The entry of Flair Writing Industries into the stock market was excellent. It was listed on BSE at Rs 503 with a premium of about 65.5%. At the same time, it was listed on NSE at Rs 501 with a premium of 64.8%. Its issue price was Rs 304.
Lower circuit in stock
As soon as the shares of Flair Writing were listed in the market, they fell by 10% on NSE and got locked at the price of Rs 450.9. At present the stock has entered lower circuit. BSE fell by 10% and hit lower circuit at Rs 452.7.
The company had planned to raise a total of Rs 593 crore through IPO.
Company business?
Has been in the business of making writing instruments for almost 4 decades. With ISO 9001:2015 and ISO 14001:2015 certification, the company follows global business standards.
It has partnered with key players in the writing industry and owns brands like Flair, Hauser, Pierre Cardin, Flair Creative, Flair Housewares and Jux.
In the last financial year, Flair sold 1,303.6 million pens, of which 74.82% were sold in domestic and 25.18% in overseas markets. Recently the company entered into casseroles, bottles, storage containers and other products.
Where to use the funds raised?
- To set up a new factory for writing instruments in Valsad, Gujarat.
- For Capital Expenditure of the Company and its Subsidiary FWEPL
- Repayment/pre-payment of certain loans of the Company, its subsidiaries FWEPL and FCIPL
- For general corporate expenses
