Kusumgar Shares Debut With 37 PC Premium

New Delhi: Shares of engineered fabric manufacturer Kusumgar Ltd on Wednesday listed with a premium of 37 per cent against the issue price of Rs 419.

The stock listed at Rs 574, registering a jump of 36.99 per cent from the issue price on the BSE. It further surged 48.21 per cent to Rs 621.

At the NSE, the stock started trading at Rs 569, up 35.79 per cent.

The company’s market valuation stood at Rs 6,477.97 crore.

The initial public offering of Kusumgar Ltd received a whopping 128.85 times subscription on the closing day of bidding on Friday last week, driven by strong response from Qualified Institutional Buyers (QIBs).

The Rs 650-crore IPO had a price band of Rs 398 to Rs 419 per share.

Kusumgar IPO was fully subscribed on the first day of bidding on Thursday. The IPO was entirely an offer-for-sale (OFS).

Founded in 1990, Kusumgar Ltd manufactures woven, coated and laminated synthetic fabrics, known as engineered fabrics. The company primarily produces aerospace and defence fabrics, industrial and automotive fabrics, and outdoor and lifestyle fabrics.

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