Unitec Fibres IPO Day 3: Subscribed 0.51x; Retail jumps 34.5% in late surge
- Unitec Fibres IPO subscribed 0.51x on Day 3, up from 0.40x earlier in the day
- Retail demand surged 34.5% to reach 0.39x, leading the category-wise growth
- QIB interest remained flat at 0.31x throughout the final day of bidding
*this image is generated using AI for illustrative purposes only.
Unitec Fibres IPO Day 3 closed with a total subscription of 0.51x. Retail investors led the charge, jumping 34.5% to 0.39x, while bHNI demand rose 15.8% to 0.44x.
Subscription Status
The issue witnessed a significant uptick in retail participation during the final hours of Day 3. While Qualified Institutional Buyers (QIB) remained static at 0.31x throughout the day, Non-Institutional Investors and Retail segments showed notable growth. The overall subscription climbed from 0.40x at 11:15 IST to 0.51x by 12:15 IST, reflecting a 27.5% increase in total demand within that hour.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.00x | 0.10x | 0.60x | 0.06x | 0.13x |
| Day 2 | 24-09-2026 | 0.00x | 0.15x | 0.63x | 0.12x | 0.16x |
| Day 3 | 25-09-2026 | 0.31x | 0.44x | 1.36x | 0.39x | 0.51x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): Institutional interest remained subdued, holding steady at 0.31x from the morning snapshot through to the end of the day. There was no incremental QIB demand recorded after 11:15 IST.
Non-Institutional Investors (NII): The NII category showed mixed but positive movement. Big HNIs (bHNI) saw their subscription rise from 0.38x to 0.44x, marking a 15.8% increase. Small HNIs (sHNI) recorded a significant jump to 1.36x, indicating strong appetite from this segment despite the overall low institutional interest.
Retail Investors: Retail demand was the standout performer on Day 3. After starting the day's updates at 0.29x, retail subscription surged to 0.39x, representing a 34.5% increase. This late-day activity contributed significantly to the overall subscription rising above the 0.50x mark.
Intra-day Timeline on 25-09-2026
The following table details the hourly progression of subscription figures on the final day of the issue:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.31x | 0.38x | 0.29x | 0.40x |
| 12:15 | 0.31x | 0.44x | 0.39x | 0.51x |
Offer Details
The Unitec Fibres IPO opened on September 23, 2026, and closed on September 25, 2026. The price band was set between ₹83.00 and ₹88.00 per share. The minimum bid quantity was fixed at 3200 shares. The issue size ranged from ₹265600 crore to ₹500000 crore based on the final allotment within the price band.
About the Company
Unitec Fibres Limited is engaged in the manufacturing of Recycled Polyester Staple Fibre (RPSF). The company uses recycled raw materials such as PET flakes, PET chips, and polyester waste sourced from discarded plastic bottles and post-consumer waste streams. It operates two manufacturing units at MIDC, Tarapur, Palghar, with a combined installed capacity of 27,984 MTPA. A third unit is being established in Valsad, Gujarat. The company holds ISO 9001:2015, ISO 14001:2015, Oeko-Tex, and Global Recycled Standard (GRS) certifications.
Financial Highlights
The company's financial performance over the last three fiscal years is summarized below:
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 224.24 | 226.42 | 204.14 |
| Total Revenue (₹ Cr) | 224.86 | 227.13 | 204.99 |
| Profit Before Tax (₹ Cr) | 11.02 | 11.68 | 10.55 |
| Total Profit (₹ Cr) | 7.60 | 8.22 | 7.42 |
| Total Assets (₹ Cr) | 169.35 | 122.96 | 90.46 |
| Total Equity (₹ Cr) | 65.00 | 57.40 | 49.18 |
Objects of the Issue
The company proposes to utilize the net proceeds as follows:
- Repayment/Prepayment of Borrowings: To repay or prepay certain secured borrowings availed from banks and financial institutions, including term loans and cash credit facilities, to reduce outstanding indebtedness and improve the debt-to-equity ratio.
- General Corporate Purposes: To meet operating expenses, initial development costs, strengthen business development and marketing capabilities, and meet unforeseen exigencies.
Risk Factors
Key risks disclosed by the company include:
- Geographic Revenue Concentration: Significant revenue concentration in Gujarat, Maharashtra, Tamil Nadu, and Haryana.
- Customer Concentration: Top 10 customers accounted for approximately 45.94% of revenue in FY2026, with no long-term contractual arrangements.
- Supplier Concentration: Top 10 suppliers accounted for 64.64% of total purchases in FY2026, posing supply disruption risks.
- Single Product Dependency: RPSF accounted for approximately 98.04% of total revenue in FY2026.
- High Indebtedness: Outstanding secured borrowings of ₹6,317.92 lakhs and unsecured loans of ₹1,401.30 lakhs as of March 31, 2026.
What's Next
Allotment for the Unitec Fibres IPO is scheduled for September 28, 2026. The shares are expected to list on the stock exchanges on September 30, 2026.
How might the subdued institutional interest and overall under-subscription impact Unitec Fibres' listing price volatility on September 30?
Given the high debt-to-equity ratio and reliance on IPO proceeds for repayment, what are the long-term implications for the company's balance sheet health if allotment proceeds fall short?
With a single-product dependency of 98% on RPSF, how exposed is Unitec Fibres to potential regulatory changes or raw material price fluctuations in the recycled polyester sector?
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