Pen maker Flair Writing Industries Ltd has set a price band of Rs 288-304 a share for its Rs 593-crore initial public offering (IPO), market sources said on Friday.
The maiden public issue will open for subscription on November 22 and conclude on November 24 and the anchor book of the offer will be opened for a day on November 21, they added.
As per the red herring prospectus (RHP), Flair Writing’s IPO comprises a fresh issue of equity shares aggregating up to Rs 292 crore and an offer-for-sale (OFS) of equity shares worth up to Rs 301 crore by promoters and promoter group entities.
At present, promoters and promoter group entities own 100 per cent stake in the company.
Proceeds of the fresh issue will be used for setting up a manufacturing facility for writing instruments at Valsad district in Gujarat; funding the company’s capital expenditure and subsidiary Flair Writing Equipments Pvt Ltd (FWEPL).
Besides, the proceeds will be used to support the working capital requirements of
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