Kusumgar IPO fully subscribed on Day 1

New Delhi, Jul 8 (PTI) The initial public offering of engineered fabric manufacturer Kusumgar Ltd was fully subscribed on the first day of bidding on Thursday, ending the day with 3.45 times subscription.

The Rs 650-crore IPO received bids for 3,95,95,045 shares against 1,14,68,094 shares on offer, as per data available with the NSE.

The category for non-institutional investors was booked 7.35 times, while the retail quota was subscribed 3.52 times. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 47 per cent.

The IPO price band has been fixed at Rs 398 to Rs 419 per share.

The IPO is entirely an offer-for-sale (OFS). Since the issue is an OFS, the Mumbai-based firm will not receive any proceeds and the funds will go

entirely to the selling shareholders.

Kusumgar Ltd has garnered Rs 193.9 crore from anchor investors.

The company’s public offer will conclude on July 10.

Founded in 1990, Kusumgar Ltd manufactures woven, coated and laminated synthetic fabrics, known as engineered fabrics. The company primarily produces aerospace and defence fabrics, industrial and automotive fabrics, and outdoor and lifestyle fabrics.

Axis Capital, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers to the IPO. PTI SUM SHM