Kusumgar's Rs 650-crore initial public offering entered its third and final day of bidding on a high note, backed by robust investor participation and a strong grey market premium. The stock is currently commanding a GMP of Rs 158, or nearly 38% above the upper price band of Rs 419, hinting at a potential listing price of around Rs 577.
The issue witnessed healthy demand through Day 2, with the IPO subscribed 13.13 times against the 1.14 crore shares on offer. Non-Institutional Investors (NIIs) emerged as the biggest contributors, subscribing their quota 36.64 times, while the retail investor segment was booked 9.47 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 2.18 times.
Kusumgar has fixed the IPO price band at Rs 398-419 per equity share. The public issue is entirely an Offer for Sale (OFS) worth Rs 650 crore, which means that the proceeds will go to the selling shareholders and the company will not receive any fresh capital.
Investors can apply for a minimum of 35 equity shares and in multiples of 35 thereafter. As of the offer date, the company had 104.99 million outstanding equity shares with a face value of Re 1 each.
The share allotment is expected to be finalised on July 13, 2026, while the stock is slated to debut on the NSE and BSE on July 15, 2026, subject to the completion of the allotment process.
The grey market premium (GMP) for Kusumgar IPO stands at Rs 158, suggesting the shares are trading at a significant premium in the unofficial market ahead of listing. Based on the upper price band of Rs 419, the GMP indicates an estimated listing price of around Rs 577. However, investors should note that GMP is an unofficial market indicator driven by sentiment and does not guarantee listing-day performance.
The IPO continued to witness strong investor appetite through Day 2, with the overall issue subscribed 13.13 times.
Retail Individual Investors (RIIs): 9.47 times (56.85 lakh shares reserved)
Non-Institutional Investors (NIIs): 36.64 times (24.36 lakh shares reserved)
Qualified Institutional Buyers (QIBs): 2.18 times (32.48 lakh shares reserved)
With healthy subscription across investor categories and a robust GMP, market participants will be closely watching the final day of bidding and the demand from institutional investors before the issue closes.
Established in 1990, Kusumgar is a leading manufacturer of woven, coated, and laminated engineered synthetic fabrics designed for demanding industrial and performance applications. The company specializes in advanced fabric solutions based on polyamide and polyester filaments combined with polyurethane chemistry, enabling products that meet stringent performance standards.
Its engineered fabrics are designed to deliver superior tensile strength, tear resistance, abrasion resistance, comfort, air permeability, and waterproofing, making them suitable for mission-critical and high-performance applications.
Leveraging decades of manufacturing expertise and strong product development capabilities, the company has developed more than 1,000 unique Stock Keeping Units (SKUs) as of March 31, 2026. These products cater to a diverse range of industries, including aerospace and defence, industrial and automotive, and outdoor and lifestyle segments.
Kusumgar operates a vertically integrated manufacturing platform, encompassing preparatory processes, weaving, dyeing, printing, finishing, coating, lamination, and fabrication. Its manufacturing footprint includes six facilities in Gujarat and one fabrication unit in Uttar Pradesh, supported by modern infrastructure, advanced technology, and strong research and development capabilities.
Kusumgar has demonstrated robust financial performance over the past two years. The company's revenue from operations increased to Rs 692 crore in FY26, compared with Rs 467.9 crore in FY24, reflecting healthy business expansion across its key segments.
Its net profit also witnessed steady growth, rising to Rs 98.2 crore in FY26 from Rs 84.3 crore in FY24, highlighting improved profitability and operational efficiency.
