IPO GMP Watch: Kusumgar GMP At 39%, Laser Power & Infra At 4%; Check Bidding Dates

The initial public offerings (IPOs) of Kusumgar and Laser Power & Infra will open for subscription on July 8 and July 9, respectively. Meanwhile, shares of both initial share sales are performing contrary in the unofficial market--the grey market. According to Investorgain, Kusumgar IPO GMP was Rs 166-- last updated 05:28 PM, while Laser Power & Infra IPO's last GMP was Rs 10.

With this, the shares of Kusumgar IPO's showed an estimated listing price at Rs 585, up 39.62 per cent as compared to the price band of 419. On the other hand, Laser Power & Infra shares reflected an estimated listing price at Rs 224, up 4.67 per cent as compared to the IPO's price band of 214.

Kusumgar IPO Details

Engineered fabric manufacturer Kusumgar Ltd's initial public offering (IPO) will open for subscription next week.

The company, which aims to raise Rs 650 crore, has announced a price band of Rs 398 to Rs 419 per share on Friday. According to the company's statement, its maiden public offering will open for subscription on July 8 and will conclude on July 10.

Entirely Offer For Sale

The IPO has been prepared entirely by the promoters as an offer for sale (OFS) of 105 million shares, which means the Mumbai-based firm will not receive any proceeds, and the money will go entirely to the selling shareholders.

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Half of the issue is reserved for eligible institutional buyers, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors, the company said.

About Kusumgar Ltd

Founded in 1990, the company manufactures woven, coated, and laminated synthetic fabrics, known as engineered fabrics. It primarily produces aerospace and defence fabrics, industrial and automotive textiles, and outdoor and lifestyle clothing.

Laser Power & Infra Ltd IPO

Laser Power & Infra Ltd (LPIL) initial public offering (IPO) will open for public subscription on July 9 this week. Meanwhile, the Integrated power cables and transmission products manufacturer fixed a price band of Rs 203-214 per share for its Rs 742 crore Initial share sale. The share sale will have an anchor investor round on July 8, and the subscription period will conclude on July 13, the company announced.

At the upper end of the price band, the Kolkata-headquartered company will be valued at around Rs 3,000 crore.

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IPO: A Combination of Fresh issue and offer for sale

The IPO involves the fresh issue of equity shares worth Rs 542 crore by the promoters and an option to sell shares (OFS) worth a total of Rs 200 crore. Under the OFS, Deepak Goyal, Rakhi Goyal and Devesh Goyal will sell shares worth up to Rs 112.5 crore, Rs 25 crore and Rs 62.5 crore, respectively.

The company proposes to use the net proceeds from the fresh issue primarily for repayment or prepayment of some outstanding debt of Rs 490 crore, and the remaining proceeds will be used for general corporate purposes.

Half of the total issue is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and the remaining 35 per cent for retail investors.