The primary market will see limited mainboard activity next week, with Kusumgar set to be the key IPO to watch. The engineered fabrics maker will open its Rs 650 crore public issue for subscription on July 8 and close it on July 10. In the grey market, the company's shares are already commanding a GMP of 33% over the issue price.
The issue is entirely an offer for sale of 1.55 crore shares, which means the company will not receive any fresh funds from the IPO. The proceeds will go to the selling shareholders. Kusumgar has fixed the price band at Rs 398 to Rs 419 per share. At the upper end of the price band, the issue size stands at Rs 650 crore. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of July 15.
