Kusumgar Ltd., a Gujarat-based manufacturer of engineered fabrics, reported that its initial public offering reached an overall subscription of 12.85 times by the close of bidding on Thursday.
This marks a substantial acceleration from the first day, when the issue had subscribed 3.67 times against the available quota, according to data from Hindu Businessline.
The surge in demand was primarily driven by the non-institutional investor (NII) category, which recorded a subscription of 36.10 times.
This strong retail interest contrasts with the broader divergence seen in India’s primary market, where other recent listings have faced sluggish starts.
The robust response from individual investors suggests confidence in the company’s valuation and growth prospects within the specialized textiles sector.
Thursday marked the second of three bidding days for the offering.