All IPOs 
Fascinate Textiles
SME · NSE open
Closes today · 19 Aug 2026
₹0
GMP* · 19 Aug, 05:20 pm
Price Band
₹142 – ₹151
Issue Size
₹66.98 Cr
1 lot at upper band
₹1,20,800
Lot Size
800
Open
11 Aug 2026
Close
19 Aug 2026
Allotment
—
Listing
24 Aug 2026
Scheduled dates
- Open11 Aug 2026
- Close19 Aug 2026
- Refund21 Aug 2026
- Demat credit21 Aug 2026
- Listing24 Aug 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹0 14 sessions
Subscription (times)
Latest per-category subscription · as of 19 Aug, 05:12 pm IST.
QIB 22.74x
NII 1.06x
BHNI 1.32x
SHNI 0.54x
RII 1.37x
Total 1.48x
About Fascinate Textiles
Fascinate Textiles Limited is a West Bengal-based garment manufacturer specializing in readymade garments across menswear, womenswear, and childrenswear, with a significant focus on children's apparel. The company operates an integrated manufacturing facility in Barasat, conducting most operations in-house including cutting, printing, stitching, and finishing, while outsourcing knitting and dyeing through external job workers. The company follows an order-driven B2B model (99.75% of revenue) with ISO 9001:2015 certification, serving large-format retailers and wholesalers while maintaining long-term client relationships since 2019.
www.fascinatetextile.com ↗Strengths
- Integrated manufacturing capabilityThe company follows an integrated approach where most key operations are carried out in-house, with only knitting and dyeing outsourced. This setup allows control over quality and timelines, enabling smoother production flow and coordinated response to client requirements.
- Versatile product range with customisation capabilitiesThe company produces a wide range of garments including t-shirts, joggers, co-ords, kids wear, and casualwear using different fabrics and finishes. The production setup handles various designs, prints, embroidery, and custom trims, supporting both bulk and small-batch orders.
- Quality control frameworkThe company has implemented a structured, multi-stage quality control process managed by third-party partners, including raw material checks, in-line inspections, and final audits based on Acceptable Quality Limit (AQL) before dispatch.
- Business model-order driven approachThe company operates on an order-driven production model with 99.75% B2B sales in FY 2026. Manufacturing commences only upon sample approval and confirmed purchase orders, minimizing overproduction risks and optimizing working capital management.
- Experienced management and workforceThe company is guided by experienced management with 17 years (Vishal Nahar), 5 years (Chirag Ahuja), and 2 years (Varun Shah) of textile industry experience. The workforce includes technically trained pattern masters, stitching operators, and merchandisers.
- Locational advantageThe company's manufacturing facility is strategically located in Barasat, West Bengal, approximately 250 km from a major port. This provides smooth access to road, rail, and port infrastructure, supporting timely material movement and dispatch operations.
- Existing relationships with clientsThe company has built long-term partnerships since 2019 with key clients. Top 5 customers contributed 56.32% of sales in FY 2026, and top 10 customers contributed 72.99%, demonstrating strong client retention and revenue stability.
Risk Factors
- Dependency on Key CustomersThe company derives a substantial portion of revenue from a limited number of key customers, with top ten customers contributing 72.99%, 93.22% and 99.35% of total sales for financial years ended March 31, 2026, 2025 and 2024 respectively. The loss of any significant customer could result in a decline in sales, disrupt cash flow, and hinder the company's ability to sustain operations effectively.
- Negative Operating Cash FlowsThe company has incurred negative cash flows from operating activities of ₹(1,087.37) lakhs, ₹(357.52) lakhs and ₹(362.34) lakhs for financial years ended March 31, 2026, 2025 and 2024 respectively. This is primarily due to increases in trade receivables and inventories, which may adversely affect liquidity, financial condition and ability to fund growth plans.
- High Working Capital RequirementsThe company's operations require significant working capital, with net working capital of ₹5,108.38 lakhs, ₹2,223.66 lakhs and ₹1,067.45 lakhs for financial years ended March 31, 2026, 2025 and 2024 respectively. The company's inability to meet working capital requirements may adversely affect results of operations and ability to satisfy client demand in a timely manner.
