Kusumgar IPO Day 3: Issue subscribed 13.13x so far. GMP hints 38% listing pop. Apply or not?

The Kusumgar IPO was subscribed 13.13 times on Day 3, with grey market premium of plus 158 indicating an estimated listing price of about Rs 577 against the upper price band of Rs 419, a potential 37.71 percent gain. The woven and engineered synthetic fabrics maker raised Rs 193.9 crore from anchor investors, attracting marquee names like BlackRock Global Funds India Fund, Goldman Sachs India Equity Portfolio, and Kotak Mahindra Life Insurance. The entire issue is an Offer for Sale with no fresh capital raised, and brokerages including Nirmal Bang, SBICAP Securities, ICICI Securities, and Swastika Investmart have assigned Subscribe ratings; the tentative listing date is 15 July 2026.