NAPS Global India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Mar 2025 – 06 Mar 2025
- Listing date
- 11 Mar 2025
- Face value
- ₹1 per share
- Issue price
- ₹90 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹11.88 Cr
- Market cap at offer price
- ₹39.87 Cr
- Promoter holding
- 100.00% → 70.20% pre-issue → post-issue
- ISIN
- INE0VNH01014
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Office No.11, 2nd Floor, 436 Shree Nath Bhuvan, Kalbadevi Road, Maharashtra
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 | 0 | — | — |
| Market maker | 72,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹10,08,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.67 | 4.62 |
| P/E (×) | 19.27 | 19.48 |
| Price to book (×) | 7.35 | — |
| Market cap | — | ₹39.87 Cr |
Key performance indicators
- Return on net worth
- 38.15%
- ROCE
- 47.47%
- PAT margin
- 3.07%
- NAV per share
- ₹12.24
- Price to book
- 7.35
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About NAPS Global India
NAPS Global India Limited was incorporated as NAPS Trading Private Limited on March 28, 2014 and converted to a public company in 2024. The company is a wholesale importer of textile products, primarily importing cotton and man-made fabrics from manufacturers in China and Hongkong in bulk quantities. It provides timely supply to vendors of garment manufacturing companies in Maharashtra, India. For the period ended December 31, 2024, the company generated revenue from operations of ₹5,244.29 lakhs, with fabrics accounting for 81.23% of sales and ready-made garments for 18.77%. The company operates in the textile and garment supply chain sector and derives its revenue from wholesale distribution of imported fabrics and garments.
Company Analysis
from RHPNAPS Global India Limited is a wholesale importer of textile products and acts as an established player in the garment manufacturing supply chain in Maharashtra, India, importing cotton and man-made fabrics from China and Hongkong.
NAPS Global India Limited was incorporated as NAPS Trading Private Limited on March 28, 2014 and converted to a public company in 2024. The company is a wholesale importer of textile products, primarily importing cotton and man-made fabrics from manufacturers in China and Hongkong in bulk quantities. It provides timely supply to vendors of garment manufacturing companies in Maharashtra, India. For the period ended December 31, 2024, the company generated revenue from operations of ₹5,244.29 lakhs, with fabrics accounting for 81.23% of sales and ready-made garments for 18.77%. The company operates in the textile and garment supply chain sector and derives its revenue from wholesale distribution of imported fabrics and garments.
Objects of the Issue
- Funding Working Capital Requirements ₹919 lakhs p.22
- General Corporate Purpose ₹169 lakhs p.22
- Funding Working Capital Requirement ₹919.00 lakhs p.69
- General Corporate Purpose ₹169.00 lakhs p.69
- Repayment of borrowings
Issue Structure
- Total Issue
- ₹1,188.00 lakhs (13,20,000 Equity Shares of face value ₹10 each)
- Fresh Issue
- ₹1,188.00 lakhs (13,20,000 Equity Shares of face value ₹10 each)
- Offer for Sale
- Not Applicable
- Price Band
- ₹90 per Equity Share
- Lot Size
- Minimum 1,600 Equity Shares and in multiples of 1,600 thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company imports cotton and man-made fabrics from suppliers in China and Hongkong and sells them in bulk quantities to vendors of garment manufacturing companies in Maharashtra. It operates as a wholesale importer and distributor in the textile supply chain, with most of its revenue coming from fabric sales and an increasing portion from ready-made garments. The company does business with customers on a Purchase Order basis without long-term agreements.
