Triple IPO Bonanza: Flair Writing, Gandhar Oil Refinery, Fedbank Financial Services open for public subscription; Check key details

While the market buzz intensifies around the Tata Tech IPO, three other major mainline IPOs— Flair Writing, Gandhar Oil Refinery and Fedbank Financial Services have concurrently opened for public subscription today. From the price band to GMP, here’s everything you need to know about them;

Flair Writing IPO

Flair Writing IPO opens for subscription today and will close on Friday, November 24, 2023. The bidding for anchor investors concluded on Tuesday, wherein the company collected Rs 177.90 crore. The price band for its public issue at Rs 288-304 per equity share of face value Rs 5 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 593 crore from the IPO. Ahead of the public issue, Flair Writing shares’ GMP surged 20% over the upper end of the share price on offer.

The company intends to use the net proceeds from the IPO for setting up a new manufacturing facility for writing instruments in District Valsad, Gujarat (New Valsad Unit), funding capital expenditure of the company and its subsidiary, FWEPL, funding working capital requirements of the company & its subsidiaries, FWEPL & FCIPL, repayment/pre-payment, in part or full, of certain borrowings availed by the company & its Subsidiaries, FWEPL and FCIPL, and for general corporate purposes.

Established in 1976, Flair specialises in the design and production of writing instruments strategically crafted to meet the dynamic demands of today’s ever-evolving market. Flair holds ISO 9001:2015 and ISO 14001:2015 certifications, aligning with international business and social standards.

Gandhar Oil Refinery IPO

Gandhar Oil Refinery IPO opens for subscription today and will close on Friday, November 24, 2023. The bidding for anchor investors concluded on Tuesday, wherein the company collected Rs 150.21 crore. The price band for its public issue at Rs 160-169 per equity share of face value Rs 2 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 500.69 crore from the IPO. Ahead of the public issue, Gandhar Oil Refinery shares’ GMP surged nearly 45% over the upper end of the share price on offer.

The IPO comprises a fresh issue of 17,869,822 shares aggregating up to Rs 302 crore and an Offer-For-Sale (OFS) with promoters offloading 11,756,910 shares aggregating up to Rs 198.69 crore. For potential investors, the bidding starts at a minimum of 88 equity shares, with subsequent bids in multiple lots of 88 equity shares each, with a maximum of 13 lots. The shares are likely to be credited to Demat on Monday, December 4, 2023, while they are scheduled to make their debut on the bourses on Tuesday, December 5, 2023.

The company intends to use the net proceeds from the IPO for the investment in Texol by way of a loan for financing the repayment/prepayment of a loan facility availed by Texol from the Bank of Baroda, capital expenditure through the purchase of equipment and civil work required for the expansion of the capacity of automotive oil at the company’s Silvassa Plant, expansion in the capacity of petroleum jelly and accompanying cosmetic product division at the company’s Taloja Plant, and expansion in the capacity of white oils by installing blending tanks at the company’s Taloja Plant.

Gandhar Oil deals in the production of white oils tailored for consumer and healthcare sectors. Operating under the brand name Divyol, the company provides a diverse selection of more than 350 products across three main categories: personal care, healthcare and performance oils (PHPO), and lubricants, as well as process and insulating oils (PIO).

Fedbank Financial Services IPO

Fedbank Financial Services IPO opens for subscription today and will close on Friday, November 24, 2023. The bidding for anchor investors concluded on Tuesday, wherein the company collected Rs 324.68 crore. The price band for its public issue at Rs 133-140 per equity share of face value Rs 10 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 1092.66 crore from the IPO. Ahead of the public issue, Fedbank Financial Services shares’ GMP rose nearly 4% over the upper end of the share price on offer.

The IPO comprises a fresh issue of 42,912,087 shares aggregating up to Rs 600.77 crore and an Offer-For-Sale (OFS) with promoters offloading 35,161,723 shares aggregating up to Rs 492.26 crore. For potential investors, the bidding starts at a minimum of 107 equity shares, with subsequent bids in multiple lots of 107 equity shares each, with a maximum of 13 lots. The shares are likely to be credited to Demat on Monday, December 4, 2023, while they are scheduled to make their debut on the bourses on Tuesday, December 5, 2023.

The company intends to use the net proceeds from the IPO for augmenting the company’s Tier I capital base to meet the company’s future capital requirements, arising from the growth of the business and assets and for meeting offer expenses.

Fedbank Financial Services, a part of The Federal Bank, offers Gold Loans, Home Loans, Loan Against Property (LAP), and Business Loans. It’s a retail-focused non-banking finance company in India, catering mainly to MSMEs and self-employed individuals. In Fiscal 2023, it has the second lowest borrowing costs among its peers in the MSME, gold loan, and MSME & gold loan sectors.