NewsFascinate Textiles IPO Day 3: Issue subscribed 0.46x so far. Check issue details and key datesFascinate Textiles IPO Day 3: Issue subscribed 0.46x so far. Check issue details and key dates
Fascinate Textiles IPO closed on Day 3 with a 0.46x overall subscription. QIBs were the sole oversubscribed category at 1.22x, while Retail jumped 5.9% intraday to 0.36x. NII (bHNI) stood at 0.79x. The company reported FY2026 revenue of ₹117.09 crores and PAT of ₹15.10 crores. Proceeds will fund capex and working capital.
*this image is generated using AI for illustrative purposes only.
Fascinate Textiles IPO has concluded its bidding process on Day 3, closing with a total subscription of 0.46x. While the issue remains undersubscribed overall, it saw strong interest from Qualified Institutional Buyers (QIB), who subscribed at 1.22x. In contrast, Retail investors and Non-Institutional Investors (NII) showed muted interest, with subscriptions standing at 0.36x and 0.79x respectively. Retail participation ticked up slightly in the final hours, jumping +5.9% intraday.
Final Subscription Status
The IPO opened on August 11, 2026, and closed on August 13, 2026. Below is the final subscription data across all investor categories.
| Category | Subscription Multiple |
|---|---|
| QIB | 1.22x |
| NII (bHNI) | 0.79x |
| NII (sHNI) | 0.17x |
| Retail | 0.36x |
| Employees | 0x |
| Total | 0.46x |
Intra-day Timeline (Day 3)
Retail investors picked up pace in the first hour of trading on the final day.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 09:45 | 1.22x | 0.17x | 0.34x | 0.44x |
| 10:45 | 1.22x | 0.17x | 0.36x | 0.46x |
Category-wise Breakdown
- QIB: The only category to be oversubscribed, QIBs accounted for the bulk of the demand, reaching 1.22x by the end of Day 3. There was no change in QIB subscription during Day 3.
- NII: High Net-worth Individuals (bHNI) subscribed at 0.79x, while Small HNI (sHNI) participation was minimal at 0.17x.
- Retail: Retail investors showed limited interest but saw a late-day jump, increasing from 0.34x to 0.36x (+5.9%) in the first hour of Day 3.
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 (99.75% of revenue) serving large-format retailers and wholesalers.
Financial Highlights
The company has shown consistent growth in revenue and profitability over the last three years.
| 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. Similarly, PAT surged to ₹15.10 crores in FY2026 from ₹5.81 crores in the previous year.
Objects of the Issue
The company intends to utilize the proceeds for the following purposes:
- Funding Capital Expenditure: ₹12.35 crores towards setting up additional manufacturing facilities.
- Working Capital Requirements: ₹25.15 crores to fund incremental working capital needs 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 meeting offer-related expenses.
Risk Factors
- Dependency on Key Customers: Top ten customers contributed 72.99% of total 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 disproportionately, rising from ₹533.79 lakhs in FY2024 to ₹3,527.74 lakhs in FY2026, increasing credit risk.
What's Next
With the bidding window closed on August 13, 2026, the company will now proceed with the allotment process. Investors can check the allotment status on the registrar’s website once declared. The listing date will be announced shortly after the allotment process is completed. Basis of allotment will be determined based on the subscription levels in each category.
How might the significant disparity between oversubscribed QIB demand and undersubscribed retail interest impact the stock's listing price and initial volatility?
Given the negative operating cash flows and rising trade receivables, how will the company manage liquidity risks while funding its capital expenditure plans?
What is the likely basis of allotment for retail investors given the 0.36x subscription, and will there be a lottery system or pro-rata allocation?
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