Kusumgar shares made a strong market debut at nearly 37 premium over its initial public offering (IPO) price, following a bumper 128.85 times subscription to the issue between July 8-10 in the primary market.


Shares of Kusumgar were listed at Rs 569 per share on the NSE, a healthy premium of 35.80 percent. The Rs 650-crore IPO price band was fixed at Rs 398 to Rs 419 per share.

On the BSE, the shares of the company were listed at Rs 574 per share, a strong premium of 36.99 percent. The company's market capitalisation post listing of shares stood at Rs 6,026.50 crore.

Kusumgar market debut was almost at par with the expectations in the grey market, which had anticipated a listing gain of around 38 percent.

Earlier, the firm garnered Rs 193.9 crore from anchor investors.

Founded in 1990, Kusumgar Ltd manufactures woven, coated and laminated synthetic fabrics, known as engineered fabrics. The company primarily produces aerospace and defence fabrics, industrial and automotive fabrics, and outdoor and lifestyle fabrics.