Fascinate Textiles IPO Day 2 Live: QIB jumps 502% to 7.35x - Check details
Fascinate Textiles IPO saw QIB subscriptions jump 502.5% to 7.35x on Day 2, driving total subscription to 0.56x. Retail rose to 0.43x and NII (bHNI) to 0.18x. The company reported FY2026 revenue of ₹117.09 crores and PAT of ₹15.10 crores. IPO closes on 19-08-2026.
*this image is generated using AI for illustrative purposes only.
Fascinate Textiles Limited’s initial public offering (IPO) has concluded with a final overall subscription of 1.51x. The Qualified Institutional Buyers (QIB) segment drove the momentum, subscribing 22.74 times the available shares, while the Retail category also crossed the fully subscribed mark at 1.34x. The Non-Institutional Individual (NII) category saw strong late-day interest, with bHNI reaching 1.52x and sHNI at 0.51x.
Final Subscription Status
The IPO saw a significant surge in institutional interest over the bidding window. While Day 1 and Day 2 showed modest progress, Day 3 witnessed a massive jump in QIB bids, propelling the overall subscription from 0.91x to 1.00x by Day 4 and closing at 1.51x on Day 5.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 13-08-2026 | 1.22x | 0.17x | 0.79x | 0.36x | 0.46x |
| Day 2 | 14-08-2026 | 7.35x | 0.18x | 0.79x | 0.43x | 0.56x |
| Day 3 | 17-08-2026 | 22.74x | 0.23x | 0.79x | 0.73x | 0.91x |
| Day 4 | 18-08-2026 | 22.74x | 0.27x | 0.80x | 0.86x | 1.00x |
| Day 5 | 19-08-2026 | 22.74x | 1.52x | 0.51x | 1.34x | 1.51x |
Intra-day timeline on 19-08-2026
The subscription picked up pace towards the end of the bidding window, with notable jumps in the NII (bHNI) and Retail categories.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 22.74x | 0.30x | 1.00x | 1.08x |
| 06:45 | 22.74x | 0.35x | 1.06x | 1.15x |
| 07:45 | 22.74x | 0.38x | 1.12x | 1.26x |
| 08:45 | 22.74x | 0.41x | 1.18x | 1.37x |
| 09:45 | 22.74x | 0.46x | 1.26x | 1.43x |
| 10:45 | 22.74x | 0.51x | 1.34x | 1.51x |
Category-wise Breakdown
- QIB: 22.74x (Fully Subscribed)
- NII (bHNI): 1.52x (Fully Subscribed)
- NII (sHNI): 0.51x (Undersubscribed)
- Retail: 1.34x (Fully Subscribed)
- Overall: 1.51x
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 years. Total equity has also increased significantly, reflecting retained earnings and potential capital infusion.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 28.88 | 60.25 | 117.09 |
| Total Profit (₹ crores) | 0.48 | 5.81 | 15.10 |
| Total Equity (₹ crores) | 4.45 | 10.45 | 31.44 |
Objects of the Issue
- Funding Capital Expenditure requirement towards setting up additional manufacturing facility: ₹12.35 crores
- Funding the working capital requirements: ₹25.15 crores
- Prepayment and repayment of all or a portion of certain secured and unsecured loan: ₹2.68 crores
- General Corporate Purpose: No specific amount mentioned
- To meet the Offer expenses: No specific amount mentioned
Risk Factors
- Dependency on Key Customers: Top ten customers contributed 72.99% of total sales in FY 2026; loss of any significant customer could disrupt cash flow.
- Negative Operating Cash Flows: The company incurred negative cash flows from operating activities of ₹(1,087.37) lakhs in FY 2026 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 FY 2025, exposing the company to credit risk.
What's Next
The IPO closed on 2026-08-19. Allotment status will be updated shortly after the basis of allotment is finalized. Investors can check the allotment status on the registrar's website or through their broker platforms. Listing dates will be announced post-allotment.
Will the heavy QIB oversubscription lead to a price revision above the current upper band of ₹151, or will the issue close at the existing cap?
How might the company's negative operating cash flows and high trade receivables impact its post-IPO liquidity and dividend potential?
Given that the top ten customers account for nearly 73% of sales, what strategies does Fascinate Textiles have to mitigate concentration risk in its client base?
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