The Kusumgar IPO, which opened on July 8 and closes today, July 10, has been subscribed 16.75 times so far, according to livemint.com. The synthetic fabrics manufacturer raised ₹193.9 crore from anchor investors ahead of the subscription period. The issue features a lot size of 35 shares and has attracted strong demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs).
The company allotted 46,28,877 equity shares to anchor investors before the public subscription began. The IPO's subscription status reached 13.13 times by the third day, reflecting robust investor interest. The grey market premium (GMP) suggests a potential listing gain of 38%, indicating positive market sentiment towards the issue. Listing is scheduled for July 15, as per the company website.
Kusumgar operates in the engineered fabrics segment, producing woven, coated, and laminated synthetic fabrics. The strong subscription levels place the IPO among the well-subscribed issues in the textile sector this year. The ₹193.9 crore anchor investment and oversubscription highlight investor confidence in Kusumgar's growth prospects amid increasing demand for technical textiles in India.
The IPO's final subscription figures will be available after the close today, with the listing set for July 15. The company’s allotment to anchor investors and the strong subscription from QIBs and NIIs underscore significant institutional backing ahead of the public listing.