Kusumgar IPO sees 13.13x demand; issue closes July 10

Subscription jumps by Day 2 as bids cross 15 crore shares

Kusumgar’s initial public offer drew bids for 15,05,57,085 shares against 1,14,68,094 shares on offer, according to stock exchange data at 17:00 IST on Thursday, 9 July 2026. This translated into an overall subscription of 13.13 times.

The strong Day 2 build-up follows an active first day of bidding after the IPO opened on 8 July 2026. The offer remains open until 10 July 2026, keeping the subscription window available for investors for one more day after the July 9 update.

Issue timeline: open July 8, close July 10, listing expected July 15

The IPO opened for subscription on 8 July 2026 and is scheduled to close on 10 July 2026. Post close, the basis of allotment is expected to be finalised on 13 July 2026.

As per the schedule provided, successful applicants are expected to receive shares in their demat accounts on 14 July 2026. The equity shares are proposed to be listed on BSE and NSE on 15 July 2026.

Price band, lot size and minimum investment

Kusumgar has fixed the IPO price band at ₹398 to ₹419 per share. Investors can bid for a minimum of 35 equity shares and in multiples thereafter.

At the upper end of the band, the minimum retail application size works out to ₹14,665 for one lot of 35 shares. The application process is available via ASBA or UPI-supported IPO applications offered by registered brokers and banks.

Offer structure: ₹650 crore issue, entirely Offer for Sale

The company plans to raise ₹650 crore through the IPO. The issue consists entirely of an Offer for Sale (OFS), implying that no fresh shares are being issued and the company will not receive proceeds from the offer.

At the upper price band of ₹419, the OFS size is stated as 1,55,13,126 shares. Since it is an OFS, the selling shareholders are offering their shares to the market.

Employee reservation and discount

Kusumgar has provided for a discount for eligible employees. Employees will receive a discount of ₹39 per share on the final issue price.

The company has also reserved shares worth ₹3.5 crore for eligible employees, as stated in the offer details.

What early-day data indicated: fully subscribed within hours on Day 1

Multiple data points in the provided information show how quickly demand built up. On the opening day, the IPO was reported as being fully subscribed within two hours, and the ₹650 crore issue was stated to be fully booked by 11:55 am, based on NSE data.

Another Day 1 snapshot cited total bids of 1,31,99,375 shares against 1,14,68,094 shares offered across categories, indicating an overall subscription of nearly 1.15 times at that stage. These Day 1 figures set the context for the sharper acceleration in bidding that led to the 13.13x subscription reported by 5 pm on July 9.

Category-wise subscription snapshots reported by trackers

Different tables in the provided data show category-level subscription at different times. One table (labelled “As of 09 Jul, 2026”) reported the following subscription levels: QIB 1.66x, Retail 7.26x, NII 23.22x, Others 3.01x, for a Total of 9.03x.

A separate line in the supplied information also states: “Kusumgar Limited IPO is subscribed 13.13x overall so far.” Since the numbers appear with different timestamps, readers should treat them as point-in-time updates rather than a single consistent final figure.

Subscription (day-wise) as provided

Grey Market Premium (GMP): strong, but unofficial and variable

The data provided includes several Grey Market Premium (GMP) readings from different sources and dates. One set of figures lists ₹160 as GMP, with an “Estimated Listing Gain” of +38.19%, and a derived expected price example of ₹579 (₹419 issue price + ₹160 GMP).

Other GMP points mentioned include ₹168 (cited as indicating around 40.1% potential gain over the upper price band), along with “GMP today” values such as ₹152, ₹151.25, and a daily tracker showing ₹171 (6 July), ₹160 (7 July), and earlier values like ₹140, ₹135, and ₹110.

All the sources also carry the same caveat: GMP is unofficial and not a guarantee of listing price.

Key IPO details at a glance

Market impact: what the numbers show so far

The most direct market signal in the provided information is the pace of subscription. By the evening of 9 July 2026, exchange data indicated 13.13x subscription, supported by bids for 15,05,57,085 shares against 1,14,68,094 shares on offer.

The category mix also matters for how demand is interpreted. The supplied category data shows NII subscription (23.22x in one snapshot) running well ahead of other segments, while QIB participation rises materially from Day 1 to Day 2 in the day-wise table. Retail subscription is also shown increasing from 3.52x on Day 1 to 7.26x by Day 2 in the tracker table.

GMP readings, where cited, suggest optimistic expectations in the unofficial market. But since GMP is not regulated and can change quickly, it should be treated as sentiment data rather than a forecast.

Why this IPO structure matters: OFS vs fresh issue

Because the Kusumgar IPO is described as entirely an OFS, the company does not receive the ₹650 crore as new capital. That distinction is central when investors evaluate how the IPO may affect business funding needs, balance sheet changes, or expansion plans, because the proceeds accrue to selling shareholders.

Separately, the employee discount of ₹39 per share and the employee reservation of shares worth ₹3.5 crore are designed to facilitate participation from eligible employees at a lower effective purchase price than the final issue price.

Conclusion

Kusumgar’s IPO has drawn heavy bidding interest by Day 2, with exchange data showing 13.13x subscription as of 5 pm on 9 July 2026. The issue remains open until 10 July 2026, with the basis of allotment expected on 13 July, demat credit on 14 July, and listing proposed for 15 July 2026 on BSE and NSE.