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Flair Writing Industries, India’s largest Pen manufacturer has filed its draft papers with markets regulator SEBI to raise funds through an initial public offer (IPO). According to the draft red herring prospectus (DRHP) filed with SEBI, The initial public offering comprises equity shares of face value at Rs. 10 each of Flair Writing aggregating up to Rs 450 crores.
The offer comprises the company’s plans to raise Rs. 450 crores through the public issue which comprises a fresh issue aggregating up to Rs. 330 crores and an offer for sale Rs.120 crores.
The company proposes to utilise the net proceeds raised through the fresh issue for the purchase of machinery, constructing new factory buildings and related facilities at manufacturing plant in Valsad, Gujarat, funding working capital requirements, repayment/pre-payment of debt and for general corporate purposes.
Flair Writing Industries Pvt Ltd primary owns principal brands like Flair, Hauser and Pierre Cardin, as well as other brands Rudi Kellner and Landmark and has been the exclusive distributor & a manufacturer since January 2017 & March 2017 respectively, of certain Reynolds branded pens in India.
Axis Capital Ltd and Edelweiss Financial Services Ltd are the books running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.
