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Indian stationery giants Flair, DOMS look to write IPO success stories

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Gaurav Tyagi

29 reads
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Vidhya Sivaramakrishnan

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Gaurav Tyagi

29 reads
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Vidhya Sivaramakrishnan

24 reads

Flair and DOMS trace their roots back to India’s west coast in the mid-1970s. Since then, their paths—which have led them to the top of India’s stationery space—have run alongside one another. Now, the two companies are hoping to pen the next chapter in their stories by going public.

September 04, 2023

8 MINS READ

Key Takeaways

  • India’s leading pen maker Flair and school supplies giant DOMS have both filed DRHPs as they prepare to go public.
  • The IPOs of the two companies will raise around Rs 2,000 crore, with much of the proceeds going towards ramping up manufacturing and exports
  • The two companies have many similarities—from their revenue figures to where they came from and their plans going forward—but they also operate very differently
  • With a global ‘China-plus-one’ sentiment brewing, can DOMS and Flair ride these tailwinds to write their next chapters?

On 18 July, Flair Writing Industries filed its draft red herring prospectus (DRHP) for a Rs 745 crore initial public offering (IPO). According to the DRHP, the Mumbai-based pen manufacturer’s listing would comprise a fresh issue of equity shares worth Rs 365 crore and an offer for sale (OFS) of up to Rs 380 crore.

Just over a month later, its Gujarat-based stationery peer DOMS filed its own DRHP. Its DRHP states that the company plans to raise Rs 350 crore from the public markets, while its promoters would offload stakes worth Rs 850 crore. The total offer size, therefore, would comfortably eclipse that of Flair.  

The timing of their announcements was almost poetic, given that the two brands both trace their origins back to the mid-1970s on India’s western coast. While the Flair brand was launched in Mumbai in 1976, DOMS’s story begins in 1975 with Gujarat-based RR Industries—a pencil manufacturer for the big stationery brands of the time. The DOMS brand itself was only launched three decades later in 2005 by Santosh Raveshia—son of RR Industries co-founder Rasikbhai Raveshia.

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