Flair Writing Industries Raises Rs 178 Crore From Anchor Investors Ahead Of IPO
The company allotted 58,51,972 shares at Rs 304 apiece to 23 anchor investors.
Flair Writing Industries Ltd. has raised Rs 178 crore from anchor investors ahead of its initial public offering on Nov. 22.
The penmaker allotted 58,51,972 shares at Rs 304 apiece to 23 anchor investors.
The investors included HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, and Tata Mutual Fund, among others.
SBI Consumption Opportunities Fund secured 15.86% of the allocation, while Kotak Manufacture In India Fund and Kotak Consumption Fund each netted 2.81%.
Six domestic mutual funds have applied through a total of 14 schemes, the company said in an exchange filing. They have collectively netted 47.34% of the anchor portion of Rs 84.2 crore.
About The IPO
Flair Writing Industries will launch its initial public offering on Wednesday, with a price band of Rs 288–304.
The company plans to raise funds through the issuance and sale of 1.95 crore shares at a face value of Rs 5 each, aggregating up to Rs 593 crore.
The IPO of Flair Writing will be a combination of a fresh issue and an offer for sale. The fresh issue comprises approximately 96.1 lakh shares in the upper price band of Rs 304 for Rs 292 crore. The OFS portion of the IPO comprises sale of 99 lakh shares at the upper price band of Rs 304 for Rs 301 crore.