By distributing 58,51,972 equity shares at a price range of ₹304 (including share premium of ₹299 per equity share), Flair Writing Industries Ltd was able to raise ₹177 crore from 23 anchor investors.
“As a result of 6 domestic mutual funds applying through a total of 14 schemes, 27,70,264 equity shares (i.e. 47.34% of the total allocation to Anchor Investors) were allocated out of the total allocation of 58,51,972 equity shares to the Anchor Investors,” the business informed the exchange houses.
The subscription period for the Flair Writing IPO is set to begin on Wednesday, November 22, and end on Friday, November 24. The pricing range for its initial public offering (IPO) is ₹288 to ₹304 for each equity share with a face value of ₹5.
60.80 times the face value of the equity shares is the cap price, and 57.60 times the face value of the equity shares is the floor price. For the company’s financial year 2023, the price to earnings ratio based on diluted EPS is as high as 24.01 times at the upper end of the price band and as low as 22.75 times at the lower end. 49 equity shares make up each Flair IPO lot, and afterward, there will be multiples of 49 equity shares.
In its first public offering (IPO), Flair Writing Industries Limited set aside a minimum of 15% of its shares for Non Institutional Investors (NII), a maximum of 50% of its shares for Qualified Institutional Buyers (QIB), and a minimum of 35% of its shares for Retail Investors.
The public offering consists of a new share offering up to ₹292 crore and an offer for sale (OFS) of equity shares by a promoter and others, totaling up to ₹301 crore, with a face value of ₹2. The size of Flair Writing’s IPO is ₹593 crore.
Link Intime India Private Ltd. is the registrant of the Flair Writing IPO, and Nuvama Wealth Management Limited and Axis Capital Limited are the book running lead managers.
A company called Flair creates writing instruments that are especially made for the modern market, which is always changing.