Flair Writing is the brand new listing today and like the others this week, this one too was great. As against the IPO price of Rs.304, the stock got listed on the BSE at Rs.503, a 65% premium. It even rose to Rs.514 and is now trading at Rs.453.

The IPO did well, subscribing 49.27x, with QIBs leading the pack with 122.02x, followed like always by HNIs at 35.23x and Retail at 13.73x.

The company, enjoys a 18% market share in the Rs. 6,000 cr domestic pen market and 9% in the Rs. 13,800 cr writing and creative instruments market in India, which is still 25% unorganized and expected to grow at 8% for the next 5 years. Flair has two owned brands (Flair and Hauser) and one licensed brand (Pierre Cardin) and has the largest domestic network of 7,700 dealers, which is 2x of Doms, 2.6x Linc and 5x Camlin.

In our IPO Analysis, we had concluded - Faster growth, superior margin and undemanding pricing make the IPO attractive. Hence, we recommend ‘subscribing’ to the IPO.