Kusumgar IPO Day 2: Check Latest GMP, subscription status, and other details - Apply or not?

Kusumgar Ltd's Rs 650 crore IPO, a 100% offer for sale of 1.55 crore shares priced between Rs 398 and Rs 419, was subscribed 3.68 times on Day 1, with retail portion at 3.77x and NII at 7.77x while QIBs bid 0.50x. Grey market premium stood at around Rs 160, hinting at a potential listing price near Rs 579, a premium of over 38% on the upper band. Brokerages are split, with Geojit recommending subscribe on strong fundamentals and FTA-driven export potential, while Swastika Investmart flagged weakening financials including RoNW dropping from 86.13% in FY24 to 25.82% in FY26 and advised caution beyond listing gains.