Flair Writing Makes a Dazzling Debut on Stock Exchanges

Flair Writing Makes a Dazzling Debut on Stock Exchanges

VoM News Desk | December 1, 2023 | 12:01 PM IST | Breaking News | Follow on Google News

Flair Writing Makes a Dazzling Debut on Stock Exchanges

Flair Writing Makes a Dazzling Debut on Stock Exchanges

Flair Writing Industries Limited witnessed a spectacular debut on the stock exchanges today. The company’s shares opened at a significant premium on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). On NSE, Flair Writing’s shares were listed at ₹501 per share, a remarkable 64.8% higher than its issue price of ₹304. Similarly, on the BSE, the shares commenced trading at ₹503 each.

Market Expectations and IPO Details

Market experts had predicted a strong listing for Flair Writing, citing the positive mood in the secondary market and the company’s growth potential in the writing instruments and stationery segments. The Flair Writing IPO, which opened for subscription from November 22 to November 24, set its price band at ₹288 to ₹304 per equity share. The IPO consisted of a fresh issue of shares worth up to ₹292 crore and an Offer for Sale (OFS) aggregating up to ₹301 crore, bringing the total issue size to ₹593 crore.

Use of Proceeds and Issue Management

The net proceeds from the IPO are earmarked for several key areas. These include establishing a new manufacturing facility in Gujarat’s Valsad district, funding working capital requirements, financing capital expenditures, repaying or prepaying certain borrowings, and general corporate purposes. Nuvama Wealth Management Limited and Axis Capital Limited served as the book running lead managers for the IPO, with Link Intime India Private Ltd as the issue’s registrar.

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