Vivekanand Cotspin IPO saw a sharp intraday spike in Retail interest on Day 1, with bids jumping 72.7% between 11:15 AM and 1:15 PM. While QIB and NII categories remained flat at 0.00x, Retail subscription ticked up from 0.11x to 0.19x. The issue remains open until September 23, 2026.

Subscription Status

The Vivekanand Cotspin IPO recorded modest overall participation on its first day of bidding. As of the end of Day 1 (September 21, 2026), the issue was subscribed 0.06 times overall. Demand was driven exclusively by the Retail investor category, which accounted for 0.19x subscription by close. In contrast, both the Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) categories recorded 0.00x subscription, indicating limited interest from institutional and high-net-worth individual investors on the opening day.

Intra-day Timeline

Subscription activity picked up pace in the mid-morning hours on Day 1. The standout move came from the Retail category, which jumped +72.7% today, rising from 0.11x at 11:15 AM to 0.19x by 1:15 PM. QIB and NII (bHNI) remained static at 0.00x throughout the tracked period.

Offer Details

Vivekanand Cotspin Limited has launched an initial public offer with a price band of ₹35 to ₹37 per share. The minimum bid quantity is set at 6,000 shares. The issue size ranges from ₹2.10 crore to ₹5.00 crore. The IPO opened for subscription on September 21, 2026, and will close on September 23, 2026.

About the Company

Vivekanand Cotspin Limited is a Gujarat-based cotton processing and yarn manufacturing company. It operates from Rangpurda, Kadi, Mahesana, with an installed capacity of approximately 4,551 MT of Cotton Yarn and 8,000 MT of Cotton Bales annually. The company engages in ginning raw cotton into bales and seeds, followed by spinning these bales into cotton yarn. It serves domestic and international markets, including exports to Bangladesh, China, Vietnam, and South Africa.

Financial Highlights

The company reported total revenues of ₹40,932.15 Lakhs in FY2026, ₹36,651.25 Lakhs in FY2025, and ₹35,801.62 Lakhs in FY2024. Standalone financials show a profit before tax of ₹5.13 crores in FY2026.

Objects of the Issue

The net proceeds from the IPO are proposed to be utilized for:

• Funding Capital Expenditure requirements towards Plant & Machinery: ₹5.27 crores for procurement and installation of upgraded spinning machinery.
• Meeting Working Capital Requirements: ₹11.00 crores to support business growth and working capital needs.
• General Corporate Purpose: Deployment of balance proceeds for strategic initiatives and marketing activities.
• Issue Related Expenses: Payment of underwriting, legal, printing, and listing fees.

Risk Factors

• Concentration of Sales: Significant revenue is derived from related party transactions, with sales to Ambica Cotseeds Limited and Vivekanand Industries representing up to 47.23% and 23.13% of revenue respectively.
• Customer Dependence: Top 10 customers contributed 51.18% of revenues in FY2026, with no long-term contracts in place.
• Raw Material Volatility: Business depends heavily on raw cotton, subject to seasonal variations, weather conditions, and global supply dynamics.
• Geographic Concentration: All manufacturing facilities are located at Kadi, Gujarat, exposing the company to regional disruptions.
• Regulatory Compliance: The company has experienced delays in filing GST returns and EPF payments, posing potential penalty risks.

What's Next

The Vivekanand Cotspin IPO will close on September 23, 2026. Allotment is expected on September 24, 2026, with listing scheduled for September 28, 2026.