The basis of allotment for the Kusumgar IPO is expected to be finalised today, July 13, 2026, with the company and registrar Bigshare Services Pvt Ltd finalising the distribution of shares to successful applicants. Following the allotment, refunds to unsuccessful applicants and crediting of shares to successful bidders' demat accounts is scheduled for July 14, 2026. The shares are then tentatively slated to be listed on both BSE and NSE on July 15, 2026 at 10 AM. Investors can check their allotment status through the official websites of registrar Bigshare Services Pvt Ltd, NSE, and BSE once the process is complete. The grey market premium (GMP) for the Kusumgar IPO stands at 38% or ₹160, indicating a listing price of ₹579 per share at a premium of 38.19% over the upper price band of ₹419. Allotment status will be finalised today at 10 AM, with bid finalisation details available on NSE, BSE, and Bigshare Services websites.
The ₹650 crore Kusumgar IPO achieved an exceptional 128.85 times subscription by 17:30 IST on July 10, 2026, with investors bidding for 1,47,76,17,435 shares against 1,14,68,094 shares on offer. This represents a significant improvement from the 18.13 times subscription recorded on the final day, demonstrating exceptional market demand throughout the bidding period. The issue received a solid response throughout its bidding period, maintaining strong investor interest with the grey market premium (GMP) at 38% or ₹160 per share, indicating an estimated listing price of ₹579 per share at a premium of 38.19% over the upper price band of ₹419. The final day saw a surge in demand with qualified institutional buyers (QIBs) leading with over 284.10 times subscription of their reserved quota, followed by non-institutional investors at 165.45 times subscription and retail portion subscribed over 26 times. This represents a significant improvement from the previous day's 14.18 times subscription, with NIIs bidding 7.77 times their reserved quota on Day 2.
Ahead of the IPO, Kusumgar successfully raised ₹193.94 crore from anchor investors on Tuesday, July 7, 2026, with the board allotting 46.28 lakh shares at ₹419 each to 14 anchor investors. The anchor investor book attracted participation from several marquee institutional investors, including BlackRock Global Funds – India Fund, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, and Kotak Mahindra Life Insurance Company, among others. The company has reserved ₹3.5 crore worth of shares for eligible employees, offering them a discount of ₹39 per share on the final issue price. The ₹650 crore IPO consists entirely of an offer for sale of 1,55,13,126 shares at the upper price band of ₹419, with the entire proceeds going to promoter shareholders Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF. The issue opened for bidding on July 8, 2026, and will close on July 10, 2026, with the price band fixed between ₹398 and ₹419 per share and a minimum bid requirement of 35 equity shares and multiples thereof.
The company reported a consolidated net profit of ₹98.20 crore and sales of ₹692 crore for the twelve months ended March 31, 2026. Revenue from operations fell 11.17% YoY to ₹692 crore in FY26 from ₹778.99 crore in FY25, while profit declined 12.31% YoY to ₹98.2 crore. However, the company demonstrated strong operational efficiency with an EBITDA margin of 27.2% in FY26, compared with 28.2% in FY24, and a Return on Equity (RoE) of 25.82%. At the upper price band of ₹419, Kusumgar is valued at a post-IPO market capitalisation of about ₹4,399 crore, with the IPO priced at a P/E ratio of 44.8x, slightly above the listed peer average of 38.76x. The company's working capital cycle increased significantly from 14 days in FY25 to 90 days in FY26, primarily due to rising trade receivables of ₹233.28 crore. SBI Securities recommended subscribing for the long term, citing high entry barriers, strong technical capabilities in engineered fabrics, and co-development partnerships with global clients, noting the stock is valued at a FY26 P/E of 44.8x at the upper price band.
Kusumgar Limited, established in 1990, is a leading manufacturer of woven, coated, and laminated engineered synthetic fabrics designed for demanding industrial and performance applications. The company specializes in advanced fabric solutions based on polyamide and polyester filaments combined with polyurethane chemistry, enabling products that meet stringent performance standards. Its engineered fabrics are designed to deliver superior tensile strength, tear resistance, abrasion resistance, comfort, air permeability, and waterproofing, making them suitable for mission-critical and high-performance applications. The company has developed more than 1,000 unique Stock Keeping Units (SKUs) as of March 31, 2026, catering to diverse industries including aerospace and defence, industrial and automotive, and outdoor and lifestyle segments. Kusumgar operates a vertically integrated manufacturing platform with six facilities in Gujarat and one fabrication unit in Uttar Pradesh, supported by modern infrastructure, advanced technology, and strong research and development capabilities. The ₹650 crore public issue was entirely an offer for sale (OFS) of 1.55 crore equity shares by the promoters, meaning the company will not receive any proceeds from the IPO. The grey market premium of ₹160 per share suggests strong listing expectations, with experts reporting a minimum GMP of ₹135 and maximum of ₹171 over the past nine sessions.
