Borana Weaves
Book Building issueMainboardNSE₹145 Cr issue
+12.50%
Listing gain over issue price
Issue size
₹145 Cr
1 lot at cut-off
₹14,904
Lot size
69shares
Open
20 May 2025
Close
22 May 2025
Allotment
23 May 2025
Listing
27 May 2025
Listing performance
Issue price
₹216
Listed at
₹243
Listing-day close
₹255.15
Latest price
₹209.60
Close on 23 Oct 2026
Listing gain
+12.50%
Return since issue
-2.96%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 May 2025 – 22 May 2025
- Listing date
- 27 May 2025
- Face value
- ₹10 per share
- Issue price
- ₹216 per share
- Lot size
- 69 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹145 Cr
- Market cap at offer price
- ₹576 Cr
- Promoter holding
- 87.19% → 65.24% pre-issue → post-issue
- ISIN
- INE16SF01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Plot No AA/34, B 16/16, Hojiwala Industrial Estate, SUSML, Sachin, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 30,18,543 | — | — |
Application size
Minimum 69 shares per lot, in multiples, at ₹216
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 69 | ₹14,904 |
| Retail (max) | 13 | 897 | ₹1,93,752 |
| S-HNI (min) | 14 | 966 | ₹2,08,656 |
| S-HNI (max) | 67 | 4,623 | ₹9,98,568 |
| B-HNI (min) | 68 | 4,692 | ₹10,13,472 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
30,18,543
Anchor portion
₹65.20 Cr
at ₹216 per share
Valuation and performance
Valuation at offer price
₹216 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.83 | 14.66 |
| P/E (×) | 18.26 | 14.73 |
| Price to book (×) | 9.09 | — |
| Market cap | — | ₹576 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 49.77%
- ROCE
- 27.42%
- PAT margin
- 11.85%
- NAV per share
- ₹23.77
- Price to book
- 9.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Borana Weaves
Borana Weaves Limited is a textile manufacturer incorporated in October 2020 and based in Surat, Gujarat, India. The company commenced operations in 2021 and specializes in manufacturing unbleached synthetic grey fabric, which serves as a fundamental material for further processing such as dyeing and printing in industries including fashion, traditional textiles, technical textiles, home décor, and interior design. In addition to grey fabric, the company manufactures polyester textured yarn (PTY Yarn), produced by heating polyester oriented yarn (POY Yarn). The company operates three manufacturing units located in Surat and has grown significantly since inception, with revenue from operations reaching ₹21,161.52 lakhs in the nine months ended December 31, 2024.
Company Analysis
from RHPBorana Weaves Limited is a textile manufacturer specializing in unbleached synthetic grey fabric and polyester textured yarn, operating in the weaving and synthetic textile industries.
Borana Weaves Limited is a textile manufacturer incorporated in October 2020 and based in Surat, Gujarat, India. The company commenced operations in 2021 and specializes in manufacturing unbleached synthetic grey fabric, which serves as a fundamental material for further processing such as dyeing and printing in industries including fashion, traditional textiles, technical textiles, home décor, and interior design. In addition to grey fabric, the company manufactures polyester textured yarn (PTY Yarn), produced by heating polyester oriented yarn (POY Yarn). The company operates three manufacturing units located in Surat and has grown significantly since inception, with revenue from operations reaching ₹21,161.52 lakhs in the nine months ended December 31, 2024.
TextileFashionTraditional textilesTechnical textilesHome décorInterior design
Objects of the Issue
- Financing the cost of establishing a new manufacturing unit to expand production capabilities to produce grey fabric at Surat, Gujarat, India (Proposed Unit 4) ₹7,134.77 lakhs p.29
- Funding incremental working capital requirements ₹2,650.00 lakhs p.29
- General corporate purposes p.29
- Funding capex for the new manufacturing unit (Proposed Unit 4) ₹ 6,559.70 lakhs p.67
- Proposing to finance the cost of establishing a new manufacturing Unit to expand its production capabilities to produce grey fabric at Surat, Gujarat, India ₹7,134.77 lakhs p.108
- Funding incremental working capital requirements ₹2,650.00 lakhs p.108
- General Corporate Purposes p.108
- Financing the cost of establishing a new manufacturing unit to expand production capabilities to produce grey fabric at Surat, Gujarat, India (Proposed Unit 4) p.110
- General corporate purposes
- Funding capex for the new plant (Proposed Unit 4) ₹6,559.70 Lakh (net proceeds) p.291
Issue Structure
- Total Issue
- Up to 67,08,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Fresh issue of up to 67,08,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- Price band to be decided by the Company in consultation with BRLM
- Lot Size
- Bid Lot: [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company generates revenue primarily from the sale of unbleached synthetic grey fabric (84.24% of revenue in the nine months ended December 31, 2024) and polyester textured yarn (14.33% of revenue in the same period). Grey fabric is sold to customers in various industries for further processing and use, while PTY Yarn is produced from POY Yarn procured as raw material.
