funds will be utilized for general corporate purposes.

Flair IPO

The IPO allocation includes 50 percent for qualified institutional buyers (QIBs), 15 percent for high net worth individuals (HNIs), and the remaining 35 percent for retail investors. Retail investors can bid for a minimum of 49 equity shares, with multiples of 49 shares thereafter. This translates to a minimum investment of Rs 14,896 per lot (49 shares) and a maximum investment of Rs 1,93,648 (637 shares) for retail investors.

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Flair Writing Industries is one of the top three players in the writing instruments industry, with a revenue of Rs 915.55 crore in FY23. The company holds a market share of approximately 9 percent in the overall writing and creative instruments industry in India. It markets its products under four brands: Flair, Hauser, Pierre Cardin, and ZOOX. The company operates 11 manufacturing plants located in Gujarat, Maharashtra, Daman, and Dehradun.

The book running lead managers for the IPO are Nuvama Wealth Management and Axis Capital. The Flair Writing Industries IPO is one of several public issues scheduled to open between November 22 and November 24, including Tata Technologies, Fedbank Financial Services, and Gandhar Oil Refinery India. Investors and market participants will closely watch the response to these IPOs in the coming weeks.

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