Flair Writing Industries
Book Building issueMainboard₹593 Cr issue
+65.46%
Listing gain over issue price
Issue size
₹593 Cr
1 lot at cut-off
₹14,896
Lot size
49shares
Open
22 Nov 2023
Close
24 Nov 2023
Allotment
29 Nov 2023
Listing
01 Dec 2023
Listing performance
Issue price
₹304
Listed at
₹503
Listing-day close
₹452.70
Latest price
₹223.20
Close on 23 Oct 2026
Listing gain
+65.46%
Return since issue
-26.58%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Nov 2023 – 24 Nov 2023
- Listing date
- 01 Dec 2023
- Face value
- ₹5 per share
- Issue price
- ₹304 per share
- Lot size
- 49 shares
- Issue type
- Book Building issue
- Total issue size
- ₹593 Cr
- Market cap at offer price
- ₹3,204 Cr
- Promoter holding
- 96.80% → 78.59% pre-issue → post-issue
- ISIN
- INE00Y201027
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- 63 B/C, Government Industrial Estate, Charkop, Kandivali (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 58,51,972 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 49 shares per lot, in multiples, at ₹304
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 49 | ₹14,896 |
| Retail (max) | 13 | 637 | ₹1,93,648 |
| S-HNI (min) | 14 | 686 | ₹2,08,544 |
| S-HNI (max) | 67 | 3,283 | ₹9,98,032 |
| B-HNI (min) | 68 | 3,332 | ₹10,12,928 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
58,51,972
Anchor portion
₹178 Cr
at ₹304 per share
Valuation and performance
Valuation at offer price
₹304 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.33 | — |
| P/E (×) | 24.66 | — |
| Market cap | — | ₹3,204 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 31.17%
- ROCE
- 31.24%
- Debt / equity
- 0.26
- PAT margin
- 12.53%
- NAV per share
- ₹46.90
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Flair Writing Industries
Flair Writing Industries Limited is among the top three players in India's writing instruments industry with approximately 9% market share as of March 31, 2023. Originally formed as M/s Flair Writing Instruments partnership firm on January 6, 1986, it was converted to a private limited company in 2016 and then to a public limited company in 2018. The company manufactures and distributes writing instruments including pens (ball pens, fountain pens, gel pens, roller pens, metal pens) and stationery products under brands including flagship 'Flair' (45+ years market presence), 'Hauser', and 'Pierre Cardin', and has diversified into houseware products and steel bottles. The company operates multiple manufacturing plants across India (Daman, Valsad, Naigaon, Dehradun) and serves both domestic and export markets with a multi-tiered distribution network of super-stockists, distributors and retailers in India, and country/region-wise distributors overseas. Revenue from operations grew from ₹2,979.88 million in FY 2021 to ₹9,426.60 million in FY 2023 at CAGR of 77.86%.
Company Analysis
from RHPFlair Writing Industries manufactures and distributes writing instruments, stationery, calculators, houseware products and steel bottles, operating across writing instruments, homeware and steel bottle industries.
Flair Writing Industries Limited is among the top three players in India's writing instruments industry with approximately 9% market share as of March 31, 2023. Originally formed as M/s Flair Writing Instruments partnership firm on January 6, 1986, it was converted to a private limited company in 2016 and then to a public limited company in 2018. The company manufactures and distributes writing instruments including pens (ball pens, fountain pens, gel pens, roller pens, metal pens) and stationery products under brands including flagship 'Flair' (45+ years market presence), 'Hauser', and 'Pierre Cardin', and has diversified into houseware products and steel bottles. The company operates multiple manufacturing plants across India (Daman, Valsad, Naigaon, Dehradun) and serves both domestic and export markets with a multi-tiered distribution network of super-stockists, distributors and retailers in India, and country/region-wise distributors overseas. Revenue from operations grew from ₹2,979.88 million in FY 2021 to ₹9,426.60 million in FY 2023 at CAGR of 77.86%.