Business Segments
Unbleached synthetic grey fabric serves as a fundamental material for further processing, such as dyeing and printing, in various industries including fashion, traditional textiles, technical textiles, home décor, and interior design.
PTY Yarn is produced by heating polyester oriented yarn (POY Yarn), which is the raw material used in the production of grey fabric.
Manufactures unbleached synthetic grey fabric serving as fundamental material for further processing, such as dyeing and printing, in various industries including fashion, traditional textiles, technical textiles, home décor, and interior design
Produced by heating POY Yarn, which is the raw material used by the company
Manufacture of unbleached synthetic grey fabric using water jet looms and related textile manufacturing technologies, serving as a fundamental material for dyeing, printing, and further processing in fashion, textiles, technical textiles, home décor, and interior design industries.
Manufacturing of Polyester Textured Yarn (PTY), which is a part of the manufacturing process for grey fabric production, produced by heating polyester-oriented yarn (POY).
Unbleached synthetic grey fabric that serves as fundamental material for further processing such as dyeing and printing across fashion, traditional textiles, technical textiles, home décor and interior design industries
Produced by heating polyester oriented yarn (POY Yarn), which is the raw material used in the production of grey fabric. Also sold separately as a product
The company manufactures and sells woven grey cloth (fabrics) made from manmade fibres. Revenue is generated from sale of products comprising woven textiles produced through mechanical weaving processes.
Manufacturing and sale of unbleached synthetic grey fabric used as fundamental material for further processing such as dyeing and printing across fashion, traditional textiles, technical textiles, home décor and interior design industries
Manufacturing and sale of polyester textured yarn produced by heating polyester oriented yarn (POY Yarn), which serves as raw material in the production of grey fabric
SWOT Analysis
Strengths
- • Integrated manufacturing with three operational units and capacity expansion(p.49)
- • Strong revenue growth momentum with CAGR of 116.84% (FY2022-FY2024)(p.44)
- • Experienced management leveraging promoter group's textile industry background(p.44)
- • Improved profitability with PAT margin of 13.85% in nine months ended Dec 31, 2024(p.44)
- • Strong debt management with improving debt-equity ratio from 15.10 to 0.70(p.51)
- • Leading position in synthetic grey fabric manufacturing in Gujarat region(p.28)
- • Established manufacturing capacity with three operational units(p.53)
- • High capacity utilization across units, particularly Unit 1 and Unit 3(p.53)
- • Experienced promoter management with deep textile industry expertise(p.72)
- • Planned capacity expansion to increase production capability(p.53)
- • High capacity utilization rates demonstrating operational efficiency(p.110)
- • Integrated manufacturing with advanced textile technologies across three operational units(p.110)
- • Strong financial performance with high profitability margins(p.130)
- • Significant installed capacity expansion planned to increase production by 48%(p.111)
- • Experienced promoter group with execution track record(p.127)
- • Strategic location in Surat industrial hub with established infrastructure(p.110)
- • Advanced water jet loom technology for superior quality(p.178)
- • Strong revenue and profitability growth trajectory(p.179)
- • High capacity utilization efficiency(p.165)
- • Superior profitability margins vs peers(p.168)
- • Experienced promoter management with deep industry connections(p.180)
- • Strategic location in Surat textile hub with supplier proximity(p.165)
- • Vertically integrated operations reducing costs(p.167)
- • Established promoter group with over two decades of textile industry experience(p.241)
- • Strong financial performance with growing revenue and profitability(p.238)
- • Improved capital efficiency with debt-equity ratio declining from 16.63 to 0.95(p.268)
- • Access to government subsidies and incentives(p.258)
- • Rapid revenue growth and capacity expansion(p.310)
- • Strong profitability metrics with improving margins(p.289)
- • Improved debt position with declining leverage(p.277)
- • Strong liquidity position and cash flow generation(p.277)
Weaknesses
- • Heavy customer concentration with 98% of revenue from Gujarat-based customers(p.41)
- • Lack of long-term customer contracts creating demand uncertainty(p.41)
- • Limited operating history with company founded in 2020 and operations started in 2021(p.44)
- • Dependency on related party supplier (RB Industries) for 11.85% of raw material purchases(p.45)
