Kusumgar IPO Day 2: GMP at 38%, Rs 650-crore issue sees strong investor interest

The Kusumgar IPO received a strong response on Day 1, with the issue subscribed 3.45 times on the back of robust retail (3.52x) and NII (7.35x) participation. The Rs 650-crore Offer for Sale is priced at Rs 398-419 per share, and grey market premium stands at about Rs 160, indicating an estimated listing price of around Rs 579. The company, a manufacturer of engineered synthetic fabrics, posted FY26 revenue of Rs 692 crore and net profit of Rs 98.2 crore, with shares set to debut on July 15, 2026.