The Mumbai-based textile and garment manufacturer opened its IPO between November 26 and 28, offering 75 lakh fresh shares priced in a band of Rs 36–38. The issue was subscribed 5.66 times, driven largely by retail investors who bid 9.72 times their quota. QIBs subscribed 5.71 times, while NII participation remained modest at 1.60 times.
The company operates across the textile value chain—manufacturing suiting and shirting fabrics, kidswear, men’s wear and women’s wear, and supplying material for garments such as sherwanis, burkhas and dress fabrics. Its production facilities at Umbergaon in Valsad district have a combined installed capacity of 20 million metres, supported by a workforce of 191 employees as of March 2025.
The IPO proceeds will largely go towards strengthening manufacturing capabilities and improving the balance sheet. Around Rs 3.15 crore has been earmarked for replacing plant and machinery, while Rs 17.86 crore will be used for repaying secured borrowings. The remaining funds will be deployed towards general corporate purposes.
The company’s financials show an uptick in FY25, with revenue rising 16% to Rs 221.43 crore and profit more than doubling to Rs 4.68 crore. But the relatively thin margins underline the tight economics typical of the textile sector.
With muted grey-market signals and a mixed set of fundamentals, Wednesday’s listing will test whether the company’s long operating history and growing retail demand for fabrics can translate into early market traction.
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