Flair Writing makes stellar D-st debut; lists at 65% premium at Rs 503 on BSE

Shares of Flair Writing Industries Ltd made a robust debut at Dalal Street on Friday as the stationary products player was listed at Rs 503, a premium of more than 65 per cent, over its issue price Rs 304 on the BSE. The stock was listed at a premium of 65 per cent at Rs 501 against the same issue price on National Stock Exchange (NSE).

Last heard, shares of Flair Writing Industries were commanding a premium of Rs 150-155 per share in the grey market, suggesting a listing pop of more than 50 per cent for the investors. The premium in the unofficial market has firmed following the robust debut of Gandhar Oil and Tata Technologies.

Flair Writing Industries' IPO was open for bidding between November 22-24 as the company sold its shares in the range of Rs 288-304 apiece with a lot size of 49 equity shares. The stationary products pay a total of Rs 593 crore via primary route, which include a fresh share sale of Rs 292 crore and an offer-for-sale (OFS) of up to 9,901,315 equity shares.

The issue was overall subscribed a strong 49.28 times during the three-day bidding process, thanks to strong demand from qualified institutional bidders (QIBs), whose quota was subscribed a stellar 122.02 times, while the portion reserved for non-institutional investors saw 35.23 times bidding. The allocation reserved for retail investors was booked 13.73 times.

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Incorporated in 1976, Flair Writing Industries is engaged in developing and manufacturing writing instruments that are tailored to the continuously shifting market. It has established business relationships with some of the leading pioneers in the writing industry, adhering to global business and social norms.

Nuvama Wealth Management and Axis Capital were the lead managers of the Flair Writing IPO, while Link Intime India was the registrar for the issue. Flair Writing postponed its listing by a day to December 1, which was earlier planned on Thursday, November 30. 

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