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The initial public offer (IPO) of pen manufacturing company Flair Writing Industries was oversubscribed 46.68 times on the last day of bidding on Friday. According to data available on the National Stock Exchange, 1,44,13,188 shares have been offered under the IPO. In comparison, bids have come for 67,28,33,455 shares.
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The Non-Institutional Investors (NII) category was subscribed 33.37 times while the Retail Individual Investors category was subscribed 13.01 times. It has been subscribed 115.60 times in case of eligible institutional buyers. Flare Writing under the IPO raised Rs. New shares up to 292 crores were issued. Under the offer for sale, the promoters and the promoter group paid Rs. 301 crore shares were placed. The price band for the IPO per share is Rs. 288-304 are. The company on Tuesday received Rs. 178 crore was collected.
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The shares of the company were trading at the price of Rs.80 today i.e. Saturday in the gray market. According to a top stockbroker report, the company has raised Rs. 384 can be listed. This means that investors who bet can get a profit of more than 26 percent if the shares are allocated.