Flair Writing Industries sets IPO price band at Rs 288-304 per share

MUMBAI – Flair Writing Industries Limited, a prominent player in the writing instrument industry, has announced its upcoming initial public offering (IPO) with a price band of ₹288 to ₹304 per share. The Mumbai-based company is poised to open its subscription period to the public from Wednesday, with the goal of raising a total of Rs 5,930 million.

The IPO comprises a fresh issue of shares amounting to Rs 2,920 million and an offer for sale (OFS) portion expected to garner Rs 301 crore. This follows a pre-IPO placement that secured ₹73 crore on November 10 at the upper end of the price band. The face value of each equity share is set at Rs 5.

Ahead of the public offering, anchor investor bidding is scheduled for Tuesday. The minimum bid size for investors has been established at 49 equity shares.

The funds raised from the IPO are earmarked for several strategic initiatives:

• A new manufacturing facility in Valsad (New Valsad Unit) will receive an investment of ₹55.99 crore.
• Capital expenditures are allocated ₹86.75 crore.
• Working capital requirements for Flair Writing Equipment Pvt Ltd (FWEPL) & Flair Corporation India Pvt Ltd (FCIPL) are set at ₹77 crore.
• Debt servicing will account for ₹43 crore.

Promoters and their relatives are also planning to sell shares totaling about ₹301 crore in the OFS segment of the IPO. The company intends to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), with NSE designated as the primary exchange as per the Red Herring Prospectus available online.

Nuvama Wealth Management Limited and Axis Capital (NYSE:) Limited are managing the book running process, adhering to SEBI’s Issue of Capital and Disclosure Requirements (ICDR) regulations, which include Applications Supported by Blocked Amount (ASBA) application procedures and specific mutual fund allocations.

Flair Writing Industries is known for its popular Hauser and Pierre Cardin brands and operates across four locations. With an anticipated BSE/NSE listing, it reported FY23 revenue of Rs 915.55 crore and has set a minimum investment threshold for retail investors under the guidance of Nuvama Wealth Management and Axis Capital.

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