The Rs 54.84-crore public issue, which was open for subscription between October 28 and October 30, saw a moderate response from investors. It was subscribed 1.17 times overall, with the retail investor portion booked 1.18 times, the non-institutional investor (NII) category subscribed 1.48 times, and the qualified institutional buyer (QIB) portion receiving 1.01 times bids.
Ahead of its IPO, Game Changers Texfab raised Rs 9.13 crore from anchor investors on October 27, allocating 8.95 lakh shares at the upper price band.
About the company
Game Changers Texfab operates a hybrid B2B and B2C fabric marketplace under the brand TradeUNO, connecting fabric manufacturers, retailers, and designers through both physical and digital channels. The company specializes in sourcing and supplying a wide range of fabrics, including cotton, silk, satin, and printed textiles, catering largely to women’s wear and technical textiles.
It also retails directly to customers through its e-commerce platform tradeuno.com, which offers customized fabric selections and made-to-measure garments under the label “Fall in Love.”
Game Changers Texfab currently manages over 10 sourcing offices across India and maintains a product portfolio of more than 10,000 fabric designs organized by fabric type, pattern, and occasion. The company has also developed strong ties with designers, boutiques, and export houses, offering them consistent supply and customization options.Financially, the company has shown a sharp improvement over the last two years. Revenue for FY25 rose 18% to Rs 115.6 crore, compared to Rs 97.9 crore in FY24. Net profit more than doubled to Rs 12.07 crore from Rs 4.27 crore a year earlier, while EBITDA increased nearly threefold to Rs 18.6 crore.The company plans to utilize the IPO proceeds to fund its capital expenditure and working capital requirements, along with other general corporate purposes, including potential acquisitions. Around Rs 15 crore will be used for capital expenditure, Rs 25.5 crore for working capital, and Rs 8.85 crore for general corporate needs.
With overall subscription just above one time and muted GMP trends, the listing may remain flat unless there is a broader rally in SME counters. Still, the company’s asset-light sourcing model, growing e-commerce operations, and strong return ratios could attract long-term investors once the market stabilizes.
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