Flair Writing files IPO papers to raise Rs 745 crore

Mumbai: Flair Writing Industries has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise about ₹745 crore through an initial public offering. The issue will comprise a sale of fresh shares aggregating up to ₹365 crore and an offer for the sale of shares worth up to ₹380 crore by existing shareholders.

Flair Writing is a leading player in the pens segment, with a revenue of ₹754 crore in FY23 from the pens writing instruments segment in India. The company proposes to utilise the net proceeds of the fresh issue towards setting up a new manufacturing facility for writing instruments funding capital expenditure, working capital requirements and repayment of borrowings.

Nuvama Wealth Management and Axis Capital are bankers to the issue.