This company will lead India's IPO calendar next week
What's the story
The primary market is gearing up for a major event next week, with Kusumgar leading the charge. The company will open its ₹650 crore initial public offering (IPO) for subscription from July 8 to July 10. In the gray market, Kusumgar's shares have already started trading at a premium of 33% over the issue price.
IPO details
Entire issue is an offer for sale
Kusumgar's IPO is entirely an offer for sale of 1.55 crore shares, meaning the company won't raise any fresh capital from this issue. The proceeds will go to the selling shareholders. The price band has been set at ₹398-₹419 per share, which puts the total issue size at ₹650 crore at the upper end of this range.
Listing plans
Listing on BSE, NSE
Kusumgar intends to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The tentative listing date is July 15. Retail investors will have to bid for a minimum of 35 shares at the upper price band, which translates to an investment of ₹14,665. Allotment will be finalized by July 13 while refunds/credit of shares are likely by July 14.
Business overview
Know more about Kusumgar
Founded in 1990, Kusumgar specializes in woven, coated and laminated synthetic fabrics or engineered fabrics. Its products are mainly based on polyamide and polyester filaments for specialized applications. The company caters to sectors like aerospace & defense, industrial & automotive as well as outdoor & lifestyle products. It has also expanded into finished products for military use such as parachute systems, stealth materials among others.