Shares of Kusumgar made a blockbuster debut on the bourses on Wednesday, listing at a premium of up to 37% over their IPO price. The stock opened at Rs 574 on the BSE, a 36.99% premium to the issue price of Rs 419, while on the NSE it debuted at Rs 569, up 35.80%.
The strong listing was broadly in line with grey market expectations. Ahead of the debut, Kusumgar shares were commanding a grey market premium (GMP) of around Rs 162, or nearly 39% over the issue price, indicating an estimated listing price of about Rs 581.
The Rs 650 crore initial public offering (IPO) received an overwhelming response from investors, with the issue subscribed 128.85 times against the 1.14 crore shares available.
The Qualified Institutional Buyers (QIB) category witnessed the strongest demand, with the portion subscribed 284.10 times. Non-Institutional Investors (NIIs) also showed significant interest, subscribing their allocated quota 165.46 times, while the retail investor segment was subscribed 26.47 times.
The IPO was entirely an Offer for Sale (OFS), meaning the proceeds will go to existing shareholders selling their stake, while Kusumgar itself will not receive any fresh funds from the issue. The company had fixed the IPO price band at Rs 398-419 per equity share.
About Kusumgar
Founded in 1990, Kusumgar is a prominent manufacturer of woven, coated, and laminated engineered synthetic fabrics used across several high-performance industrial applications.
The company develops advanced fabric solutions using polyamide and polyester filaments combined with polyurethane chemistry. Its products are engineered to deliver key performance characteristics such as high tensile strength, tear resistance, abrasion resistance, breathability, comfort, and waterproofing.
With expertise spanning more than three decades, Kusumgar has built a portfolio of over 1,000 unique Stock Keeping Units (SKUs) as of March 31, 2026. Its products serve diverse sectors, including aerospace and defence, industrial and automotive applications, and outdoor and lifestyle markets.
Kusumgar operates an integrated manufacturing ecosystem covering the entire production cycle, including preparatory processes, weaving, dyeing, printing, finishing, coating, lamination, and fabrication.
The company has seven manufacturing facilities — six located in Gujarat and one fabrication unit in Uttar Pradesh. These facilities are supported by modern infrastructure, advanced manufacturing technology, and dedicated research and development capabilities.
Kusumgar has delivered steady financial growth in recent years, supported by expansion across its core business segments. The company's revenue from operations increased to Rs 692 crore in FY26, compared with Rs 467.9 crore in FY24. Profitability also improved, with net profit rising to Rs 98.2 crore in FY26 from Rs 84.3 crore in FY24. The growth reflects the company's expanding customer base, operational efficiencies, and increasing demand for specialised engineered fabric solutions.
The Kusumgar IPO was managed by Axis Capital Limited, IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited, which acted as the Book Running Lead Managers for the issue.
Bigshare Services Private Limited served as the registrar to the IPO.
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