Shine Fashions SME

SME₹1.60 Cr issue
+1.25%
Listing gain over issue price
Issue size
₹1.60 Cr
1 lot at cut-off
₹1,20,000
Lot size
3,000shares
Open
22 Oct 2020
Close
26 Oct 2020
Listing
02 Nov 2020

Listing performance

Issue price
₹40
Listed at
₹40.50
Listing-day close
₹39.55
Latest price
—
Listing gain
+1.25%

Scheduled dates

Tentative timetable — a past date is not confirmation the step completed

  1. Open
    22 Oct 2020
  2. Close
    26 Oct 2020
  3. Listing
    02 Nov 2020

Issue details

IPO date
22 Oct 2020 – 26 Oct 2020
Listing date
02 Nov 2020
Face value
₹10 per share
Issue price
₹40 per share
Lot size
3,000 shares
Total issue size
₹1.60 Cr
ISIN
INE0BLY01015
Registrar
Cameo Corporate Services Ltd.
Lead managers
Shreni Shares Ltd.
Registered office
Office no. 605, 6th floor, Marathon Chamber, P.K, Panch Rasta,, Mulund West,, Maharashtra

Reservation and application size

How the issue is split between investor categories, and what each may bid

Investor categoryShares% of net% of total
Market maker 21,000——

Application size

Minimum 3,000 shares per lot, in multiples, at ₹40

ApplicationLotsSharesAmount
Retail (min)13,000₹1,20,000
S-HNI (min)26,000₹2,40,000
S-HNI (max)824,000₹9,60,000
B-HNI (min)927,000₹10,80,000

Category limits

CategoryBid sizeCut-off
Retail (RII)Up to ₹2 lakhYes
Small HNI (sNII)₹2 lakh – ₹10 lakhNo
Big HNI (bNII)Above ₹10 lakhNo
EmployeeUp to ₹5 lakhYes

Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.

Valuation and performance

Valuation at offer price

₹40 per share
MetricPre-issuePost-issue

About Shine Fashions SME

Shine Fashions (India) Limited was incorporated as a public limited company on September 11, 2019, and subsequently acquired the entire business of M/s. A. M. Fabrics (a sole proprietorship concern of promoter Mr. Anil Mehta) on September 30, 2019. The company is primarily engaged in importing, supplying and trading of non-woven interlining fabrics, woven fusible interlinings and microdot fusible interlinings. The company sources products from reliable manufacturers and offers high-grade quality products to customers in diverse specifications and sizes, delivered within stipulated timeframes and with safe packing to ensure accurate delivery.

Company Analysis

from RHP

Shine Fashions (India) Limited imports, supplies and trades non-woven interlining fabrics, woven fusible interlinings and microdot fusible interlinings for the textile industry.

Shine Fashions (India) Limited was incorporated as a public limited company on September 11, 2019, and subsequently acquired the entire business of M/s. A. M. Fabrics (a sole proprietorship concern of promoter Mr. Anil Mehta) on September 30, 2019. The company is primarily engaged in importing, supplying and trading of non-woven interlining fabrics, woven fusible interlinings and microdot fusible interlinings. The company sources products from reliable manufacturers and offers high-grade quality products to customers in diverse specifications and sizes, delivered within stipulated timeframes and with safe packing to ensure accurate delivery.

textilesinterlining fabricsspecialty textiles

Objects of the Issue

  • To meet Working Capital requirements
    ₹100.00 Lakhs p.16
  • General Corporate Purpose
    ₹19.60 Lakhs p.16
  • To meet the Issue Expenses
    ₹40.00 Lakhs p.16
  • To meet Working Capital requirements
    ₹100.00 Lakhs p.65
  • General Corporate Purpose
    ₹19.60 Lakhs p.65
  • To meet issue expenses
    ₹40.00 Lakhs p.65
  • Not explicitly stated in this section of the document

Issue Structure

Total Issue
₹159.60 Lakhs
Fresh Issue
₹159.60 Lakhs (3,99,000 Equity Shares of Face Value of Rs. 10/- each at Issue Price of Rs. 40/- per share)
Price Band
₹40.00 per Equity Share (Fixed Price)
Lot Size
3,000 Shares
Face Value
₹10.00 per Equity Share

Business Model

The company operates as a trading concern, importing interlining fabrics primarily from China and supplying them to customers. Revenue is generated through the sale of these traded products to customers on an order-by-order basis. For the period ended May 31, 2020, the company's 5 largest customers accounted for approximately 89.89% of total revenue, and the top 5 suppliers contributed around 42.58% of total purchases.

