Kusumgar Ltd.'s initial public offering (IPO) entered its second day of subscription on July 10, aiming to raise ₹650 crore entirely through an offer for sale. The price band was fixed between ₹398 and ₹419 per share, with the issue set to close on July 11. The shares are scheduled to list on the BSE and NSE on July 15, according to livemint.com.
The IPO, comprising 1.55 crore equity shares, saw robust investor interest, crossing a 12 times subscription on the second day. The non-institutional investor (NII) category led the demand with a subscription rate of 36 times, highlighting strong appetite from high-net-worth individuals. The basis of allotment is expected to be finalized on July 13, with shares likely credited shortly thereafter, as reported by livemint.com and thehindubusinessline.com.
This strong subscription performance places Kusumgar among the notable IPOs in the Indian market this year, reflecting investor confidence in the company's prospects. The ₹650 crore offer for sale is significant in the current market environment, where several IPOs have seen mixed responses. The high subscription ratio, especially from the NII segment, underscores the demand for quality offerings amid a cautious market.
The IPO's closure on July 11 will finalize the subscription tally, with the allotment basis expected on July 13. The shares will debut on the BSE and NSE on July 15, marking a key milestone for Kusumgar and its shareholders, according to livemint.com.