Writing instruments manufacturingStationery productsHouseware/kitchen appliancesSteel bottles
Objects of the Issue
- Setting up the New Valsad Unit ₹559.93 million p.20
- Funding capital expenditure of our Company and our Subsidiary, Flair Writing Equipments Private Limited ₹867.48 million p.20
- Funding working capital requirements of our Company and our Subsidiaries, Flair Writing Equipments Private Limited and Flair Cyrosil Industries Private Limited ₹770.00 million p.20
- Repayment/pre-payment, in part or full, of certain borrowings availed by our Company and our Subsidiaries, Flair Writing Equipments Private Limited and Flair Cyrosil Industries Private Limited ₹430.00 million p.20
- General corporate purposes p.20
- Setting up a new manufacturing facility for writing instruments in District Valsad, Gujarat p.59
- Funding capital expenditure of our Company and our Subsidiary, FWEPL p.66
- Funding working capital requirements of our Company and our Subsidiaries, FWEPL and FCIPL ₹195.00 million (FWIL for FY2025 estimate); ₹35.00 million (FWEPL for FY2025 estimate); ₹100.00 million (FCIPL for FY2025 estimate); Total: ₹330.00 million p.54
- Repayment or prepayment, in part or full, of certain outstanding borrowings availed by our Company and our Subsidiaries, FWEPL and FCIPL ₹430.00 million estimated (₹210.00 million for FWIL; ₹120.00 million for FWEPL; ₹100.00 million for FCIPL) p.47
- General corporate purposes p.66
- Setting up a new manufacturing facility for writing instruments in District Valsad, Gujarat (New Valsad Unit) ₹559.93 million p.116
- Funding capital expenditure of our Company and our Subsidiary, FWEPL ₹867.48 million p.116
- Funding working capital requirements of our Company and our Subsidiaries, FWEPL and FCIPL ₹770.00 million p.116
- Repayment/pre-payment, in part or full, of certain borrowings availed by our Company and our Subsidiaries, FWEPL and FCIPL ₹430.00 million p.116
- General corporate purposes p.116
- Funding capital expenditure of FWEPL for purchase of machinery and moulds to expand manufacturing capacity for writing instruments and houseware products p.186
- Commissioning additional manufacturing lines for steel bottle production at Valsad, Gujarat p.186
- Capital expenditure for setting up new manufacturing facility and purchase of machinery, moulds, equipment, technology p.370
- Capital expenditure of subsidiary FWEPL for purchase of machinery and moulds to expand manufacturing capacity for writing instruments and houseware products p.356
- Working capital requirements for the Company and Subsidiaries FCIPL and FWEPL ₹770.00 million p.373
Issue Structure
- Total Issue
- Up to ₹5,930.00 million
- Fresh Issue
- Up to ₹2,920.00 million (comprising up to [●] equity shares of face value ₹5 each)
- Offer for Sale
- Up to ₹3,010.00 million (comprising up to [●] equity shares of face value ₹5 each)
- Price Band
- [●] per Equity Share (Floor Price ₹[●], Cap Price ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5 each
Business Model
The company manufactures writing instruments and diversified products (stationery, calculators, houseware, steel bottles) and distributes them through a multi-tiered network in India (super-stockists, distributors, direct dealers, wholesalers, retailers) and exports through third-party country/region-wise distributors. Revenue is earned through direct sales to super-stockists in India and distributors abroad. Cost of materials consumed represents 49.50%-53.97% of revenue from operations. The company also undertakes OEM manufacturing for international brands.
Business Segments
Manufacture and distribution of pens (ball pens, fountain pens, gel pens, roller pens, metal pens) and stationery products under the flagship 'Flair' brand
Manufacture and distribution of writing instruments and stationery products under the 'Hauser' brand
Manufacture and distribution of writing instruments under the 'Pierre Cardin' brand
Contract manufacturing for international brands (OEM brands) and related products
Manufactures and sells writing instruments under brands Flair, Hauser, Pierre Cardin, and recently introduced ZOOX brand in India
Manufactures calculators, with raw materials imported for manufacturing at Naigaon Unit-I manufacturing plant
Manufactures writing instruments as Original Equipment Manufacturing for export and domestic markets for certain international companies
Through subsidiary FCIPL, manufactures steel bottles (commenced March 2023). Through subsidiary FWEPL, manufactures houseware products including casseroles, bottles, storage containers, serving solutions, cleaning solutions, basket and paper bins
Manufacture and sale of writing instruments including pens and refills across various price points catering to a wide spectrum of consumers
Manufacturing and sale of housewares products
Manufacture and distribution of pens (ball pens, fountain pens, gel pens, roller pens, metal pens), stationery products (mechanical pencils, highlighters, correction pens, markers, gel crayons, kids' stationery kits), and calculators under brands Flair, Hauser, Pierre Cardin and ZOOX, sold domestically and exported to 77 countries.
