Kusumgar IPO Day 1: Issue opens today. GMP hints 40% listing pop. Should you apply or not?

Kusumgar's IPO opened for subscription on July 8, 2026, with a price band of up to Rs 419 per share, after raising around Rs 193.9 crore from anchor investors including BlackRock, Goldman Sachs, and Kotak Mahindra Life Insurance. Grey market premium of Rs 168 points to an estimated 40 percent listing gain at around Rs 587, though brokerage Swastika Investmart flagged sharply declining RoNW from 86.13 percent in FY24 to 25.82 percent in FY26. The issue is a 100 percent offer-for-sale, meaning no fresh capital is being raised by the company.