Sonaselection IPO Day 3: Subscribed 1.92x; QIB surges 152%; Retail hits 2.33x
- Sonaselection IPO ends Day 3 with 1.92x total subscription.
- QIB demand surges 152% to 1.16x in final hours.
- Retail segment leads with 2.33x subscription.
- Issue price band is ₹94.00000 - ₹99.00000.
*this image is generated using AI for illustrative purposes only.
Sonaselection IPO ended Day 3 with a total subscription of 1.92x. Qualified Institutional Buyers (QIB) surged 152% to 1.16x, while retail investors maintained strong momentum at 2.33x.
Subscription Status
The Sonaselection IPO witnessed a sharp acceleration in demand during the final hours of Day 3. While the issue was already oversubscribed by midday, a sudden spike in QIB applications and continued retail interest pushed the overall subscription from 1.49x to 1.92x in the last two hours. The issue remains fully subscribed across all key categories, with retail and non-institutional segments leading the charge.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 17-09-2026 | 0.11x | 0.30x | 0.20x | 0.76x | 0.46x |
| Day 2 | 18-09-2026 | 0.46x | 0.61x | 0.49x | 1.27x | 0.88x |
| Day 3 | 21-09-2026 | 1.16x | 1.86x | 1.99x | 2.33x | 1.92x |
Category-wise Breakdown
Retail investors remained the dominant force, ending the day at 2.33x. Non-Institutional Investors (NII) also displayed robust participation, with business HNI (bHNI) reaching 1.86x and small HNI (sHNI) at 1.99x. The most notable development was the surge in QIB demand, which rose from 0.46x to 1.16x in the final session, indicating late-stage institutional interest.
Intra-day Timeline
The final snapshot on Day 3 reflected a dramatic shift in the closing session. QIB jumped +152.2% today (from 0.46x to 1.16x), while NII (bHNI) jumped +95.8% (from 0.95x to 1.86x). Retail also picked up pace, rising +37.1% from 1.70x to 2.33x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.46x | 0.95x | 1.70x | 1.19x |
| 12:15 | 0.46x | 1.08x | 1.85x | 1.30x |
| 13:15 | 0.46x | 1.21x | 1.98x | 1.41x |
| 14:15 | 0.46x | 1.31x | 2.10x | 1.49x |
| 15:15 | 0.69x | 1.59x | 2.24x | 1.68x |
| 16:15 | 1.16x | 1.86x | 2.33x | 1.92x |
| 17:15 | 1.16x | 1.86x | 2.33x | 1.92x |
| 20:16 | 1.16x | 1.86x | 2.33x | 1.92x |
Offer Details
- Price Band: ₹94.00000 - ₹99.00000
- Issue Size: 14100 - 500000
- Min Bid Qty: 150
- Open Date: 2026-09-17
- Close Date: 2026-09-21
About the Company
Sonaselection is an integrated fabric manufacturing and processing company specializing in value-added products. Its portfolio includes 100% cotton fabric, cotton lycra, cotton blends, and polyester blends. The company operates from Bhilwara, Rajasthan, with an installed processing capacity of 82.44 million meters per annum. It combines in-house manufacturing with job-work processing to optimize capacity utilization.
Financial Highlights
Sonaselection reported significant revenue growth over the last three fiscal years. Revenue from operations increased from ₹120.98 crores in FY2024 to ₹516.95 crores in FY2026. Profit after tax also rose from ₹13.09 crores to ₹34.02 crores in the same period.
| Metric (₹ crores) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 120.98 | 315.95 | 516.95 |
| Total Profit | 13.09 | 18.56 | 34.02 |
| Total Assets | 203.50 | 374.77 | 474.99 |
Objects of the Issue
- Repayment/pre-payment of certain borrowings: ₹80.00 crores
- Capital expenditure for plant and machinery: ₹50.61 crores
- General corporate purposes
Risk Factors
- Geographic concentration risk in Rajasthan, deriving majority revenue and procurement from the state.
- Dependency on a single manufacturing facility in Bhilwara with no backup sites.
- Negative operating cash flows recorded in Fiscals 2026 and 2025.
- High debt-to-equity ratio, standing at 2.48 times in FY2026.
How might the late-stage surge in QIB subscription impact the listing price and initial trading volatility compared to IPOs with consistent institutional interest?
Given the company's high debt-to-equity ratio of 2.48x, will the proceeds from this IPO be sufficient to significantly de-lever the balance sheet and improve credit ratings?
What are the potential implications for Sonaselection's operational resilience given its reliance on a single manufacturing facility in Bhilwara amidst growing regional competition?
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