The ₹650 crore Kusumgar IPO is closing for subscription today, Friday, July 10. On the final day, the issue has received a massive response from investors, with demand far higher than the shares available.
As of 11:35 am, the IPO had been subscribed 24.57 times. At the same time, the stock is also showing strong momentum in the gray market, raising expectations of a solid listing.
Strong Demand from Retail and NII Investors
According to NSE data, investors placed bids for more than 20.79 crore shares, while only 1.14 crore shares were available.
Here is how different investor categories responded:
Non-Institutional Investors (NII): Subscribed 55.77 times, making this the most heavily subscribed category.
Retail Investors (RII): Subscribed 11.33 times.
Qualified Institutional Buyers (QIB): Subscribed 2.21 times so far.
The strong demand from retail and high-net-worth investors has been one of the biggest highlights of this IPO.
IPO Price, Lot Size and Key Dates
The IPO price band has been fixed at ₹398 to ₹419 per share.
Retail investors need to apply for a minimum of 35 shares, which requires an investment of ₹14,665 at the upper price band.
Important dates to remember:
Share Allotment: July 13, 2026
Refunds & Demat Credit: July 14, 2026
Expected Listing: July 15, 2026
It is important to note that this IPO is a complete Offer for Sale (OFS). This means the entire ₹650 crore raised will go to the existing promoters and selling shareholders. The company itself will not receive any funds for business expansion.
Brokerages Have Mixed Views
Brokerages have shared different opinions on the IPO.
SBI Securities has given a “Subscribe” rating, saying the company looks attractive for long-term investors.
On the other hand, Swastika Investmart has assigned a “Neutral” rating and advised investors to remain cautious before investing.
GMP Indicates Up to 38% Listing Gain
The gray market premium (GMP) remains strong ahead of the listing.
According to IPO market trackers, Kusumgar’s GMP is currently ₹158 per share. Based on the upper price band of ₹419, the stock could list around ₹577, which suggests a potential listing gain of nearly 38%.
Over the last nine days, the GMP has remained between ₹135 and ₹171, indicating continued investor interest ahead of the stock’s expected market debut.
