The ₹650 crore Kusumgar IPO is closing for subscription today, Friday, July 10. On the final day, the issue has attracted huge investor interest, with subscription numbers rising sharply across different categories.
As of 11:35 am, the IPO had been subscribed 24.57 times, showing strong demand. The gray market is also indicating a positive listing, raising expectations of good gains for investors.
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Retail and NII Investors Lead the Rush
According to NSE data, investors placed bids for over 20.79 crore shares against 1.14 crore shares available.
The Non-Institutional Investor (NII) category received the highest demand, with its quota subscribed 55.77 times.
The Retail Investor (RII) portion was subscribed 11.33 times, showing strong participation from individual investors.
Meanwhile, the Qualified Institutional Buyer (QIB) category was subscribed 2.21 times.
IPO Price, Lot Size and Key Dates
The IPO price band has been fixed at ₹398 to ₹419 per share.
Retail investors need to buy at least 35 shares, requiring a minimum investment of ₹14,665.
The share allotment is expected on July 13, 2026. Refunds for unsuccessful applicants and credit of shares to successful investors’ demat accounts are likely on July 14.
The stock is expected to list on the stock exchanges on July 15, 2026.
It is important to note that this is a 100% Offer for Sale (OFS). This means the ₹650 crore raised will go to the existing promoters
and selling shareholders, and the company itself will not receive any money for business expansion.
What Are Brokerages Saying?
Brokerage firms have shared mixed views on the IPO.
SBI Securities has given a “Subscribe” recommendation, saying the company looks attractive for long-term investors.
On the other hand, Swastika Investmart has assigned a “Neutral” rating and advised investors to stay cautious.
GMP Indicates Strong Listing Potential
The gray market premium (GMP) remains strong, reflecting positive investor sentiment.
With the IPO’s upper price band at ₹419 and the current GMP at ₹158, the stock is expected to list at around ₹577 per share.
If this estimate holds, investors could see a listing gain of nearly 38%.
Over the last nine days, the GMP has remained between ₹135 and ₹171, suggesting continued strong demand in the unofficial market.
However, investors should remember that gray market premiums are unofficial and do not guarantee actual listing performance.