NewsFascinate Textiles IPO Day 3: Issue subscribed 0.61x so far. Check issue details and key datesFascinate Textiles IPO Day 3: Issue subscribed 0.61x so far. Check issue details and key dates
Fascinate Textiles IPO Day 3 update shows QIB subscription at 7.41x, while total subscription stands at 0.61x. Retail and NII categories remain below 1x. The issue closes on August 19, 2026. Key financials show revenue growth to ₹117.09 crore in FY2026.
*this image is generated using AI for illustrative purposes only.
Fascinate Textiles IPO entered its third trading day with Qualified Institutional Buyers (QIBs) continuing to dominate the subscription book, reaching 7.41x by the end of the session. Despite strong institutional interest, the overall subscription stands at 0.61x, indicating that retail and non-institutional investors have yet to significantly participate. The issue remains open until August 19, 2026.
Final Subscription Status
The QIB category has been the primary driver of momentum, while NII and Retail segments saw marginal gains on Day 3. The total subscription multiple increased slightly from 0.56x on Day 2 to 0.61x.
| Category | Day 1 (13-08-2026) | Day 2 (14-08-2026) | Day 3 (17-08-2026) | Overall Total |
|---|---|---|---|---|
| QIB | 1.22x | 7.35x | 7.41x | 7.41x |
| NII (bHNI) | 0.17x | 0.18x | 0.20x | 0.20x |
| NII (sHNI) | 0.79x | 0.79x | 0.79x | 0.79x |
| Retail | 0.36x | 0.43x | 0.49x | 0.49x |
| Total | 0.46x | 0.56x | 0.61x | 0.61x |
Intra-day Timeline (Day 3)
On August 17, 2026, the subscription showed modest intra-day movement:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 7.41x | 0.19x | 0.47x | 0.59x |
| 06:45 | 7.41x | 0.20x | 0.49x | 0.61x |
Category-wise Breakdown
- QIB: Subscribed 7.41x, showing strong institutional confidence.
- NII (bHNI): Subscribed 0.20x, up 5.3% from open.
- NII (sHNI): Subscribed 0.79x, remaining flat.
- Retail: Subscribed 0.49x, up 4.3% from open.
About the Company
Fascinate Textiles Limited is a West Bengal-based garment manufacturer specializing in readymade garments across menswear, womenswear, and childrenswear, with a significant focus on children's apparel. Founded in 2017, the company operates an integrated manufacturing facility in Barasat, conducting most operations in-house including cutting, printing, stitching, and finishing. The company follows an order-driven B2B model (99.75% of revenue) with ISO 9001:2015 certification, serving large-format retailers and wholesalers while maintaining long-term client relationships since 2019.
Financial Highlights
The company has shown robust revenue growth over the last three years, nearly quadrupling its top line. Profitability has also improved significantly, with PAT rising from ₹0.48 crore in FY2024 to ₹15.10 crore in FY2026.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 28.88 | 60.25 | 117.09 |
| Total Profit / PAT (₹ crores) | 0.48 | 5.81 | 15.10 |
| Total Equity (₹ crores) | 4.45 | 10.45 | 31.44 |
Commentary: The sharp rise in equity reflects retained earnings and potential capital infusion, supporting the company’s expansion plans. However, investors should note the high working capital requirements.
Objects of the Issue
- Funding Capital Expenditure: ₹12.35 crores towards setting up additional manufacturing facility.
- Working Capital: ₹25.15 crores to fund incremental working capital requirements including trade receivables and inventories.
- Debt Repayment: ₹2.68 crores for prepayment or scheduled repayment of certain unsecured loans.
- General Corporate Purpose & Offer Expenses: Remaining proceeds for strategic initiatives and offer-related costs.
Risk Factors
- Dependency on Key Customers: Top 10 customers contributed 72.99% of sales in FY2026; loss of any significant customer could disrupt cash flow.
- Negative Operating Cash Flows: The company incurred negative operating cash flows of ₹(1,087.37) lakhs in FY2026 due to increases in trade receivables and inventories.
- High Trade Receivables Risk: Trade receivables grew at 224.67% compared to revenue growth of 108% in FY2025, exposing the company to credit risk.
What's Next
- IPO Close Date: 2026-08-19
- Allotment Date: To be announced
- Listing Date: To be announced
- Basis of Allotment: To be determined based on final subscription levels.
Will the significant disparity between QIB oversubscription (7.41x) and overall subscription (0.61x) lead to a basis of allotment that favors institutional investors, potentially limiting retail participation?
Given the negative operating cash flows and high trade receivables growth in FY2026, how will the proposed ₹25.15 crore working capital infusion impact the company's liquidity ratios post-listing?
How might the company mitigate the risk of losing key customers, given that the top 10 clients account for nearly 73% of total sales?
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