Kusumgar IPO Subscription Status Day 1: IPO Fully Subscribed Within Two Hours; NII Portion Booked 2.21x

The ₹650-crore initial public offering (IPO) of Kusumgar was fully subscribed within two hours of opening on Wednesday, July 8. According to data available on the National Stock Exchange (NSE) at 11:55 AM, the issue was subscribed 1.15 times, with bids received for 1,31,99,375 equity shares against 1,14,68,094 shares on offer.

The non-institutional investor (NII) portion witnessed the strongest demand, with 2.21 times subscription, while the retail quota was booked 1.36 times. The employee reservation was subscribed 0.78 times, whereas the Qualified Institutional Buyers (QIB) segment had not recorded bids at the time of the update.

Kusumgar IPO Subscription Status Day 1

Demand for the issue gathered pace during the morning session, helping the IPO cross full subscription before noon. The NII category continued to lead investor participation, followed by the retail segment, while bidding in the employee portion also picked up.

Kusumgar IPO Subscription Status

The public issue received bids for 1,31,99,375 equity shares against 1,14,68,094 shares reserved for the offering by 11:55 AM, translating into an overall subscription of 1.15 times. Investor participation across categories will continue to evolve until the issue closes, with fresh exchange data expected during market hours.

Kusumgar IPO Bidding Details

The issue is priced in the range of ₹398–₹419 per equity share. Investors can bid for a minimum of 35 equity shares and in multiples thereafter, taking the minimum investment for retail applicants to ₹14,665 at the upper end of the price band.

The IPO follows the book-building process, with up to 50% of the net offer reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs) and at least 35% for Retail Individual Investors (RIIs). Shares worth ₹3.5 crore have been reserved for eligible employees, who will receive a ₹39 per share discount on the final issue price.

Kusumgar IPO Subscription Details

Kusumgar has fixed the price band at ₹398–₹419 per share and the issue comprises an Offer for Sale (OFS) of 1.55 crore equity shares. Since there is no fresh issue, the proceeds from the IPO will accrue to the selling shareholders.

Ahead of the public issue, the company raised ₹193.9 crore from anchor investors after allotting 46,28,877 equity shares at ₹419 apiece. The anchor book included institutional investors such as BlackRock Global Funds – India Fund, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio and Kotak Mahindra Life Insurance Company, among others.

Axis Capital, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers, while Bigshare Services is the registrar to the issue. The basis of allotment is expected to be finalised on July 13, with the tentative listing on the BSE and NSE scheduled for July 15.

The Kusumgar IPO has already crossed full subscription on the opening day, with demand led by non-institutional investors. The issue will continue to accept bids until July 10, and investor participation across all categories is likely to remain in focus over the remaining subscription period.

Also Read - Kotak Neo Commodity Watch | Crude Oil Jumps After US Strikes on Iran; Gold, Silver Ease Ahead of Fed Minutes