Kusumgar IPO: 129x Subscription, Listing Due July 15

Kusumgar IPO heads to listing after heavy subscription

Kusumgar’s initial public offering is set to list on the NSE and BSE on Wednesday, July 15, following a strong response from investors. The basis of allotment is expected to be finalised on July 13, 2026. The public issue ran from July 8 to July 10, 2026. Market attention has stayed on subscription figures and grey market signals, both of which remained elevated through the bidding window. The IPO is priced in a band of ₹398 to ₹419 per share, and the listing estimates circulating in the market are largely derived from the upper end of this band. While grey market premium (GMP) numbers have been cited widely, they remain unofficial indicators and not a guarantee of listing-day performance.

Issue size, structure, and price band

Kusumgar’s IPO size is ₹650 crore. The issue is entirely an Offer for Sale (OFS), with promoters Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF selling shares. The price band is ₹398 to ₹419 per share, with several market trackers using the ₹419 cap price for implied listing price calculations. Because the issue is an OFS, proceeds go to selling shareholders rather than the company, which is an important distinction for investors assessing the use of funds. The company is described as a Gujarat-based engineered fabrics manufacturer in the information available from the IPO coverage.

Subscription jumps to 128.85x: what the numbers show

The IPO drew bids far above the shares on offer. Data points reported include bids for 147.76 crore shares against 1.14 crore shares available, translating into an overall subscription of 128.85 times. Another reported tally showed total bids of 14,73,48,635 shares against 1,14,68,094 shares on offer across categories, which also implies a similar multiple. These figures indicate broad participation and aggressive bidding compared with the supply available in the issue. The headline subscription number of 128.85x has been repeatedly cited in coverage around the close of the issue.

Segment demand: NII participation stands out

Within category-wise demand, the non-institutional investor (NII) portion was highlighted as the standout performer in the available data. The NII category was reported subscribed 36.10 times near the close on the second day of bidding. Within NIIs, applications above ₹10 lakh were subscribed 36.68 times, while the ₹2 lakh to ₹10 lakh bracket was subscribed 34.94 times. These segment indicators are often tracked closely because they show how aggressively leveraged or high-ticket bids are coming in during IPOs. However, strong NII participation alone does not determine listing-day outcomes, especially when broader market conditions shift.

GMP signals: a range of unofficial listing expectations

The Kusumgar IPO’s grey market premium has been reported at multiple levels across different days and sources. GMP was cited around ₹160 per share in several updates, with one reference stating it was ₹160 on the morning of July 9. Another data point pegged the GMP at ₹158 per share (Friday morning), and a separate update mentioned ₹165 as of July 10 at 4:30 p.m. One report also noted the GMP peaked at ₹171 on July 5, ahead of the IPO. As of July 14, 2026 (8:15 PM IST), the latest available GMP cited was ₹154 per share. Since GMP is unofficial and can change quickly, these values are best read as sentiment indicators rather than forecasts.

Implied listing price calculations based on cap price

Several implied listing prices were cited using the upper price band of ₹419 plus the reported GMP. At a GMP of ₹160, an estimated listing price of around ₹579 per share was cited, indicating a potential listing gain of nearly 38.19%. At a GMP of ₹158, the implied listing price was around ₹577, a potential gain of about 37.7%. Another update used GMP of ₹159 to estimate ₹578 and a listing gain of around 37.95%. With GMP at ₹165, the implied price was ₹584, and the estimated listing gain mentioned was 39.38%. With the GMP at ₹154 on July 14, the indicative listing price cited was ₹573 (₹419 + ₹154). These are arithmetic estimates that depend entirely on the GMP figure at the time.

Key dates investors are tracking

The operational timeline has been consistent across updates. The IPO opened on July 8 and closed on July 10, 2026. The basis of allotment is expected on July 13, 2026. Shares are scheduled to list on the NSE and BSE on July 15, 2026. For investors, these dates drive the post-issue flow: allotment confirmation, refunds or unblocking of funds (where applicable), demat credit, and finally the market debut.

Valuation and broker commentary cited during the issue

One brokerage note cited in the available information is from SBI Securities, which recommended subscribing for the long term. The rationale mentioned included high entry barriers, strong technical capabilities in engineered fabrics, and co-development partnerships with global clients. On valuation, analysts noted the stock is valued at a FY26 P/E of 44.8x at the upper price band, which was described as higher than peers. The same commentary argued the valuation is supported by superior EBITDA margins of 27.1% and growth prospects, including benefits linked to India’s free trade agreements. These points were presented as supporting context for the premium valuation, based on the reported coverage.

Table: Kusumgar IPO snapshot

Table: GMP and implied listing price references (unofficial)

Market impact: what investors should watch on listing day

The combination of 128.85x subscription and elevated GMP readings has kept expectations for a strong debut in focus. At the same time, multiple reports explicitly caution that GMP is unofficial and should not be treated as a reliable predictor of listing performance. For market participants, the most observable signals on listing day will be the opening price relative to the ₹419 cap price, traded volumes, and whether buying demand sustains after the initial prints. Since the issue is an OFS, investor discussion may also focus on how the market interprets promoter selling alongside the reported demand.

Conclusion

Kusumgar’s ₹650-crore IPO is moving into the allotment and listing phase with an overall subscription of 128.85x and grey market indicators that have implied high-30% potential listing gains at various points. The basis of allotment is expected on July 13, with the stock scheduled to debut on the NSE and BSE on July 15. GMP levels have fluctuated between the mid-₹150s to the low-₹170s in the reported updates, and investors will be watching how that sentiment translates into actual listing-day pricing and liquidity.