Kusumgar, one of India's leading manufacturers of engineered synthetic fabrics, has fixed the price band for its Rs 650-crore Initial Public Offering (IPO) at Rs 398–419 per equity share. The public issue will open for subscription on July 8, 2026, and close on July 10, 2026.
Investor sentiment appears upbeat ahead of the issue. In the grey market, the IPO is currently commanding a Grey Market Premium (GMP) of around Rs 139 per share, translating into a premium of nearly 33% over the upper price band of Rs 419. Based on the prevailing GMP, the stock is estimated to list at around Rs 558 per share, reflecting strong demand ahead of its market debut.
The IPO is entirely an Offer for Sale (OFS) aggregating up to Rs 650 crore, with no fresh issue of shares. Investors can bid for a minimum of 35 equity shares and in multiples of 35 shares thereafter. As of the date of the offer, the company has 104,991,372 outstanding equity shares of Re 1 each.
The issue is being offered through the book-building process, with up to 50% of the net offer reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs).
In a move to reward its workforce, Kusumgar has reserved shares worth Rs 3.5 crore for eligible employees, who will be entitled to a discount of Rs 39 per share on the final issue price.
Strong financial growth
Kusumgar has demonstrated robust financial performance over the past two years. The company's revenue from operations increased to Rs 692 crore in FY26, compared with Rs 467.9 crore in FY24, reflecting healthy business expansion across its key segments.
Its net profit also witnessed steady growth, rising to Rs 98.2 crore in FY26 from Rs 84.3 crore in FY24, highlighting improved profitability and operational efficiency.
Issue management and listing
The IPO is being managed by Axis Capital Limited, IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited, which are acting as the Book Running Lead Managers. Bigshare Services Private Limited is the registrar to the issue.
The company's equity shares are proposed to be listed on both the BSE and the NSE.
About Kusumgar
Established in 1990, Kusumgar is a leading manufacturer of woven, coated, and laminated engineered synthetic fabrics designed for demanding industrial and performance applications. The company specialises in advanced fabric solutions based on polyamide and polyester filaments combined with polyurethane chemistry, enabling products that meet stringent performance standards.
Its engineered fabrics are designed to deliver superior tensile strength, tear resistance, abrasion resistance, comfort, air permeability, and waterproofing, making them suitable for mission-critical and high-performance applications.
Leveraging decades of manufacturing expertise and strong product development capabilities, the company has developed more than 1,000 unique Stock Keeping Units (SKUs) as of March 31, 2026. These products cater to a diverse range of industries, including aerospace and defence, industrial and automotive, and outdoor and lifestyle segments.
Kusumgar operates a vertically integrated manufacturing platform, encompassing preparatory processes, weaving, dyeing, printing, finishing, coating, lamination, and fabrication. Its manufacturing footprint includes six facilities in Gujarat and one fabrication unit in Uttar Pradesh, supported by modern infrastructure, advanced technology, and strong research and development capabilities.
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