Vivekanand Cotspin IPO closed Day 3 at 1.83x overall subscription, driven by a massive late-day surge in retail demand which reached 12.42x.

Subscription Status

The Vivekanand Cotspin IPO witnessed a dramatic acceleration in investor interest on its final day, September 23, 2026. The overall subscription rate climbed from 0.53x at 11:15 IST to 1.83x by the close of the window. This marked a significant turnaround from the earlier days, where the issue remained under-subscribed. The primary driver was the Retail category, which saw demand jump by 273.0% during the day. Qualified Institutional Buyers (QIBs) also increased their participation significantly in the afternoon session, moving from 0.47x to 1.26x.

Category-wise Breakdown

Retail investors emerged as the dominant force in the Vivekanand Cotspin IPO, recording a subscription level of 12.42x. This represents a substantial increase from the 3.33x recorded earlier in the day. The Non-Institutional Investors (NII) segment showed mixed results; big HNIs (bHNI) subscribed at 3.46x, while small HNIs (sHNI) showed no subscription activity (0.00x). The Employee quota remained unsubscribed throughout the three-day period.

QIB interest, which had been negligible on Day 1 and Day 2, picked up pace on Day 3. The category moved from 0.47x at 11:15 IST to 1.26x by 14:15 IST, indicating renewed institutional confidence towards the end of the offer window.

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 +163.6% today, rising from 0.11x at 11:15 AM to 0.29x by 3:15 PM. QIB and NII (bHNI) remained static at 0.00x throughout the tracked period.

Offer Details

The Vivekanand Cotspin IPO opened for subscription on September 21, 2026, and closed on September 23, 2026. The price band was set between ₹35.00 and ₹37.00 per share. The minimum bid quantity was fixed at 6000 shares. The total issue size ranged from ₹210000 crore to ₹500000 crore based on the price band.

About the Company

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

Financial Highlights

The company reported revenue growth over the last three fiscal years. Total revenues stood at ₹40,932.15 Lakhs in FY2026, up from ₹36,651.25 Lakhs in FY2025.

Objects of the Issue

The net proceeds from the issue will be utilized for:

• Capital Expenditure: Procurement and installation of upgraded spinning machinery (Comber Machine, Compact Spinning System) to improve efficiency.
• Working Capital: Funding incremental working capital requirements to support business growth.
• General Corporate Purposes: Strategic initiatives and marketing activities.

Risk Factors

Key risks highlighted in the offer documents include:

• Related Party Dependence: Significant revenue derived from related party transactions, including sales to Ambica Cotseeds Limited and Vivekanand Industries.
• Raw Material Volatility: Heavy dependence on raw cotton prices, which are subject to seasonal variations and global supply dynamics.
• Customer Concentration: Top 10 customers contributed 51.18% of revenues in FY2026, with no long-term contracts in place.
• Working Capital Stress: Negative cash flows from operating activities in FY2025 and high working capital borrowings.

What's Next

Allotment of shares is scheduled for September 24, 2026. The shares are expected to list on stock exchanges on September 28, 2026.