Flair makes strong debut, ends 10% below opening price

Mumbai: Pen maker Flair Writing Industries made a strong stock market debut with the stock listing at ₹503, 65% above the IPO price of ₹304. Early gains, however, fizzled out as the stock ended at ₹452.70, about 10% below its opening price. It is still trading 49% above the issue price.

The company's market valuation stood at ₹4,771.25 crore.

The initial public offering (IPO) of Flair Writing was subscribed 47 times, resulting in demand of ₹19,550 crore compared to the issue size of ₹593 crore.Flair has raised ₹178 crore from 23 anchor investors before the IPO. Some of the anchor investors include SBI MF, HDFC MF, Kotak MF, TATA MF and ICICI Prudential Life Insurance, among others.