The initial public offering (IPO) of Flair Writing Industries will be launched at Dalal Street on Wednesday, November 22. The company will be selling its shares in the range of Rs 288-304 apiece with a lot size of Rs 49 equity shares. The issue will close for bidding on Friday, November 24. Incorporated in 1976, Flair Writing is engaged in developing and manufacturing writing instruments that are tailored to the continuously shifting market. Flair has established business relationships with some of the leading pioneers in the writing industry, adhering to global business and social norms. Flair Writing is likely to raise a total of Rs 593 crore via IPO route, including a fresh share sale of Rs 292 crore and offer for sale (OFS) of up to 301 crore by the promoters of the company. The anchor book will open on Tuesday, November 21. The net proceeds from the issue shall be utilized towards setting up a new manufacturing facility for writing instruments in Valsad, Gujarat; funding capital expenditure of the company and its subsidiary; funding working capital requirements of the company and subsidiaries; repayment/prepayment, of certain borrowings; and general corporate purposes. Flair owns several brands including Flair, Hauser, Pierre Cardin, Flair Creative, Flair Houseware, and Zoox. The company sold a total of 130.26 crore units of pens. The company sold 97.53 crore units or 74.82 per cent in the domestic markets, while 32.83 crore units, or 25.18 per cent, units were exported globally. The company has reserved 50 per cent shares for the qualified institutional bidders, while 15 per cent of shares shall be allocated to the non-institutional investors. Retail investors will get 35 per cent of shares reserved for them. Nuvama Wealth Management and Axis Capital are the book running lead managers of the Flair Writing Industries IPO, while Link Intime India is the registrar for the issue. Shares of the company will be listed on both BSE and NSE.
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