Manufacture and distribution of casseroles, bottles, storage containers, serving solutions, cleaning solutions and basket and paper bins through subsidiary FWEPL.
Manufacture of single and double vacuum layer steel bottles with customisation in design and sizes through subsidiary FCIPL, commenced March 2023 with one manufacturing line operational.
Manufacture and trading of roller pens, gel pens, ballpoint pens, fountain pens, stylograph pens, including tips and nozzles of all types, spare parts, plastic items, plastic molded parts and accessories of pens, and any items of stationeries
Buy, sell, supply, store, stock, maintain, manufacture, trade or otherwise provide support services and deal in all kinds and varieties of Personal Protective Equipment (PPE)/Products including face protection, goggles and masks or face shield, gloves, gown or coverall, head cover, rubber boots, sanitizer, surgical equipments, medical devices and medical products, health products/supplements, personal care kits and instruments
Subsidiary FCIPL engaged in carrying on the business of manufacturers, traders, fabricators, exporters and importers of dinnerware products, tableware products, plastic molded household articles, plastic houseware articles, opal dinnerware, melamine dinnerware, glassware, steel flasks and jars, copper series, water bottles, storage containers, tiffins, stainless steel articles, toys and industrial molded parts
Manufacturing and sale of writing instruments domestically
Manufacturing and export of writing instruments
Trading of writing instruments and allied products domestically
Trading of writing instruments and allied products for export
Sale of writing instruments, stationery products and other manufactured products sold within India
Sale of writing instruments and stationery products manufactured and exported globally
Contract manufacturing of writing instruments as Original Equipment Manufacturer for export and domestic sale
Sale of purchased finished goods including pens, stationery and household products
Manufacturing and sale of houseware products including casseroles, bottles, storage containers through FWEPL; steel bottles through FCIPL (commenced March 2023)
SWOT Analysis
Strengths
- • Top three player in writing instruments industry with ~9% market share(p.20)
- • Flagship 'Flair' brand established for 45+ years with strong market presence(p.20)
- • Diversified product portfolio across writing instruments, stationery, calculators, homeware and steel bottles(p.20)
- • Strong revenue growth with CAGR of 77.86% from FY2021 to FY2023(p.37)
- • Established multi-tiered distribution network in India with 131 super-stockists(p.45)
- • Top 3 position in Indian writing instruments with strong brand heritage(p.355)
- • Superior growth trajectory exceeding industry averages(p.355)
- • Highest operating and net income margins among peer companies(p.355)
- • Extensive and largest distribution network in organized sector(p.356)
- • Multi-brand portfolio across price segments(p.356)
- • Strong brand heritage with 45+ years market presence(p.356)
- • Diversified product portfolio covering multiple categories(p.356)
- • Global presence with exports to 77 countries(p.356)
Weaknesses
- • High dependence on three brands (Flair, Hauser, Pierre Cardin) for ~83% of revenue(p.44)
- • Nine manufacturing plants on leased/licensed premises from Promoters and third parties(p.40)
- • Outstanding unsecured loans of ₹283.87 million from Promoters and Promoter Group members(p.39)
- • Delayed and inaccurate statutory filings with RoC and delayed GST/EPF payments(p.40)
- • No long-term contracts with suppliers; dependence on limited suppliers for certain raw materials(p.42)
- • High concentration of receivables among top customers; top 5 debtors account for 29.24% of receivables(p.44)
- • Dependence on limited distribution network for market reach(p.46)
- • Brand reputation and consumer awareness vulnerability(p.46)
- • Exposure to risks from acquired or licensed brands(p.46)
- • Absence of dedicated R&D department(p.61)
- • High employee attrition affecting operations(p.49)
- • Trademark ownership and protection challenges(p.52)
- • Contingent liabilities exposure(p.62)
