Flair Writing postpones Dalal Street debut; check new allotment date & listing date

Flair Writing Industries Industries has postponed its Dalal Street listing by a day. The stationary products maker will now make its debut at the bourses on Friday, December 1, 2023, which was earlier proposed to get listed on Thursday, November 30, with others including Tata Technologies, Gandhar Oil and FedBank Financial Services.

The additional one day has also led to delay in the finalization for the basis of allotment of its equity shares. The allotment of shares will be declared on Wednesday or early on Thursday. Bidders, who will receive the allotment of equity shares will begin getting alerts, mails and messages for amount debit or revocation of the mandate by Thursday, November 30.

Flair Writing Industries, whose IPO was open for bidding between November 22-24, sold its primary offering in the range of Rs 288-304 apiece with a lot size of 49 shares. The stationary products pay a total of Rs 593 crore via primary route, which include a fresh share sale of Rs 292 crore and an offer-for-sale (OFS) of up to 9,901,315 equity shares.

The issue was overall subscribed a strong 49.28 times during the three-day bidding process. The portion for qualified institutional bidders was subscribed a stellar 122.02 times, while the portion reserved for non-institutional investors saw 35.23 times bidding. The allocation reserved for retail investors was booked 13.73 times during the bidding period.

Grey market premium (GMP) of Flair Writing has jumped after a strong buying interest from all categories of investors. Last heard, Flair Writing was commanding a premium of Rs 82-85 apiece in the unofficial market, suggesting a listing pop of about 27-28 per cent for the investors. However, it was around Rs 70-72 per share, during the bidding period.

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 BSE and NSE on Friday, December 1, not following the T+3 listing rule of SEBI. However, the rule is mandatory for all IPOs from December 1, 2023.

Flair Writing, Incorporated in 1976, is engaged in developing and manufacturing writing instruments that are tailored to the continuously shifting market. It has established business relationships with some of the leading pioneers in the writing industry, adhering to global business and social norms.

Majority of the brokerage firms tracking the issue were mostly positive on the issue and are suggesting to subscribe to it. They are sworn upon the company's strong financials, big market share in India and globally, growth prospects and years of experience in the business.

Investors, who bid for the issue of Flair Writing Industries, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and select Flair Writing Industries Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at 'I am not a Robot' before hitting the submit button.
 

Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Flair Writing in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit 'search' to get the allotment status for your application.

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