Engineered Fabrics Firm Eyes ₹650 Crore IPO

Kusumgar Ltd.'s initial public offering (IPO) entered its second day of subscription on July 10, 2026, with a closing date of July 11, 2026. The company intends to raise ₹650 crore solely through an offer for sale (OFS), setting the price band at ₹398 to ₹419 per share. Proceeds from this offer will go to selling shareholders, as no fresh capital is being raised.

Anchor investors, including major funds like BlackRock and Goldman Sachs, had previously subscribed to 46,28,877 equity shares at ₹419 each, raising ₹193.9 crore. The allocation strategy reserves up to 50% for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors, and at least 35% for retail investors.

Kusumgar, a developer of over 1,000 unique fabric types, supplies engineered fabrics for aerospace, defense, industrial, automotive, and lifestyle sectors. Recently, it has expanded into manufacturing finished products such as parachute systems and stealth materials.

Despite its product diversification, some analysts express a cautious long-term view, citing a weakening financial performance in recent years, including declining revenue and earnings per share. The IPO is scheduled to list on the BSE and NSE on July 15, 2026.