Fascinate Textiles IPO Day 4 Live: QIBs book 22.74x - Check analysts view and more
Fascinate Textiles IPO Day 4 update: QIBs lead with 22.74x subscription, pushing total to 0.95x. Retail and NII categories remain below 1x. The issue closes on August 19, 2026. Company revenue grew to ₹117.09 crore in FY2026 with PAT at ₹15.10 crore.
*this image is generated using AI for illustrative purposes only.
Fascinate Textiles Limited’s initial public offering is in its fourth day of subscription, with Qualified Institutional Buyers (QIBs) continuing to drive the momentum. The QIB category has subscribed to a massive 22.74 times the available shares, significantly outpacing other categories. While institutional appetite is robust, retail and non-institutional investors have yet to catch up, leaving the overall subscription at 0.95x. The issue remains open for subscription until August 19, 2026.
Subscription Status
The IPO opened on August 11, 2026. By the end of Day 4 (August 18, 2026), QIB participation remained static at high levels, while Retail saw a marginal uptick. The total subscription has ticked up to 0.95x, nearing the fully subscribed mark but still dependent on further inflows from NII and Retail categories.
| Category | Day 1 (13-08-2026) | Day 2 (14-08-2026) | Day 3 (17-08-2026) | Day 4 (18-08-2026) |
|---|---|---|---|---|
| QIB | 1.22x | 7.35x | 22.74x | 22.74x |
| NII (bHNI) | 0.17x | 0.18x | 0.23x | 0.25x |
| NII (sHNI) | 0.79x | 0.79x | 0.79x | 0.79x |
| Retail | 0.36x | 0.43x | 0.73x | 0.79x |
| Total | 0.46x | 0.56x | 0.91x | 0.95x |
Note: Data reflects end-of-day snapshots provided in the source.
Intra-day timeline on 18-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 22.74x | 0.25x | 0.78x | 0.95x |
| 06:45 | 22.74x | 0.25x | 0.79x | 0.95x |
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. It follows an order-driven B2B model, serving large-format retailers and wholesalers.
Financial Highlights
The company has shown consistent revenue growth over the last three financial years. However, operating cash flows have remained negative due to increases in trade receivables and inventories.
| Particulars | FY 2024 (₹ crores) | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 28.88 | 60.25 | 117.09 |
| Profit After Tax | 0.48 | 5.81 | 15.10 |
| Total Equity | 4.45 | 10.45 | 31.44 |
Revenue more than doubled from ₹28.88 crore in FY2024 to ₹117.09 crore in FY2026. PAT grew from ₹0.48 crore to ₹15.10 crore in the same period.
Objects of the Issue
The proceeds from the IPO will be utilized for the following purposes:
- Funding Capital Expenditure requirement towards setting up additional manufacturing facility: ₹12.35 crore
- Funding the working capital requirements: ₹25.15 crore
- Prepayment and repayment of all or a portion of certain secured and unsecured loan: ₹2.68 crore
- General Corporate Purpose
- To meet the Offer expenses
Risk Factors
- Dependency on Key Customers: Top ten customers contributed 72.99% of total sales for FY2026.
- Negative Operating Cash Flows: The company incurred negative cash flows from operations for FY2024, FY2025, and FY2026.
- High Trade Receivables Risk: Trade receivables grew at 224.67% compared to revenue growth of 108% in FY2025.
Key Dates
- IPO Open Date: 2026-08-11
- IPO Close Date: 2026-08-19
- Allotment Date: Not announced
- Listing Date: Not announced
Will the heavy concentration of QIB subscription (22.74x) signal potential downward pressure on the listing price due to institutional selling?
How might the company's negative operating cash flows and high trade receivables impact its ability to service debt post-IPO despite strong revenue growth?
Is the reliance on top ten customers for nearly 73% of sales a sustainable model, or does it expose Fascinate Textiles to significant revenue volatility if key B2B contracts are lost?
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