Shares of Kusumgar are scheduled to make their stock market debut on the BSE and NSE on Wednesday, with investor sentiment remaining upbeat ahead of the listing. The IPO continues to command a healthy grey market premium (GMP), reflecting expectations of a strong market debut.
Market participants estimate the Kusumgar IPO's grey market premium at around Rs 162, or nearly 39% above the upper issue price of Rs 419 per share. This implies an estimated listing price of about Rs 581. While the GMP points to positive investor sentiment, it is an unofficial indicator and should not be considered a guarantee of listing-day performance.
The Rs 650 crore initial public offering (IPO) received an overwhelming response from investors, with the issue subscribed 128.85 times against the 1.14 crore shares available.
The Qualified Institutional Buyers (QIB) category witnessed the strongest demand, with the portion subscribed 284.10 times. Non-Institutional Investors (NIIs) also showed significant interest, subscribing their allocated quota 165.46 times, while the retail investor segment was subscribed 26.47 times.
The IPO was entirely an Offer for Sale (OFS), meaning the proceeds will go to existing shareholders selling their stake, while Kusumgar itself will not receive any fresh funds from the issue. The company had fixed the IPO price band at Rs 398-419 per equity share.
Kusumgar IPO GMP Today: Shares Expected to List at Premium
The grey market premium for Kusumgar IPO stands at approximately Rs 162 per share. Based on the upper end of the issue price band of Rs 419, the estimated listing price comes to around Rs 581, reflecting a potential premium over the issue price.
While the strong GMP points toward positive market sentiment, investors should note that grey market activity remains unofficial and can change depending on market conditions, demand, and investor sentiment on the listing day.
Founded in 1990, Kusumgar is a prominent manufacturer of woven, coated, and laminated engineered synthetic fabrics used across several high-performance industrial applications.
The company develops advanced fabric solutions using polyamide and polyester filaments combined with polyurethane chemistry. Its products are engineered to deliver key performance characteristics such as high tensile strength, tear resistance, abrasion resistance, breathability, comfort, and waterproofing.
With expertise spanning more than three decades, Kusumgar has built a portfolio of over 1,000 unique Stock Keeping Units (SKUs) as of March 31, 2026. Its products serve diverse sectors, including aerospace and defence, industrial and automotive applications, and outdoor and lifestyle markets.
Kusumgar operates an integrated manufacturing ecosystem covering the entire production cycle, including preparatory processes, weaving, dyeing, printing, finishing, coating, lamination, and fabrication.
The company has seven manufacturing facilities — six located in Gujarat and one fabrication unit in Uttar Pradesh. These facilities are supported by modern infrastructure, advanced manufacturing technology, and dedicated research and development capabilities.
Kusumgar has delivered steady financial growth in recent years, supported by expansion across its core business segments. The company's revenue from operations increased to Rs 692 crore in FY26, compared with Rs 467.9 crore in FY24. Profitability also improved, with net profit rising to Rs 98.2 crore in FY26 from Rs 84.3 crore in FY24. The growth reflects the company's expanding customer base, operational efficiencies, and increasing demand for specialised engineered fabric solutions.
Bigshare Services Private Limited served as the registrar to the IPO.
With strong subscription numbers, a premium grey market valuation, and solid financial performance, Kusumgar's stock market debut will be closely watched by investors looking for cues on demand for specialised manufacturing companies.
