Fascinate Textiles IPO Day 2 Live: Subscription flat at 0.46x

Fascinate Textiles IPO Day 2 Live: Subscription flat at 0.46x - Check analysts view and more

2 min read Updated on 14 Aug 2026, 12:23 PM

Reviewed by

Ritika DScanX News Team

AI Summary

Fascinate Textiles IPO remains undersubscribed at 0.46x on Day 2, with no change from Day 1. QIBs lead at 1.22x, while Retail is at 0.37x. The West Bengal-based garment maker reported FY26 revenue of ₹117.09 crores and PAT of ₹15.10 crores. Proceeds will fund working capital (₹25.15 crores) and capex (₹12.35 crores). Key risks include customer concentration and negative operating cash flows.

*this image is generated using AI for illustrative purposes only.

Fascinate Textiles IPO entered its second day of subscription on 14-08-2026, but momentum stalled completely. The total subscription remained flat at 0.46x, identical to Day 1’s closing figure. While Qualified Institutional Buyers (QIBs) maintained a lead with 1.22x, the Non-Institutional (NII) and Retail segments failed to pick up pace, ticking up only marginally in retail to 0.37x. Investors are yet to show significant enthusiasm for this West Bengal-based garment manufacturer.

Subscription Status

The intra-day timeline for 14-08-2026 shows no material change from the opening snapshot at 05:45 IST. The issue is currently undersubscribed across all key categories except QIB, which has crossed the 1x mark.

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	1.22x	0.17x	0.37x	0.46x
06:45	1.22x	0.17x	0.37x	0.46x

Subscription Progression

Comparing Day 1 and Day 2 data reveals a lack of new inflows. The total subscribed amount has not moved from 0.46x.

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	1.22x	0.17x	0.79x	0.37x	0.46x

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, handling cutting, printing, stitching, and finishing in-house. It follows an order-driven B2B model, serving large-format retailers and wholesalers since 2019. The company is managed by Vishal Nahar (MD), Chirag Ahuja (CFO), and Varun Shah (Director).

Financial Highlights

The company has shown strong revenue growth over the last three years, though profitability margins remain under pressure due to high working capital needs.

Particulars	FY 2026 (₹ crores)	FY 2025 (₹ crores)	FY 2024 (₹ crores)
Revenue from Operations	117.09	60.25	28.88
Total Profit (PAT)	15.10	5.81	0.48
Total Equity	31.44	10.45	4.45

Revenue more than doubled from ₹60.25 crores in FY2025 to ₹117.09 crores in FY2026. However, net profit grew to ₹15.10 crores, reflecting improved operational efficiency despite higher expenses.

Objects of the Issue

Proceeds from the IPO will be utilized for the following purposes:

Funding working capital requirements: ₹25.15 crores
Prepayment/repayment of secured and unsecured loans: ₹2.68 crores
Capital expenditure for additional manufacturing facility: ₹12.35 crores
General corporate purpose and offer expenses

Risk Factors

Dependency on Key Customers: Top ten customers contributed 72.99% of sales in FY2026; loss of any major client could disrupt cash flow.
Negative Operating Cash Flows: The company reported negative operating cash flows of ₹(1,087.37) lakhs in FY2026 due to rising receivables and inventories.
High Trade Receivables Risk: Trade receivables surged by 224.67% in FY2025 compared to revenue growth, increasing credit risk.

Key Dates

IPO Open Date: 11-08-2026
IPO Close Date: 19-08-2026
Price Band: ₹142.00000 - ₹151.00000
Lot Size: 1600 shares

Will the lack of retail and NII interest on Day 2 signal a potential IPO cancellation or price band revision by the final closing date?

How might the company's negative operating cash flows and high trade receivables impact its ability to service debt post-IPO if subscription remains weak?

Given the 73% revenue dependency on top customers, what contingency strategies has Fascinate Textiles outlined to mitigate client concentration risks?