Panchatv Bharat IPO Day 4: Subscribed 0.29x; Retail jumps 55%
- Panchatv Bharat IPO subscribed 0.29x on Day 4
- Retail demand jumps 55.6% to 0.42x
- QIB and NII categories remain unsubscribed
- Issue closes at ceiling price of ₹140
*this image is generated using AI for illustrative purposes only.
Panchatv Bharat IPO is subscribed 0.29x on Day 4, with Retail investors driving a sharp 55.6% jump in demand. The issue closes today at the ceiling price of ₹140. QIB and NII categories remain unsubscribed.
Subscription Status
The Panchatv Bharat IPO has seen modest traction on its final day of subscription. Total subscription stands at 0.29x as of the latest update on 15-09-2026. Retail investors have emerged as the primary source of demand, accounting for 0.42x of the issue size. In contrast, Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) have not placed any bids, with both categories showing 0.00x subscription.
The intra-day timeline for Day 4 indicates that Retail participation picked up pace significantly between 11:15 AM and 12:15 PM IST, rising from 0.27x to 0.42x. This movement contributed to a total subscription increase from 0.20x to 0.29x.
Intra-day Timeline
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.27x | 0.20x |
| 12:15 | 0.00x | 0.00x | 0.42x | 0.29x |
Subscription Progression
Demand for the Panchatv Bharat IPO has remained subdued throughout the bidding window. The following table outlines the cumulative subscription multiples from Day 1 to Day 4.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 10-09-2026 | 0.00x | 0.00x | 0.00x | 0.02x | 0.01x |
| Day 2 | 11-09-2026 | 0.00x | 0.00x | 0.11x | 0.07x | 0.09x |
| Day 3 | 14-09-2026 | 0.00x | 0.00x | 0.11x | 0.07x | 0.09x |
| Day 4 | 15-09-2026 | 0.00x | 0.00x | 0.12x | 0.42x | 0.29x |
Retail participation saw a significant jump on Day 4, rising from 0.07x to 0.42x. However, the absence of institutional interest keeps the overall subscription multiple well below the fully subscribed threshold.
Offer Details
Panchatv Bharat Limited has priced its IPO at a single-point band of ₹140. The issue size ranges between ₹280000 and ₹500000. The minimum bid quantity is set at 2000 shares. The IPO opened on 2026-09-10 and closes on 2026-09-15.
About the Company
Panchatv Bharat Limited is a textile company incorporated in March 2024. It manufactures denim fabrics through third-party arrangements and leased loom machinery, while also procuring finished denim fabric from distributors and suppliers. Operating under the brand name 'NJD', the company sells finished denim fabric in bulk to garment manufacturers, distributors, dealers, and wholesalers across Delhi, Uttar Pradesh, Gujarat, and Rajasthan.
The management team includes Sanjay Gupta as Managing Director and Sooraj Gupta as CEO. The company leverages the promoters' extensive experience in the textile industry to maintain a network of over 89 active distributors across five states.
Financial Highlights
Panchatv Bharat reported revenue from operations of ₹56.85 crores in FY 2025-26, up from ₹48.99 crores in FY 2024-25. Profit after tax stood at ₹4.03 crores for the year ended March 31, 2026.
| Particulars | FY 2025-26 (₹ crores) | FY 2024-25 (₹ crores) | FY 2023-24 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 56.85 | 48.99 | 39.31 |
| Total Profit | 4.03 | 2.83 | 2.02 |
| Total Assets | 33.78 | 27.16 | 16.88 |
| Net Cash Flow | -2.85 | 2.84 | -0.05 |
Objects of the Issue
The proceeds from the IPO will be utilized for the following purposes:
- Funding working capital requirements of the company: ₹11.50 crores
- Funding capital expenditure towards purchase of property at Delhi and renovation: ₹6.00 crores
- General corporate purposes: ₹3.67 crores
Risk Factors
Investors should note several material risks associated with the company:
- Limited Operating History: Incorporated in March 2024, the company has only one year of operating history as a corporate entity.
- Third-Party Manufacturing Dependence: The company outsources manufacturing without exclusivity arrangements, risking supply disruptions.
- Negative Cash Flows: Operating cash flows were negative at ₹1,085.12 Lakhs in FY 2025-26 due to working capital management decisions.
- Customer Concentration: 54.67% of revenue in FY 2025-26 came from the top ten customers, with no long-term contracts.
- Geographic Concentration: Revenue is heavily concentrated in Delhi (67.59%) and Uttar Pradesh (24.71%).
What's Next
The IPO closes on 2026-09-15. Allotment is scheduled for 2026-09-16, and the shares are expected to list on 2026-09-18.
How will the complete lack of QIB and NII participation impact the liquidity and price stability of Panchatv Bharat shares upon listing?
Given the company's heavy reliance on third-party manufacturing and negative operating cash flows, what specific operational milestones must be achieved to justify the ₹140 valuation post-listing?
Will the high customer concentration (54.67% from top 10 clients) deter institutional investors from accumulating positions in the secondary market despite retail interest?
18
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
