NewsFascinate Textiles IPO Day 3: Issue subscribed 1.15x so far. Check issue details and key datesFascinate Textiles IPO Day 3: Issue subscribed 1.15x so far. Check issue details and key dates
Fascinate Textiles IPO closes with 1.15x overall subscription. QIBs subscribed 22.74x, while Retail hit 1.06x. NII remained undersubscribed. The company reported ₹117.09 crore revenue in FY26. Allotment and listing details to follow.
*this image is generated using AI for illustrative purposes only.
Fascinate Textiles Limited’s initial public offering (IPO) has concluded with an overall subscription of 1.15x. 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 1.06x. The Non-Institutional Individual (NII) category remained undersubscribed, with bHNI at 0.87x and sHNI at 0.35x.
Final Subscription Status
The IPO saw a significant surge in institutional interest over the five-day 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 1.15x 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 | 0.35x | 0.87x | 1.06x | 1.15x |
Intra-day timeline on 19-08-2026
| 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 |
Category-wise Breakdown
- QIB: 22.74x (Fully Subscribed)
- NII (bHNI): 0.87x (Undersubscribed)
- NII (sHNI): 0.35x (Undersubscribed)
- Retail: 1.06x (Fully Subscribed)
- Overall: 1.15x
About the Company
Fascinate Textiles Limited is a West Bengal-based garment manufacturer specializing in readymade garments across menswear, womenswear, and childrenswear. 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.
How might the heavy reliance on QIB subscription (22.74x) versus weak NII interest impact the stock's listing price and initial volatility?
Given the negative operating cash flows in FY 2026, will the working capital raised from the IPO be sufficient to stabilize liquidity before the new manufacturing facility generates revenue?
What is the company's strategy to mitigate the risk of losing key customers, given that the top ten clients account for nearly 73% of total sales?
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