Kusumgar Shares Surge Over 44 PC in Market Debut Trade

New Delhi: Shares of engineered fabric manufacturer Kusumgar Ltd on Wednesday ended with a premium of over 44 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 50.68 per cent to Rs 631.35 during intraday. Shares of the firm ended at Rs 604.45, up 44.26 per cent from the issue price.

At the NSE, the stock started trading at Rs 569, up 35.79 per cent. It ended at Rs 602.80, surging 43.86 per cent.

The company’s market valuation stood at Rs 6,346.20 crore.

In traded volume terms, 35.90 lakh shares of the firm changed hands at the BSE and 238.09 lakh shares on the NSE during the day.

The initial public offering (IPO) of Kusumgar Ltd was overall subscribed a whopping 128.85 times 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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