- • Environmental compliance delay at Unit 3 with retroactive CCA obtained only in January 2025(p.49)
- • Significant and rising employee benefits expense at 6.76% of revenue(p.46)
- • Outstanding litigation involving an Independent Director(p.47)
- • High supplier concentration with top supplier representing 40.44% of raw material costs(p.55)
- • No long-term supply agreements with major raw material suppliers(p.54)
- • Significant dependence on leased properties from Promoter Group(p.56)
- • High leverage with significant borrowings and personal guarantees from promoters(p.66)
- • History of negative operating cash flow(p.59)
- • Concentration of manufacturing units in single location (Gujarat)(p.54)
- • High attrition rate among permanent employees(p.60)
- • Highly concentrated customer base creating revenue dependency risk(p.52)
- • Reliance on imported machinery and technology components(p.114)
- • Limited product portfolio concentrated in grey fabric and PTY(p.110)
- • Recent company formation with limited operational history(p.110)
- • Significant working capital requirements scaling with expansion(p.120)
- • High operational costs from advanced machinery investment(p.167)
- • Absence of international market presence(p.167)
- • Dependence on continuous technology upgrades(p.167)
- • Heavy dependence on promoter group properties via lease(p.55)
- • Concentration of revenue from small customer base(p.175)
- • Heavy dependence on leased properties controlled by promoters with renewal uncertainty(p.55)
- • Raw material dependence on promoter group entity with termination risk(p.45)
- • Significant related party transactions creating conflicts of interest(p.224)
- • No formal dividend policy and no dividends paid historically(p.231)
- • Significant dependence on related party customers(p.319)
- • High concentration in raw material supplier base(p.319)
- • Dependence on imported raw materials subject to supply chain volatility(p.290)
- • Limited operational history with recent unit establishment(p.288)
Opportunities
- • Expansion of manufacturing capacity through Proposed Unit 4 financed by IPO proceeds(p.29)
- • Growing Indian textile export market reaching USD 44 billion in FY2022(p.28)
- • Government support through Production Linked Incentive (PLI) scheme for textiles(p.28)
- • Synthetic fabric sector growth with CAGR of 5.19% (FY2018-19 to FY2023-24)(p.29)
- • Diversified end-market applications for grey fabric across apparel, home décor and technical textiles(p.28)
- • Working capital optimization opportunity through better inventory management(p.29)
- • Growth in synthetic fiber industry driven by fashion and technical textiles demand(p.62)
- • Expansion of customer base and increased wallet share with existing customers(p.63)
- • Development into technical textiles through water jet loom technology(p.63)
- • Government subsidies for electricity and interest reducing operational costs(p.66)
- • India positioned as bright spot for global growth with textile exports rising(p.142)
- • Domestic apparel market expected to nearly triple in size through 2025(p.149)
- • Growing global demand for synthetic textiles with India well-positioned(p.160)
- • Man-made fiber exports projected to increase 75% by 2030(p.161)
- • Government support through PLI scheme and technical textile initiatives(p.161)
- • Rising disposable income driving increased consumption of synthetic garments(p.157)
- • High growth in domestic polyester demand(p.181)
- • Expansion into technical textiles market(p.182)
- • Growing demand for sustainable and eco-friendly textiles(p.167)
- • Expansion of production capacity through Unit 4(p.181)
- • Increasing penetration of athleisure and performance fabrics(p.186)
- • Expansion through proposed manufacturing units(p.241)
- • Growth in group company interests and market presence(p.227)
- • Leveraging improved financial position for capital allocation(p.267)
- • Planned capacity expansion with Unit 4(p.291)
- • Utilization of IPO proceeds for capital expenditure(p.292)
- • Growing demand in synthetic fibre textile sector(p.288)
- • Government subsidies and incentive schemes(p.309)
Threats
- • Concentration of supply chain in Gujarat exposing to regional risks and natural disasters(p.26)
- • Dependency on grey fabric sales which represents 84.24% of revenue in nine months ended Dec 31, 2024(p.49)
- • Exposure to raw material price volatility, exchange rate fluctuations and transportation costs(p.49)
- • Cyclical demand for grey fabric tied to apparel and home textiles end-markets(p.49)
- • Regulatory and approval risks for new Proposed Unit 4 expansion(p.40)
- • Historical SEBI regulatory action against promoters relating to disclosure violations(p.48)
- • Inventory forecasting risks with potential for obsolescence and excess stockage(p.50)
