Kusumgar shares to list July 15 after 128x IPO oversubscription
Kusumgar's heavily oversubscribed initial public offering is set to debut on Indian exchanges next week, signalling strong institutional appetite for the engineered fabrics manufacturer despite the deal raising no fresh capital.
Kusumgar is scheduled to begin trading on the National Stock Exchange and Bombay Stock Exchange on July 15. The debut follows a heavily oversubscribed initial public offering that closed on July 10, drawing overall demand of 128.85 times the available shares.
Qualified Institutional Buyers drove the overwhelming interest, bidding 284.10 times their allocated portion of the issue. Non-Institutional Investors followed with 165.46 times their allocation, while retail individual investors subscribed 26.47 times their designated slice. This broad institutional and high-net-worth demand points to strong confidence in the underlying business.
The entire Rs 650 crore public issue was structured as a complete Offer for Sale. Because no new equity is being created, all proceeds from the Rs 398 to Rs 419 price band will go to existing shareholders selling their stakes. The company will not receive any fresh capital from the listing.
Founded in 1990, Kusumgar manufactures engineered synthetic fabrics designed for mission-critical applications. Its products rely on polyamide and polyester filaments combined with polyurethane chemistry to achieve specific performance metrics like high tensile strength, tear resistance, and waterproofing. As of March 31, 2026, the company had developed more than 1,000 unique Stock Keeping Units.
These specialized materials supply the aerospace, defence, automotive, and outdoor lifestyle sectors. Kusumgar supports this diverse product base through a vertically integrated manufacturing platform spanning six facilities in Gujarat and one fabrication unit in Uttar Pradesh. The company handles everything from preparatory weaving and dyeing to advanced coating and lamination in-house.
This operational setup has translated into robust financial expansion. Revenue from operations surged to Rs 692 crore in the financial year ending March 2026, up from Rs 467.9 crore in FY24. Net profit grew to Rs 98.2 crore over the same two-year period, compared to Rs 84.3 crore previously, indicating improving profitability alongside its top-line growth.
Ahead of the listing, a 38% grey market premium suggests traders are pricing in a sharp premium over the upper end of the IPO price band. Axis Capital, IIFL Capital Services, and Motilal Oswal Investment Advisors managed the offering as book running lead managers.
