Flair Writing Industries files IPO papers with SEBI to raise Rs 750 crore: Here are key details
The IPO comprises a fresh issue of equity shares aggregating up to Rs 365 crore and an offer-for-sale (OFS) of equity shares worth up to Rs 380 crore by promoters and promoter group entities, according to the draft red herring prospectus (DRHP) filed on Friday.
)
Pen maker Flair Writing Industries plans to raise Rs 745 crore via its initial public offering (IPO), for which it has filed preliminary papers with the capital markets regulator Securities and Exchange Board of India (Sebi). The price band will be fixed soon.
The company proposes to utilise the net proceeds for setting up a manufacturing facility for writing instruments in Valsad district, Gujarat; funding its capital expenditure and its arm, Flair Writing Equipments; funding its working capital requirements and its subsidiaries, FWEPL and Flair Cyrosil Industries; payment of the loan; and general corporate purposes.
Flair Writing Industries IPO key details
The IPO comprises a fresh issue of equity shares aggregating up to Rs 365 crore and an offer-for-sale (OFS) of equity shares worth up to Rs 380 crore by promoters and promoter group entities, according to the draft red herring prospectus (DRHP) filed on Friday.
Those offering shares in the OFS are Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Nirmala Khubilal Rathod, Manjula Vimalchand Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod, Sumit Rathod; Sangita Rajesh Rathod, Shalini Mohit Rathod, and Sonal Sumit Rathod. At present, promoters and promoter group entities own a 100 per cent stake in the company.
Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and Axis Capital Ltd are the book-running lead managers for the IPO issue.
About Flair Writing Industries
The company, which owns the over 45-year-old flagship brand "Flair", is among the top three players in the overall writing instruments industry with a market share of about nine per cent, as of March 2023. It manufactures and distributes writing instruments, including pens, stationery products, and calculators, and has also diversified into manufacturing houseware products and steel bottles.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
