Kusumgar IPO Closes at 128.85x Subscription; 39% GMP Signals Strong Listing Gain on July 15

By Danny Kontos

July 11, 2026

08:21 PM

3 min read

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Key Points

Kusumgar IPO closed 128.85x oversubscribed on July 10 with Rs 650 crore size.

QIBs led demand at 284.10x subscription, driving strong institutional interest.

Grey market premium of 39% or Rs 163 suggests estimated listing price of Rs 582 on July 15.

Retail allotment odds stand at 1 in 22 due to high oversubscription across all categories.

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The Rs 650-crore Kusumgar IPO closed on July 10 with exceptional demand, attracting 128.85 times subscription across all investor categories. Qualified Institutional Buyers (QIBs) drove the surge, subscribing their quota 284.10 times. The grey market premium stands at Rs 163, or 39% above the upper price band of Rs 419, implying an estimated listing price of Rs 582 when shares debut on July 15.

Kusumgar IPO closes with record QIB interest

The Rs 650-crore IPO received bids for 1,47,76,17,435 shares against 1,14,68,094 shares on offer, according to NSE data. QIBs led the charge with 284.10 times subscription, while non-institutional investors subscribed 165.46 times and retail investors 26.47 times. The issue was fully subscribed on its first day, July 8, reflecting strong institutional confidence in the engineered fabric manufacturer.

Grey market premium signals 39% listing gain

The grey market is pricing Kusumgar shares at Rs 582, up Rs 163 from the upper price band of Rs 419. This 39% grey market premium is the highest among current IPOs, outpacing SBI Funds Management (16% GMP) and Laser Power & Infra (15-16% GMP). GMP is unofficial and volatile, but reflects strong pre-listing sentiment.

Allotment and listing timeline

The basis of allotment is scheduled for July 13, with shares expected to list on NSE and BSE on July 15 at 10 am. Allotted shares will reflect in demat accounts on July 14. Retail investors face tough odds, with estimated allotment chances of 1 in 22, while BHNI applicants have 1 in 37 odds. Non-allotted amounts will be refunded on July 14.

Kusumgar IPO is entirely offer-for-sale

The Mumbai-based firm receives no proceeds from this IPO. All funds go to selling shareholders, as the issue is 100% offer-for-sale (OFS). This structure means the company’s balance sheet remains unchanged, and investor returns depend entirely on market sentiment and the company’s operational performance post-listing.

Final Thoughts

Kusumgar’s 128.85x subscription and 39% GMP reflect strong institutional appetite, but grey market premiums are unofficial and volatile. Investors should evaluate the company’s fundamentals, valuation, and long-term growth prospects before betting on listing gains.

FAQs

What does Kusumgar’s 39% GMP mean for listing day?

The grey market premium of 39% suggests shares may list around Rs 582, up Rs 163 from the Rs 419 issue price. However, GMP is unofficial and not guaranteed.

Why did QIBs subscribe Kusumgar 284 times?

QIBs saw strong institutional demand, likely driven by the company’s business model, sector outlook, and valuation. High subscription reflects confidence, not guaranteed returns.

What are my allotment chances in Kusumgar IPO?

Retail investors face 1 in 22 odds, BHNI 1 in 37, and SHNI 1 in 137. High oversubscription makes allotment difficult across all categories.

When will Kusumgar shares list and when do I get refunds?

Shares list on July 15 at 10 am. Allotted shares appear in demat on July 14. Non-allotted amounts are refunded on July 14.

Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.

About Author

Danny Kontos

Co Founder

Danny Kontos has been a stock investor since 2007 and co-founded Meyka in 2023. He keeps a small, focused portfolio and only moves when the numbers are hard to argue with. He has waited years on a single position before. Before Meyka, he ran a web hosting company and a mortgage lending platform, so he knows what a well-run business actually looks like under the hood. This article did not come from a news cycle. It came from someone who has been watching this space for a long time.