- • Dependence on few major customers for revenue(p.335)
- • Significant debt burden with leverage ratio increasing(p.339)
- • High inventory levels relative to sales(p.338)
- • Unfunded defined benefit gratuity obligation(p.319)
- • Concentration of sales among top customers(p.357)
- • Substantial outstanding tax disputes and contingent liabilities(p.345)
- • Dependence on banking sector borrowings and related party loans(p.352)
- • Concentration of manufacturing in four geographic locations(p.356)
- • Gross margin compression in mass-market segment(p.369)
- • Significant contingent liabilities from GST disputes(p.397)
- • Multiple tax proceedings against the company and promoters(p.403)
- • Ongoing statutory and regulatory proceedings(p.397)
- • High working capital requirements with increasing inventory and receivables(p.395)
- • Significant debt burden with variable interest rate exposure(p.396)
Opportunities
- • Writing instruments industry projected to grow at 7.7-8.4% CAGR through FY2028(p.20)
- • Steel bottle industry highly fragmented with 14-16% CAGR growth through FY2028(p.20)
- • Large homeware industry (₹400-450 billion) with kitchen appliances at 40-45% share(p.20)
- • Strategy to increase production capacity and enhance capacity utilization(p.38)
- • Strategy to focus on mid-premium and premium segments for margin expansion(p.38)
- • Plans for new Valsad manufacturing facility and capital expenditure funded from IPO proceeds(p.38)
- • Expansion into new geographic markets with growing distribution(p.52)
- • Growth in new product categories like steel bottles and houseware(p.51)
- • Capacity expansion and manufacturing facility setup(p.59)
- • Working capital funding for growth(p.54)
- • Expanding export markets and international presence(p.335)
- • Growth through acquisition of Flair Cyrosil Industries(p.337)
- • Increasing scale of manufacturing operations(p.299)
- • Significant expected industry growth trajectory through 2028(p.369)
- • Faster growth opportunities in organized vs unorganized sector(p.373)
- • Government support for education and literacy expansion(p.373)
- • Rising premiumization trends in consumer spending(p.373)
- • Expanding steel bottles market with high growth potential(p.356)
- • Market share gain from unorganized sector competitors(p.373)
- • Capacity expansion plans supported by IPO proceeds(p.370)
- • Capital expenditure for new manufacturing capacity expansion(p.397)
- • Potential for increased market consolidation and growth(p.400)
Threats
- • Mass-market segment (₹5-15) remains price-sensitive; risk of margin compression from competitors(p.37)
- • Direct competition from PSIPL and other Promoter Group entities in writing instruments(p.40)
- • Raw material cost volatility and supply disruptions; cost of materials at ~50% of revenue(p.42)
- • Regulatory licensing and approval risks; certain approvals not yet obtained for some facilities(p.40)
- • Customer concentration risk; top 5 debtors represent 29.24% of receivables with payment default history(p.44)
- • Distribution network vulnerability; loss of key super-stockists could disrupt sales(p.45)
- • 27.50% of machinery to be imported from China with geopolitical risks(p.41)
- • COVID-19 pandemic ongoing impact on operations and demand(p.47)
- • High industry competition limiting pricing power(p.50)
- • Mass-market segment price concentration limiting margins(p.50)
- • Shift towards digital/e-learning reducing writing instrument demand(p.50)
- • Dependence on raw material imports and foreign exchange risk(p.51)
- • Export market concentration and geopolitical risks(p.59)
- • Transportation and supply chain disruption risk(p.49)
- • Regulatory changes and compliance costs(p.73)
- • GST rate increase impact on product profitability(p.72)
- • Exposure to foreign exchange volatility(p.326)
- • Contingent tax liabilities from regulatory disputes(p.336)
- • Commodity price volatility affecting raw material costs(p.327)
- • Significant interest rate exposure on floating rate borrowings(p.325)
- • Intense competition from larger and better-resourced competitors(p.369)
- • Pricing pressure in mass-market segment limiting margin growth(p.369)
- • Sensitivity to macroeconomic slowdowns and industry cyclicality(p.373)
