Kusumgar IPO Day 2 Update: 38% GMP Reflects Positive Market Sentiment

Kusumgar IPO enters Day 2 of bidding on July 9, 2026, backed by strong investor demand. The ₹650 crore issue closed Day 1 subscribed 3.66 times across all investor categories. Grey Market Premium stood at ₹156 per share, implying a 37.23% listing gain. That places the current GMP near the 38% mark reflected in today’s market sentiment. The issue runs through July 10, 2026, with listing expected on July 15. Here’s a full breakdown of where the Kusumgar IPO stands entering Day 2.

Kusumgar IPO GMP Trend Heading Into Day 2

Kusumgar IPO’s Grey Market Premium has fluctuated between ₹92 and ₹173 over the past week. GMP peaked at ₹171 on July 6, then eased to ₹156 by Day 1’s close. That ₹156 premium over the ₹419 upper price band implies a 37.23% potential listing gain.

• GMP range this week: ₹92 to ₹173
• Day 1 close GMP: ₹156, implying 37.23% gain
• Indicative listing price: approximately ₹575 per share
• Issue price band: ₹398 to ₹419 per share

This near-38% premium signals investors still expect a strong listing despite the slight GMP dip. Grey market premium remains unofficial and can shift again before the July 15 listing date.

Kusumgar IPO sees strong demand on Day 1: Issue subscribed 3.45x, GMP up 38% https://t.co/9wfaOwEieR

— Financial Express (@FinancialXpress) July 8, 2026

Why GMP Cooled Slightly From Its Peak

GMP touched its weekly high just before subscription opened, then moderated as bidding began. This pattern is common once an issue moves from anticipation into actual subscription. Broader market volatility this week may have also tempered grey market enthusiasm slightly.

Despite the pullback, Kusumgar’s GMP remains comfortably in double-digit percentage territory. That resilience suggests underlying demand has not meaningfully weakened heading into Day 2 trading.

Day 1 Subscription Numbers In Detail

Kusumgar IPO was fully subscribed within two hours of opening on July 8, 2026. By day’s end, the issue recorded an overall subscription of 3.66 times across all categories. Retail investors led early demand, while non-institutional investors dominated by session close.

• Overall subscription: 3.66 times
• Retail Individual Investors (RII): 3.73 times
• Non-Institutional Investors (NII): 7.75 times
• Qualified Institutional Buyers (QIB): 0.5 times

QIB participation typically stays muted early, then accelerates on the final subscription day. Day 2 and Day 3 numbers will show whether institutional investors follow that familiar pattern here.

What Strong NII Demand Signals

Non-institutional investors subscribed 7.75 times their allotted quota by Day 1’s close. That figure significantly outpaced both retail and QIB participation during the same window. High NII demand often reflects confidence from wealthier individual investors betting on listing gains.

This NII-led pattern mirrors many recent mainboard IPOs with strong grey market premiums. It also suggests Day 2 could see continued momentum before QIBs typically join on Day 3.

Kusumgar’s Business And Financial Backdrop

Kusumgar Limited manufactures engineered synthetic fabrics for aerospace, defence, automotive, and industrial applications. Founded in 1990, the company has developed more than 1,000 unique fabric variants across four business segments. Its FY26 EBITDA margin of 27.15% ranks highest among listed Indian textile peers.

• FY26 revenue: ₹711.78 crore
• FY26 net profit: ₹98.20 crore
• FY26 EBITDA margin: 27.15%
• Export contribution: nearly 40% of FY26 contract revenue

Revenue and profit both declined roughly 11-12% year-on-year in FY26, following an exceptionally strong FY25. Analysts attribute that dip to deferred defence orders and export-related tariff pressures during the year.

Final Thoughts

Kusumgar IPO’s Day 2 update shows a 37.23% GMP-implied gain alongside strong 3.66 times overall Day 1 subscription. Non-institutional investor demand at 7.75 times stood out as the strongest category through Day 1. With bidding open until July 10, 2026, investors will watch whether QIB participation accelerates on the final day. Anyone tracking Kusumgar IPO alongside other 2026 mainboard listings should monitor final subscription numbers before the July 15 listing.

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