Flair Writing Industries (Flair) is expected to determine the basis for allotment of its shares by Tuesday, November 28th or possibly Monday, November 27th. Bidders who receive the allocation of shares will now receive notifications, emails and messages when the amount is debited or the mandate is revoked by Wednesday, November 29th.
Flair Writing Industries sold its IPO in the range of Rs 288-304 apiece with a lot size of 49 shares open for bid between November 22 and 24. The brick-and-mortar products played a total of Rs 593 crore across the main route comprising a sale of new shares worth Rs 292 crore and an offer for sale (OFS) of up to 9,901,315 shares. Overall, the issue was subscribed a strong 49.28 times during the bidding process. The portion for qualified institutional bidders was subscribed a whopping 122.02 times, while the portion reserved for non-institutional investors was bid 35.23 times. The allocation reserved for retail investors was booked 13.73 times during the three-day bidding process. Flair Writing’s Gray Market Premium (GMP) has skyrocketed following strong buying interest from all investor categories. It was recently revealed that Flair Writing fetched a premium of Rs 82-85 per piece in the unofficial market, suggesting a stock market gain of around 27-28 per cent for investors. However, during the offer period, the price was around Rs 70-72 per share. Nuvama Wealth Management and Axis Limited are the lead managers of the Flair Writing IPO while Link Intime India is the registrar for the issue. Shares of Flair Writing will be listed on both the BSE and NSE on Friday, November 30. This follows SEBI’s T+3 listing rule, which will be mandatory from December 1, 2023. Flair Writing, Incorporated in 1976, is engaged in designing and manufacturing writing instruments tailored to the ever-changing marketplace. The company has established business relationships with some of the writing industry’s leading pioneers while adhering to global business and social norms. The majority of brokerage firms tracking the issue were overwhelmingly positive about the issue and suggested underwriting it. They swear by the company’s strong financials, large market share in India and globally, growth prospects and years of experience in the business. Investors bidding for the Flair Writing Industries issue can check the allotment status on the IPO application verification page of the BSE website. Enter Equity, under “Issue Type” select “Flair Writing Industries Limited” in the drop-down box; Enter the application number and add the PAN card number before checking in at I am not a robot before clicking on the submit button.
Allotment status can also be checked through the online portal of Link Intime India, the issue registrar. Visit the Link Intime web portal and select Flair Writing IPO in the dropbox. Enter either PAN Card Number, Application Number or DP Client ID as the selected tab and click on Search to get the quota status for your application.
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