- • Continued vulnerability to COVID-19 pandemic disruptions(p.373)
- • Foreign exchange volatility affecting export revenues(p.368)
- • Regulatory compliance burden across multiple jurisdictions(p.354)
- • Exposure to commodity price fluctuations in raw materials(p.399)
- • Currency risk from international operations(p.399)
- • Credit risk from customer payment defaults(p.398)
- • Lingering COVID-19 pandemic impact and future epidemic risk(p.400)
- • Interest rate risk from floating rate debt obligations(p.399)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Khubilal Jugraj Rathod | Promoter/Promoter Selling Shareholder | 19.50% | — |
| Mr. Vimalchand Jugraj Rathod | Promoter/Promoter Selling Shareholder | 14.62% | — |
| Mr. Rajesh Khubilal Rathod | Promoter/Promoter Selling Shareholder | 9.75% | — |
| Mr. Mohit Khubilal Rathod | Promoter/Promoter Selling Shareholder | 9.75% | — |
| Mr. Sumit Rathod | Promoter/Promoter Selling Shareholder | 9.75% | — |
| Mrs. Nirmala Khubilal Rathod | Promoter Group Selling Shareholder | 9.75% | — |
| Mrs. Manjula Vimalchand Rathod | Promoter Group Selling Shareholder | 9.75% | — |
| Mrs. Sangita Rajesh Rathod | Promoter Group Selling Shareholder | 4.87% | — |
| Mrs. Shalini Mohit Rathod | Promoter Group Selling Shareholder | 4.87% | — |
| Mrs. Sonal Sumit Rathod | Promoter Group Selling Shareholder | 4.87% | — |
| Mr. Khubilal Jugraj Rathod | Promoter | — | — |
| Mr. Vimalchand Jugraj Rathod | Promoter | — | — |
| Mr. Rajesh Khubilal Rathod | Promoter | — | — |
| Mr. Mohit Khubilal Rathod | Promoter | — | — |
| Mr. Sumit Rathod | Promoter | — | — |
| Mrs. Nirmala Khubilal Rathod | Promoter Group | — | — |
| Mrs. Manjula Vimalchand Rathod | Promoter Group | — | — |
| Mr. Khubilal Jugraj Rathod | Promoter | 19.50% | — |
| Mr. Vimalchand Jugraj Rathod | Promoter | 14.62% | — |
| Mr. Rajesh Khubilal Rathod | Promoter | 9.75% | — |
| Mr. Mohit Khubilal Rathod | Promoter | 9.75% | — |
| Mr. Sumit Rathod | Promoter | 9.75% | — |
| Mrs. Nirmala Khubilal Rathod | Promoter Group | 9.75% | — |
| Mrs. Manjula Vimalchand Rathod | Promoter Group | 9.75% | — |
| Mrs. Sangita Rajesh Rathod | Promoter Group | 4.87% | — |
| Mrs. Shalini Mohit Rathod | Promoter Group | 4.87% | — |
| Mrs. Sonal Sumit Rathod | Promoter Group | 4.87% | — |
| Khubilal Jugraj Rathod | Promoter | — | — |
| Vimalchand Jugraj Rathod | Promoter | — | — |
| Mr. Khubilal Jugraj Rathod | Promoter | 19.50% | — |
| Mr. Vimalchand Jugraj Rathod | Promoter | 14.62% | — |
| Mr. Rajesh Khubilal Rathod | Promoter | 9.75% | — |
| Mr. Mohit Khubilal Rathod | Promoter | 9.75% | — |
| Mr. Sumit Rathod | Promoter | 9.75% | — |
| Khubilal J. Rathod | Promoter | 20% | 20% |
| Vimalchand J. Rathod | Promoter | 15% | 15% |
| Rajesh K. Rathod | Promoter | 10% | 10% |
| Mohit K. Rathod | Promoter | 10% | 10% |
| Sumit V. Rathod | Promoter | 10% | 10% |
| Khubilal Jugraj Rathod | Promoter/Chairman | — | — |
| Vimalchand Jugraj Rathod | Promoter/Managing Director | — | — |
| Khubilal Jugraj Rathod | Selling Shareholder | — | — |
| Vimalchand Jugraj Rathod | Selling Shareholder | — | — |
| Rajesh Khubilal Rathod | Selling Shareholder | — | — |
| Mohit Khubilal Rathod | Selling Shareholder | — | — |
| Sumit Rathod | Selling Shareholder | — | — |
| Nirmala Khubilal Rathod | Selling Shareholder | — | — |
| Manjula Vimalchand Rathod | Selling Shareholder | — | — |
| Sangita Rajesh Rathod | Selling Shareholder | — | — |
| Shalini Mohit Rathod | Selling Shareholder | — | — |
| Sonal Sumit Rathod | Selling Shareholder | — | — |
Leadership
Mr. Khubilal Jugraj Rathod · Chairman
Mr. Vimalchand Jugraj Rathod · Managing Director
Mr. Mayur Dhansukhlal Gala · CFO
Mr. Vishal Kishor Chanda · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Flair Writing Industries IPO FAQs
What is the lot size of Flair Writing Industries IPO?
The minimum lot size of Flair Writing Industries IPO is 49 shares. One lot costs ₹14,896 at the cut-off price.
When does Flair Writing Industries IPO open and close?
Flair Writing Industries IPO opened for subscription on 22 Nov 2023 and closed on 24 Nov 2023.
What is the listing date of Flair Writing Industries IPO?
Flair Writing Industries IPO listed on 01 Dec 2023.