Vivekanand Cotspin IPO Day 2: Subscribed 0.13x; retail jumps 13.1%
- Vivekanand Cotspin IPO Day 2 subscription reached 0.13x, driven by retail demand.
- Retail individual investors subscribed 0.95x, jumping 13.1% during the day.
- QIB and NII categories saw no subscription, remaining at 0.00x and 0.31x respectively.
- The issue closes on September 23, 2026, with allotment scheduled for September 24.
*this image is generated using AI for illustrative purposes only.
Vivekanand Cotspin IPO subscribed 0.13x on Day 2. Retail individual investors led the demand with a subscription of 0.95x, showing a 13.1% jump from the morning levels, while Qualified Institutional Buyers (QIBs) recorded 0x subscription.
Subscription Status
The Vivekanand Cotspin IPO has seen muted demand across categories. The cumulative subscription stands at 0.13x by the end of Day 2. Retail investors are the only category showing significant interest, whereas QIBs and Non-Institutional Buyers (NII) have yet to pick up pace. Retail subscriptions jumped +13.1% today (from 0.84x to 0.95x), driving the total subscription up +8.3%.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 21-09-2026 | 0.00x | 0.00x | 0.31x | 0.29x | 0.08x |
| Day 2 | 22-09-2026 | 0.00x | 0.00x | 0.31x | 0.95x | 0.13x |
Intra-day Timeline on 22-09-2026
Retail subscriptions picked up pace after 11:15 AM, closing at 0.95x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.84x | 0.12x |
| 12:15 | 0.00x | 0.00x | 0.95x | 0.13x |
Category-wise Breakdown
- Qualified Institutional Buyers (QIB): 0x
- Non-Institutional Buyers (bHNI): 0x
- Non-Institutional Buyers (sHNI): 0.31x
- Retail: 0.95x
- Employees: 0x
- Total Subscribed: 0.13x
Offer Details
- Company: Vivekanand Cotspin
- Price Band: ₹35.00000 - ₹37.00000
- Issue Size: 210000 - 500000
- Min Bid Qty: 6000
- Open: 2026-09-21
- Close: 2026-09-23
About the Company
Vivekanand Cotspin Limited is a Gujarat-based cotton processing and yarn manufacturing company engaged in ginning of raw cotton (kapas) into cotton bales and cotton seeds, and spinning of cotton bales into cotton yarn. The company operates from its facility at 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 serves both domestic and international markets, with exports to countries including Bangladesh, China, Vietnam, and South Africa.
Financial Highlights
The company reported total revenues of ₹40,932.15 Lakhs, ₹36,651.25 Lakhs, and ₹35,801.62 Lakhs for FY2026, FY2025, and FY2024 respectively.
| Period | Revenue from Operations (₹ Cr) | Total Expenses (₹ Cr) | Profit for the Year (₹ Cr) |
|---|---|---|---|
| FY2026 | 408.01 | 404.19 | 3.69 |
| FY2025 | 290.47 | 287.55 | 4.07 |
| Aug 2024 | 75.47 | 74.23 | 0.87 |
Objects of the Issue
- Funding Capital Expenditure requirements towards Plant & Machinery: ₹5.27 crore
- To Meet Working Capital Requirements: ₹11.00 crore
- General Corporate Purpose
- Issue Related Expenses
Risk Factors
- Concentration of Sales and Purchases with Related Parties: A significant portion of revenue is derived from related party transactions.
- Fluctuations in Cotton Prices and Raw Material Availability: Business is heavily dependent on raw cotton, subject to seasonal variations and price volatility.
- Heavy Dependence on a Few Key Customers: Top 10 customers contributed over 50% of revenues in recent periods.
- High Working Capital Requirements and Negative Cash Flows: Company reported negative cash flows from operating activities in FY2025.
- Promoter Concentration and Potential Conflicts of Interest: Promoters hold 100% of pre-IPO share capital.
What's Next
- Allotment Date: 2026-09-24
- Listing Date: 2026-09-28
Will the lack of QIB interest on Day 2 trigger a downward revision in the IPO price band before closure?
Can sustained retail demand on the final day offset the current zero subscription from institutional investors?
How will the company's negative operating cash flows impact its ability to service working capital needs post-listing?
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