Kusumgar IPO subscription climbs to 4.72x on Day 2

What the latest subscription numbers show

Kusumgar Limited’s IPO continued to attract bids on Day 2, with demand concentrated in the non-institutional segment. As per the Day 2 live update shared in the data, the issue was subscribed 4.72 times by 10:20 am on Day 2. The same update showed retail subscription at 4.55x, NII at 10.85x, QIB at 0.50x, and the employee portion at 2.10x.

The demand translated into bids for 5.13 crore shares against 1.08 crore shares on offer, based on the figures provided in the Day 2 snapshot. For readers tracking momentum, this is a clear step-up from the previous day’s closing snapshots, which were reported at multiple time stamps by different trackers.

Day 1: multiple snapshots as bidding progressed

Day 1 subscription data in the provided material includes more than one reading, reflecting different cut-off times and sources. One update said the IPO was subscribed 3.68x as of Jul 08, 2026 18:54, with category break-up of QIB 0.50x, NII 7.77x, retail 3.77x, and employee 1.82x.

Another set of figures stated that by 5:00 PM (based on NSE data), bids were 3,94,48,955 against 1,14,68,094 shares offered, implying an overall subscription of 3.44x. In that same snapshot, NIIs led at 7.32x, retail at 3.50x, and employee at 1.69x.

Separately, a Day 1 “subscription update” section showed Total 3.61x, with Retail 3.68x, HNI/NII 7.69x, and QIB 0.50x, along with 4,73,024 total applications. Another table for Day 1 (dated 08-07-2026) showed Total 3.45x, with QIB 0.47x, RII 3.52x, and NII 7.35x.

Category-wise demand: NII strong, QIB still light

Across the various Day 1 and early Day 2 updates, the NII segment consistently led subscription. Day 2’s early figure of 10.85x in NII shows that high net worth and other non-institutional demand remained the key driver.

Retail demand also stayed firm, with retail subscription reported between 3.38x to 3.77x on Day 1 depending on the time of measurement, and 4.55x by 10:20 am on Day 2 in the live snapshot.

QIB participation remained relatively low in the available data, ranging from 0.47x to 0.50x in the reported snapshots. This matters because QIB bidding often picks up later in the window, but the provided text only confirms the subscription levels at the cited times and does not provide a final-day picture.

IPO dates, size, and price band

The IPO is open for subscription from July 8, 2026, to July 10, 2026. The price band is stated as Rs 398-419 per share.

The material describes the IPO as an offer for sale of up to Rs 650.0 crore, and also states the issue consists of 15,513,126 shares. Day 1 reporting also referenced category-wise shares “offered across all categories” of 1,14,68,094, based on the NSE bid comparison shared in the data.

Share reservation and category allocation details

The content includes two ways of describing allocation.

One section states category allocations as QIB 50%, retail 35%, and NII 15%. Another section provides a more granular split of the 15,513,126 shares: 3,085,919 shares (19.8923%) to QIB, 2,314,439 (14.9192%) to NII, 5,400,358 (34.8115%) to RII, and 30.38% to Others.

A separate “shares offered” table lists: QIB 32,48,743, RII 56,85,302, NII 24,36,558, and Employee Reserved 97,491. These figures align with the NSE snapshot’s total “shares offered” figure of 1,14,68,094 mentioned in the Day 1 update.

What subscription multiples mean for applicants

The provided material explains the subscription metric directly: the “Subscription (x)” figure shows how many times a category has been bid relative to the shares reserved for it. For example, 2x subscription in retail indicates bids for twice the retail-reserved shares.

For investors, the key takeaway from the data is the shape of demand. NII bidding has been the most aggressive in the available snapshots, while QIB demand has been below 1x at the reported times. Retail demand is meaningfully above 1x, which indicates broad participation.

Grey market indicators mentioned in the data

The text also references grey market indicators. It states that Kusumgar IPO GMP crosses 40% and separately lists a “current GMP” of Rs 151.75.

These figures are included as they appear in the provided material. However, grey market premium is not an official exchange metric and does not change the confirmed exchange-reported subscription numbers.

Market impact: what participants are watching

The most immediate market signal in the provided data is the concentration of bidding in NIIs and retail, with relatively muted QIB participation at the reported times. Another “live” tracker line in the material also states “Kusumgar Limited IPO is subscribed 11.31x overall so far,” indicating that some subscription dashboards may show higher real-time readings than the early Day 2 snapshot cited at 10:20 am.

For applicants, the confirmed points from the material are the IPO window (July 8 to July 10), the price band (Rs 398-419), the reported Day 1 range around the mid-3x level, and the early Day 2 update of 4.72x at 10:20 am with NII leading.

Key numbers at a glance

Conclusion

Kusumgar Limited’s IPO subscription moved higher on Day 2, with the issue reported at 4.72x by 10:20 am, driven primarily by NII demand and steady retail participation. Day 1 data points showed overall subscription in the 3.4x to 3.7x range across different time stamps, while QIB bidding stayed below 1x in the published snapshots.

The offer remains open until July 10, 2026, and the next set of confirmed updates will come from Day 2 and Day 3 category-wise exchange data once published in the sources tracking the issue.