Kusumgar IPO Opens 8 July; Promoters To Offload Stake In Pure OFS Of ₹650 Crore

Kusumgar, a Mumbai-based manufacturer of engineered synthetic fabrics, will open its ₹650 crore initial public offering (IPO) for public subscription on 8 July, with the issue closing on 10 July. The anchor book opens a day earlier on 7 July.

Share allotment is expected to be finalised by 13 July, with the stock set to list on exchanges on July 15. Shares worth ₹3.5 crore have been set aside for eligible employees.

A Pure Promoter Exit

The Kusumgar Ltd IPO carries no fresh issue component. The entire ₹650 crore will come from an offer for sale (OFS) by three promoter entities: Siddharth Yogesh Kusumgar, his wife Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF.

Since there is no fresh capital being raised, Kusumgar itself will not receive any proceeds from the listing. The stated objectives of the IPO are to complete the OFS and secure the benefits of having the shares listed on the exchanges.

What The Company Does

Founded in 1990, Kusumgar works primarily with polyamide and polyester filaments, using polyurethane chemistry to produce high-performance fabrics across four main segments. Its aerospace and defence business covers parachute systems, stealth materials, camouflage products, tactical apparel and rapid deployment systems.

The industrial and automotive segment supplies tapes, inflatables and specialised mechanical rubber goods. The outdoor and lifestyle segment serves global activewear and outdoor gear brands with fabrics used in rainwear, winter clothing, backpacks, luggage, tents and sleeping bags. As of March 2026, the company had over 1,000 unique product variants and employed 2,077 people.

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Financial Performance

On the financial front, the company's performance has been uneven over the past few years. For the financial year ended March 2026, its profit fell 12.3% year-on-year to Rs 98.2 crore, while revenue declined 11.2% to Rs 692 crore.

The previous year had seen much stronger growth. In FY25, profit jumped 32.7% to Rs 112 crore, while revenue rose 66.5% to Rs 779 crore compared with FY24.

Axis Capital, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.