New Delhi, Nov 22 (PTI) The initial share sale offering of pen maker Flair Writing Industries was fully subscribed on the first day of bidding on Wednesday, ending the trade with 2.17 times subscription.

The Initial Public Offer (IPO) received bids for 3,13,20,310 shares against 1,44,13,188 shares on offer, according to data available with the NSE.

The part for Retail Individual Investors (RIIs) attracted 2.86 times subscription while the quota for non-institutional investors got subscribed 2.78 times. The category for Qualified Institutional Buyers (QIBs) received 53 per cent subscription.

Flair Writing's IPO has a fresh issue of equity shares aggregating up to Rs 292 crore and an Offer for Sale (OFS) of equity shares worth up to Rs 301 crore by promoters and promoter group entities.

At present, promoters and promoter group entities own 100 per cent stake in the company.

The issue has a price band of Rs 288-304 a share.

Flair Writing Industries Ltd on Tuesday said it has mopped up Rs 178 crore from anchor investors.

Proceeds of the fresh issue will be used for setting up a manufacturing facility for writing instruments at Valsad district in Gujarat; funding the company's capital expenditure and subsidiary Flair Writing Equipments Pvt Ltd (FWEPL).

Besides, the proceeds will be used to support the working capital requirements of the company and subsidiaries FWEPL and Flair Cyrosil Industries. Also, the money will be used for payment of the loan and general corporate purposes.

The company, which owns the over 45-year-old flagship brand 'Flair', is among the top three players in the overall writing instruments industry with a market share of about nine per cent as of March 2023.

It manufactures and distributes writing instruments, including pens, stationery products, and calculators, and has also diversified into manufacturing houseware products and steel bottles.

Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and Axis Capital Ltd are the book-running lead managers to the IPO. PTI SUM SHW