Flair Writing Industries made an impressive market debut by listing on stock exchanges at a striking 66% premium above its initial public offering (IPO) price, following the trend set by Tata Technologies and Gandhar Oil Refinery.
The stock commenced trading at Rs 501 on the NSE and Rs 503 on the BSE, a substantial rise from its issue price of Rs 304. This surge was largely fueled by positive market sentiment and the oversubscription of the IPO.
As a prominent player in the writing instruments and stationery sector, Flair Writing garnered a higher-than-anticipated demand for its shares, especially from Qualified Institutional Buyers (QIBs), who displayed aggressive bidding by oversubscribing 115.6 times.
Overall, the public offering of Rs 593 crore witnessed a subscription rate of 46.68 times between November 22 and November 24. High net worth individuals oversubscribed their allotted quota by 33.37 times, while the portion allocated to retail investors was oversubscribed by 13.01 times.