Kusumgar IPO GMP Slips As Issue Enters Day 2, Check Latest Subscription Status And Other Details

Kusumgar IPO GMP: The grey market premium (GMP) of Kusumgar’s shares slipped as the company's initial public offering (IPO) entered the second day of bidding on July 9, 2026. Despite the slight cooling in the grey market, investor response to the issue has remained strong, with healthy demand across all investor categories, led by non-institutional investors (NIIs).

Kusumgar manufactures engineered synthetic fabrics and serves sectors such as aerospace and defence, industrial and automotive, and outdoor and lifestyle. The company has developed more than 1,000 fabric variants and has expanded into finished aerospace and military products including parachute systems, stealth materials, camouflage nets and rapid deployment systems.

The company had already raised Rs 193.95 crore from anchor investors on July 7 by allotting 46,28,877 shares at Rs 419 apiece. Around 67.55 per cent of the anchor book was allotted to domestic mutual funds through 18 schemes, while 6.67 per cent went to two life insurance companies.

Kusumgar IPO Subscription Status: Day 2

As of 2:29 PM on July 9, the Kusumgar IPO had been subscribed 10.39 times overall, reflecting strong investor interest on the second day of bidding.

The NII category continued to lead demand, with subscriptions reaching 27.15 times. Within this segment, the bNII portion was subscribed 27.44 times, while the sNII category was subscribed 26.57 times.

The retail investor portion was subscribed 8.25 times, the qualified institutional buyer (QIB) category was subscribed 1.76 times, and the employee reservation portion received bids for 3.39 times the shares on offer.

Overall, investors bid for 11,30,60,010 shares against the 1,08,84,249 shares available across categories.

Kusumgar IPO Details

Kusumgar IPO is a book-built issue worth Rs 650 crore and consists entirely of an offer for sale (OFS) of 1,55,13,126 equity shares.

As the issue is completely an OFS, the company will not receive any proceeds from the IPO. The entire amount will go to the selling shareholders.

The selling shareholders are promoter Siddharth Yogesh Kusumgar, who is selling shares worth up to Rs 420 crore, promoter Sapna Siddharth Kusumgar, who is offloading shares worth up to Rs 200 crore, and Siddharth Yogesh Kusumgar (HUF), which is selling shares worth up to Rs 30 crore.

The IPO opened on July 8 and will close on July 10.

The price band has been fixed at Rs 398 to Rs 419 per share. Investors can apply in lots of 35 shares. At the upper price band, the minimum investment for retail investors is Rs 14,665.

The basis of allotment is expected to be finalised on July 13. Refunds and release of blocked funds are likely on July 14. Shares will also be credited to successful applicants' demat accounts on July 14, while the stock is scheduled to list on the BSE and NSE on July 15.

Axis Capital, IIFL Capital Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue, while Bigshare Services is the registrar.

Kusumgar IPO GMP Today

The latest grey market premium (GMP) stood at Rs 155 per share as of 1:32 PM on July 9, down from Rs 160 a day earlier and Rs 168 before the issue opened.

Based on the upper price band of Rs 419 and the current GMP, the estimated listing price is around Rs 574 per share, indicating a potential listing gain of nearly 37 per cent.

The GMP trend has remained strong in the run-up to the IPO, although it has eased slightly over the past few sessions.

Kusumgar’s Financial Performance

Kusumgar reported total income of Rs 711.78 crore in FY26, compared with Rs 790.21 crore in FY25 and Rs 474.55 crore in FY24.

Profit after tax declined to Rs 98.20 crore in FY26 from Rs 111.99 crore in FY25. The company had reported a PAT of Rs 84.40 crore in FY24.

Ebitda stood at Rs 187.85 crore in FY26, nearly flat compared with Rs 188.39 crore in FY25, while it was Rs 131.85 crore in FY24.

As of March 31, 2026, total assets stood at Rs 905.07 crore. Net worth was Rs 502.95 crore, reserves and surplus were Rs 491.05 crore, while total borrowings stood at Rs 223.58 crore.

The company reported a return on equity (ROE) of 25.82 per cent, return on capital employed (ROCE) of 24.76 per cent, debt-to-equity ratio of 0.44, return on net worth (RoNW) of 25.82 per cent, PAT margin of 13.80 per cent, EBITDA margin of 27.15 per cent and a price-to-book value of 8.45.

Its pre- and post-IPO earnings per share (EPS) stand at Rs 9.35, while the price-to-earnings (P/E) ratio is 44.8 times. Promoter shareholding will decline from 90.48 per cent before the issue to 74.71 per cent after the IPO. At the upper end of the price band, the company's implied market capitalisation is around Rs 4,399.14 crore.