Kusumgar IPO Day 3: Subscription hits 58.53x so far

What’s happening on Day 3

Kusumgar Ltd’s mainboard IPO, open from July 8 to July 10, saw bidding accelerate sharply by Day 3, with data showing heavy oversubscription across investor categories. As per BSE data cited in the provided information, the issue was subscribed 58.53x on Day 3 so far. The bid build indicated particularly strong interest from Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs). Retail participation was also strong, with the retail bucket seeing a multi-times subscription. The issue is a book-built public issue and includes a lot size of 35 shares.

Key offer details investors are tracking

The Kusumgar IPO is described as a public issue (book building) of ₹650.00 crore. It is also described as a fresh issue of 1.55 crore shares. The price band is stated as ₹398 to ₹419 per equity share, with the upper price used in anchor allocation details. At the upper price band, the minimum retail application works out to ₹14,665 for one lot of 35 shares.

Anchor book: ₹193.95 crore raised before opening

Ahead of the public bidding window, Kusumgar raised ₹193.95 crore from anchor investors. The anchor allocation includes 46,28,877 shares at ₹419 per share, as stated in the provided data. The anchor investor list mentioned in the provided material includes names such as BlackRock Global Funds – India Fund, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, and Kotak Mahindra Life Insurance Company, among others.

Subscription snapshots across the three days

Different intra-day snapshots were provided for earlier days, showing a steady build-up in demand. On Day 1, one snapshot (10:44:38 AM) showed overall subscription of 0.57x, with Retail at 0.69x, QIB (ex-anchor) at 0.00x, and NII at 1.07x. Another Day 1 snapshot (12:08 PM) reported the IPO subscribed 1.14x overall, with RIIs at 1.49x, NIIs at 2.48x, and QIBs yet to see bids in that snapshot. By Day 2 (Jul 09, 2026 18:54), one update showed the IPO subscribed 13.91x, with QIB at 2.30x, NII at 38.71x, retail at 10.08x, and employee reservations at 4.12x.

Day 3 demand: NII and QIB books dominate

On Day 3, the strongest headline number in the provided data was the BSE snapshot showing overall subscription at 58.53x so far. In the same snapshot, the retail portion was subscribed 20.23x, the NII portion was booked 127.77x, and the QIB portion received 75.16x bids. The employee portion was booked 7.94x. According to the same BSE data point, bids were received for 67,12,65,035 shares against 1,14,68,094 shares on offer at 13:48 IST.

Reservation structure and category split

The allocation structure in the provided information states that up to 50% of the issue is reserved for QIBs, at least 15% for NIIs, and at least 35% for retail investors. Another set of share-offer details in the provided data states that the IPO offers 15,513,126 shares, with 3,085,919 (19.8923%) for QIB, 2,314,439 (14.9192%) for NII, 5,400,358 (34.8115%) for retail, and 30.38% to Others. A separate breakup in the same material also notes that, out of 15,513,126 shares, approximately 19.98% are reserved for QIB, 14.92% for NII, 34.82% for retail, 0.59% for employees, and 30.02% for anchor investors.

Quick table: Key factual numbers mentioned

Timelines: closing, allotment, and listing dates

The issue closes on July 10, 2026, which is the last day to apply, as stated in the provided content. One IPO timeline in the provided information mentions Basis of Allotment: July 13, 2026. On listing, the provided content contains two different references: one line says listing is scheduled for July 15, while another timeline block states Listing Date: July 13, 2026 for trading on BSE and NSE. These dates are presented as they appear in the provided material.

Why the subscription mix matters

The Day 3 snapshot highlights that demand was strongest in the NII category, followed by the QIB book, with retail also showing high participation. Earlier Day 1 updates showed QIB bidding was initially muted in some snapshots, while NIIs led demand early. By Day 2, the build-up across categories was visible in the double-digit overall subscription figures shared in the provided updates. The anchor allocation and the presence of large institutional names are also notable because the anchor book was fully allotted at the upper price mentioned.

Conclusion

Kusumgar’s IPO drew strong demand through the bidding window from July 8 to July 10, supported by a ₹193.95 crore anchor book and heavy Day 3 bidding led by NIIs and QIBs. Investors tracking the next steps will focus on the stated allotment date of July 13 in the provided timeline, and the listing date references mentioned (July 13 and July 15) in the available material.