- • Dependence on customer demand and end-product market conditions(p.52)
- • Highly competitive textile industry with pricing pressures(p.69)
- • Volatile raw material prices and foreign exchange fluctuations(p.55)
- • Regulatory and environmental compliance risks(p.64)
- • Geographic concentration risks in Gujarat from natural and man-made disasters(p.54)
- • Dependence on state government subsidies which may be withdrawn(p.66)
- • Macroeconomic slowdown affecting demand for textile products(p.74)
- • Exposure to foreign exchange and commodity price volatility(p.109)
- • Global economic uncertainty and recurrent slowdowns affecting demand(p.140)
- • Intense competition from lower-cost international producers(p.158)
- • Heavy reliance on supply chain affected by geopolitical tensions(p.150)
- • Risk of implementation delays and cost overruns in capacity expansion(p.117)
- • Domestic demand weakness amid recessionary pressures(p.149)
- • Volatile raw material prices impacting margins(p.164)
- • Intense competition from low-cost imports(p.164)
- • General textile industry competition pressure(p.167)
- • Rising labor costs in India(p.164)
- • Stringent environmental compliance requirements(p.164)
- • Consumer demand sensitivity and market fluctuations(p.164)
- • Economic slowdown reducing consumer textile spending(p.167)
- • Dependence on few major customers for significant revenue(p.45)
- • Exposure to raw material price volatility and foreign exchange fluctuations(p.268)
- • Competition from group companies with similar business activities(p.229)
- • High leverage in debt structure with variable interest rate exposure(p.268)
- • Volatility in raw material prices affecting profitability(p.290)
- • Exposure to currency fluctuation risks(p.317)
- • Competitive pressure and market concentration risks(p.319)
- • Geographic concentration with 99.89% revenue from Gujarat(p.310)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mangilal Ambalal Borana | Promoter | 18.80% | — |
| Ankur Mangilal Borana | Promoter | 6.23% | — |
| Rajkumar Mangilal Borana | Promoter | 18.48% | — |
| Dhwani Ankur Borana | Promoter | 12.56% | — |
| Mangilal Ambalal Borana HUF | Promoter | 11.18% | — |
| Ankur Mangilal Borana HUF | Promoter | 1.22% | — |
| Rajkumar Mangilal HUF | Promoter | 11.45% | — |
| Borana Filaments Private Limited | Promoter | 7.26% | — |
| Mangilal Ambalal Borana | Promoter | 18.80% | — |
| Ankur Mangilal Borana | Promoter | 6.23% | — |
| Rajkumar Mangilal Borana | Promoter | 18.48% | — |
| Dhwani Ankur Borana | Promoter | 12.56% | — |
| Ankur Mangilal Borana HUF | Promoter Group | 1.22% | — |
| Rajkumar Mangilal Borana HUF | Promoter Group | 11.45% | — |
| Mangilal Ambalal Borana HUF | Promoter Group | 11.18% | — |
| Borana Filaments Private Limited | Promoter Group | 7.26% | — |
| Mangilal Ambalal Borana | Promoter | 18.80% | — |
| Rajkumar Mangilal Borana | Promoter | 18.48% | — |
| Dhwani Ankur Borana | Promoter | 12.56% | — |
| Rajkumar Mangilal Borana HUF | Promoter Group | 11.45% | — |
| Mangilal Ambalal Borana HUF | Promoter Group | 11.18% | — |
| Borana Filaments Private Limited | Promoter Group | 7.26% | — |
| Ankur Mangilal Borana | Promoter | 6.23% | — |
| Mangilal Ambalal Borana | Promoter/Chairman and Managing Director | — | — |
| Ankur Mangilal Borana | Promoter/Executive Director | — | — |
| Rajkumar Mangilal Borana | Promoter/Executive Director | — | — |
| Dhwani Ankur Borana | Promoter | — | — |
| Borana Filaments Private Limited | Promoter Group | — | — |
| Mangilal Ambalal Borana | Promoter | 18.80% | — |
| Rajkumar Mangilal Borana | Promoter | 18.48% | — |
| Ankur Mangilal Borana | Promoter | 6.23% | — |
| Dhwani Ankur Borana | Promoter | 12.56% | — |
| Rajkumar Mangilal Borana HUF | Promoter Group | 11.45% | — |
| Mangilal Ambalal Borana HUF | Promoter Group | 11.18% | — |
| Ankur Mangilal Borana HUF | Promoter Group | 1.22% | — |
| Borana Filaments Private Limited | Promoter Group | 7.26% | — |
| Mangilal Ambalal Borana | Promoter | — | — |
| Rajkumar Mangilal Borana | Promoter | — | — |
| Ankur Mangilal Borana | Promoter | — | — |
Leadership
Mangilal Ambalal Borana · Chairman and Managing Director
Ankur Mangilal Borana · Chief Executive Officer and Executive Director
Rajkumar Mangilal Borana · Chief Financial Officer and Executive Director
Seema Luniya · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Borana Weaves IPO FAQs
What is the lot size of Borana Weaves IPO?
The minimum lot size of Borana Weaves IPO is 69 shares. One lot costs ₹14,904 at the cut-off price.
When does Borana Weaves IPO open and close?
Borana Weaves IPO opened for subscription on 20 May 2025 and closed on 22 May 2025.
What is the listing date of Borana Weaves IPO?
Borana Weaves IPO listed on 27 May 2025.