Flair Writing Industries Limited

Flair Writing Industries Limited was incorporated in 1976 and is one of the top three players in India's writing and creative instruments industry, holding an estimated 9 percent market share as of March 2023. The company designs and manufactures a wide range of pens and writing instruments, and owns several brands including Flair, Hauser, Pierre Cardin, Flair Creative, Flair Houseware and ZOOX. In recent years the group has diversified beyond its core writing instruments business into housewares, steel bottles and small appliances, broadening its consumer product portfolio. The company has shown strong growth in scale and profitability over its recent financial history. Total income rose from roughly 311 crore rupees in FY2021 to about 588 crore rupees in FY2022 and further to about 954 crore rupees in FY2023, while net profit grew from close to breakeven in FY2021 to about 55 crore rupees in FY2022 and about 118 crore rupees in FY2023, reflecting an improving margin profile as the business scaled. A portion of the IPO's fresh issue proceeds was earmarked for setting up a new manufacturing facility in District Valsad, Gujarat, alongside funding capital expenditure, working capital needs, debt repayment and general corporate purposes, underscoring the company's plan to expand manufacturing capacity to support its multi-brand growth strategy.

Ahead of the issue opening, the company raised about 178 crore rupees from anchor investors on November 21, 2023. Notable anchor participants included Theleme India Master Fund, Natixis International Funds, Troo Capital, Winro Commercial, SBI Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, Tata Mutual Fund, Mirae Asset Mutual Fund, ICICI Prudential Life Insurance Company and Carnelian Structure Shift Fund, with shares allotted at the upper price band of 304 rupees per share.