Business Segments
SWOT Analysis
- • Established long-term supplier relationships in China and Hong Kong(p.95)
- • Experienced promoters and directors with 10+ years in textile industry(p.96)
- • Strong revenue growth with 88.30% CAGR from FY2022 to FY2024(p.96)
- • Significant profitability growth with 182.02% CAGR in PAT(p.96)
- • High return on net worth and capital employed(p.76)
- • Asset-light business model enabling high returns on capital(p.94)
- • Strong financial growth trajectory with revenue increasing 82.73% YoY (FY2024) and PAT up 434.49%(p.165)
- • Efficient inventory management with inventory at minimal 1.85% of revenue (FY2024)(p.163)
- • Strong supplier relationships with concentrated sourcing reducing costs(p.163)
- • Effective working capital management with cash conversion cycle improvement(p.163)
- • Healthy current ratio of 1.52 as of December 31, 2024(p.151)
- • High dependence on few suppliers for raw materials(p.27)
- • High dependence on few customers for revenue(p.28)
- • Negative operating cash flows in recent periods(p.28)
- • Geographic concentration of revenue in Maharashtra(p.29)
- • Registered office and warehouse not owned by company(p.29)
- • Working capital intensive business with substantial current assets dependency(p.27)
- • Existing indebtedness of ₹167.80 lakhs as of December 31, 2024(p.35)
- • Past instances of delays in statutory tax payments (TDS and GST)(p.34)
- • High concentration among top 5 customers representing 50.84% of revenue(p.103)
- • Limited geographic presence with Maharashtra accounting for 72.27% of revenue(p.97)
- • Significant inventory buildup requirement due to forward integration into garments(p.98)
- • Small employee base of only 9 employees(p.104)
- • High supplier concentration with top 5 suppliers accounting for 90.22% of purchases(p.96)
- • High dependence on customer concentration with top 5 and top 10 customers representing 63.55% and 78.81% of revenue(p.168)
- • High dependence on supplier concentration with top 10 suppliers representing 91.82% of purchases(p.168)
- • Significant increase in short-term borrowings from nil to ₹167.80 lakhs by December 31, 2024(p.138)
- • High import dependence with 89.62% of purchases being imports on CIF basis(p.151)
- • Thin profit margins at 2.90% PAT margin as of December 31, 2024 period(p.161)
- • One direct tax litigation pending against Chairman involving ₹13.52 lakhs(p.172)
- • Global textile market growth at 7.4% CAGR through 2030(p.22)
- • Forward integration into custom-made garments business with higher margins(p.98)
- • Expansion into new PAN India markets beyond Maharashtra(p.97)
- • Growth in Indian textile and apparel market projected at 10% CAGR to reach $350 billion by 2030(p.90)
- • India positioned as world's 3rd largest textile and apparel exporter with rising exports(p.90)
- • Government support for textile sector through PLI scheme and MITRA parks(p.91)
- • Strong demand for man-made textiles with import gap creating supplier opportunity(p.94)
- • Pan-India expansion with current presence heavily concentrated in Maharashtra (95.48% of FY2024 revenue)(p.163)
- • Growth in textile and garment manufacturing demand in India post-COVID recovery(p.155)
- • Expanding into manufacturing with ₹31.18 lakhs manufactured goods revenue in Dec 2024 period(p.148)
- • Import substitution opportunities and potential for local sourcing to reduce FX risk(p.155)
- • Capital raise of ₹132 lakhs from IPO enabling debt repayment and working capital expansion(p.144)
- • Significant dependence on imports from China and Hongkong with foreign exchange risk(p.32)
- • Restrictions on import of materials could adversely affect business(p.32)
- • Fluctuations in fabric prices and availability(p.36)
- • Dependence on third-party transportation providers(p.34)
- • Sensitivity to changes in consumer confidence and spending in India(p.33)
- • Exposure to inflation and inability to pass costs to customers(p.40)
- • Interest rate risk and dependence on banking facilities(p.41)
- • Regulatory and compliance risks including labor laws(p.41)
- • Intense competition from established players with larger capital and resources(p.103)
- • Competition from unorganized sector and local wholesalers(p.103)
- • No material entry barriers enabling competitive intensity in trading business(p.103)
- • Global economic slowdown affecting demand growth(p.82)
- • Increased trade policy uncertainty and tariff pressures affecting global trade(p.82)
- • Dependence on China and Hong Kong suppliers exposing to geopolitical risks(p.102)
- • Currency and commodity price volatility affecting import costs (89.62% of purchases are imports)(p.151)
- • Intense competition from organized and unorganized domestic players(p.168)
- • Global economic downturns affecting textile industry demand and customer purchasing power(p.155)
- • Supply chain disruption risk from supplier loss or failure of primary raw material suppliers(p.155)
- • Regulatory and tariff changes affecting import costs and pricing(p.155)
- • Customer concentration risk with top 10 customers representing 78.81% of revenue(p.168)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pankaj Jain | Promoter | 52.97% | 37.19% |
| Ronak Mistry | Promoter | 19.54% | 13.72% |
| Pankaj Jain | Promoter | 52.97% | 37.19% |
| Ronak Mistry | Promoter | 19.54% | 13.72% |
| Soniya P Jain | Promoter Group | 8.68% | 6.09% |
| Ansh Jain | Promoter Group | 7.07% | 4.97% |
| Pankaj Jain HUF | Promoter Group | 4.98% | 3.50% |
| Smita Ronak Mistry | Promoter Group | 4.98% | 3.50% |
| Sunderlal Madanlal Jain | Promoter Group | 1.77% | 1.24% |
| Pankaj Jain | Promoter | 52.97% | — |
| Ronak Mistry | Promoter | 19.54% | — |
Leadership
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.