- Raw Material Price Volatility and Supplier DependencyThe company is dependent on suppliers for uninterrupted supply of raw materials, with top 10 suppliers contributing 55.86%, 47.15% and 55.81% of purchases for financial years ended March 31, 2026, 2025 and 2024 respectively. Raw material costs represent 81.10%, 64.46%, and 82.38% of total income, making the company vulnerable to price fluctuations and supply disruptions.
- Geographic Revenue ConcentrationThe company derives significant portion of revenue from West Bengal (69.27% in FY2026) and Karnataka (21.96% in FY2026), creating geographic concentration risk. Any loss of business from these states due to political, geographical changes, or increased competition may adversely affect revenues and profitability.
- High Trade Receivables RiskTrade receivables increased disproportionately from ₹533.79 lakhs in FY2024 to ₹1,733.03 lakhs in FY2025 to ₹3,527.74 lakhs in FY2026, growing at 224.67% compared to revenue growth of 108% in FY2025. This exposes the company to increased credit risk, potential bad debts, and liquidity constraints.
- High Debt-to-Equity RatioThe company maintains high debt-to-equity ratios of 0.83, 1.74 and 2.77 for financial years ended March 2026, 2025 and 2024 respectively. Higher leverage increases requirements to meet interest payments and repayment schedules, potentially limiting financial flexibility and ability to raise additional funds.
- Labor-Intensive Operations and Workforce DependencyThe company's operations are both manpower and machine intensive, requiring a sizable workforce with significant reliance on third-party contractual workers, especially during peak seasons. This exposes the company to risks including strikes, absenteeism, labor shortages, and disputes over wages or working conditions.
- Manufacturing Facility Concentration RiskThe company's manufacturing operations are concentrated in a single facility located at Barasat, West Bengal, creating operational risk concentration. Any slowdown, disruption, equipment breakdown, or shutdown at this facility could have a material adverse impact on business operations and ability to meet customer demand.
Objects of the Issue
- Funding the working capital requirementsThe company proposes to utilize proceeds to fund incremental working capital requirements including trade receivables, inventories, and payment to trade payables for day-to-day operations. The funding will support revenue growth and achieve business plan targets.25.15 crores
- Prepayment and repayment of all or a portion of certain secured and unsecured loanThe company intends to utilize proceeds for prepayment or scheduled repayment of certain unsecured loans to reduce existing borrowings, maintain favorable debt-equity ratio and enable utilization of internal accruals for business growth.2.68 crores
- Funding Capital Expenditure requirement towards setting up additional manufacturing facilityThe company plans to establish additional manufacturing facility to expand production capacity, enhance competitive positioning, and support sustainable long-term growth including land acquisition, civil work, and plant & machinery.12.35 crores
- General Corporate PurposeThe company will utilize proceeds for strategic initiatives, funding growth opportunities, strengthening marketing capabilities, brand building exercises, and meeting ongoing corporate contingencies as approved by the Board.
- To meet the Offer expensesThe company will utilize proceeds to meet offer-related expenses including management fees, underwriting commissions, printing expenses, legal fees, advertisement expenses, registrar's fees, and listing fees.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 117.23 | +94.5% | 15.10 | +159.9% | 92.75 | 31.44 | -10.87 |
| 31/03/2025 | 60.28 | +108.6% | 5.81 | +1110.4% | 42.26 | 10.45 | -3.58 |
| 31/03/2024 | 28.90 | — | 0.48 | — | 25.45 | 4.45 | -3.62 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 14.20
- ROCE
- 55.00%
- Shares / Lot
- 800
- Minimum Bid
- 1,600 shares
- Refund
- 21 Aug 2026
- Credit to Demat
- 21 Aug 2026
- ISIN
- INE1Q2D01019
- CIN
- U17299WB2017PLC219383
- Registrar
- Cameo Corporate Services Ltd.
- Lead Managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered Office
- 3/A Kutul Sahi Road, Barasat, Barasat North 24 Parganas, Barasat-1, West Bengal India, Kolkata-700124
Management
Vishal NaharMD
Chirag AhujaCFO
Varun ShahDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.