Business Segments

Supply and trading of non-woven interlining fabrics sourced from reliable manufacturers, offered in different sizes to cater to diverse customer specifications
Supply and trading of woven fusible interlinings in high grade quality with fine finish products provided in safe and tight packing
Supply and trading of microdot fusible interlinings to customers with timely delivery as per customer specifications
Low-temperature press, soft and full hand feel fabric used for fusing small parts on dress, ladies summer clothes, light-weight Chiffon fabrics; used for Collar, cuff or front placket of mid and grade shirt, jacket and suits
Woven stretchable polyester based linings with soft, voluminous fabric having good pendency and good hand feeling
Used for baseball caps and sports caps, using oxford yarn for weft and T/C or T yarn for warp, known as 'Kurkure' in local Indian market
Trading and import of non-woven interlining fabrics, woven fusible interlinings, and microdot fusible interlinings

SWOT Analysis

Strengths
  • • Established business operations with prior proprietorship experience(p.16)
  • • Long-standing customer relationships(p.23)
  • • Strong existing supplier relationships(p.24)
  • • Revenue concentration provides strategic focus(p.23)
  • • Experienced promoters with textile industry background and proven track record(p.82)
  • • Established supplier relationships with favorable terms(p.82)
  • • Strong quality assurance practices and mechanisms(p.82)
  • • Existing customer base providing continuous business(p.82)
Weaknesses
  • • Severe dependence on few customers creates vulnerability(p.23)
  • • No long-term customer contracts(p.23)
  • • High trade receivables exposure(p.24)
  • • No long-term supplier agreements(p.24)
  • • Heavy promoter dependence for operations(p.27)
  • • Limited operating history as a company(p.25)
  • • Rented premises with relocation risk(p.25)
  • • High volume-low margin business model(p.24)
  • • No insurance coverage(p.29)
  • • Unregistered trademark(p.27)
  • • Geographic concentration in Maharashtra(p.25)
  • • Heavy dependence on working capital with significant inventory and receivables(p.66)
  • • Concentrated operations limited to Mumbai region(p.83)
  • • No formal dividend policy established(p.116)
  • • Small size with limited capital base compared to competitors(p.85)
  • • Limited insurance coverage for operational risks(p.86)
  • • High dependence on limited customer base(p.140)
  • • Significant reliance on few suppliers(p.142)
  • • No long-term customer contracts(p.142)
  • • Minimal fixed asset base(p.120)
  • • Large inventory concentration(p.120)
Opportunities
  • • Growth in Indian textile exports(p.16)
  • • Diverse product capacity to serve multiple market segments(p.16)
  • • Government incentives for textile sector(p.30)
  • • Geographic expansion strategy(p.24)
  • • Geographic expansion to leverage existing relationships and manufacturing network(p.82)
  • • Enter new geographies to increase customer base beyond Mumbai(p.83)
  • • Strong Indian textile industry growth with government support(p.81)
  • • Expanding distribution network to capture new regional markets(p.83)
  • • Government initiatives supporting textile sector investment(p.80)
  • • Import and supply of specialty fabrics(p.140)
  • • Customized product offerings(p.140)
  • • SME platform listing and potential migration(p.166)
  • • Capital market access via IPO(p.140)
Threats
  • • Dependence on third-party manufacturers(p.24)
  • • Supply disruption from COVID-19 and trade restrictions(p.23)
  • • Market price fluctuations for textiles(p.24)
  • • Foreign exchange risk exposure(p.28)
  • • Intense competition in textile industry(p.30)
  • • Regulatory and policy changes(p.32)
  • • Natural calamities and supply disruption(p.23)
  • • Labour unrest and unionization risk(p.30)
  • • Political and economic instability in India(p.34)
  • • Global economic and political risks(p.34)
  • • Terrorist attacks and civil unrest(p.35)
  • • Intense competition from larger competitors with broader product ranges(p.85)
  • • Promoter conflict of interest through involvement in competing entities(p.113)
  • • Global economic slowdown impacting textile demand(p.75)
  • • Vulnerability to currency fluctuations on imports(p.81)
  • • Dependence on third-party transport and logistics providers(p.84)
  • • Foreign exchange rate fluctuations(p.140)
  • • Increased competition in textiles sector(p.140)
  • • Customer product defects risk(p.140)
  • • Regulatory and legislative changes(p.140)
  • • Macroeconomic and political risks(p.140)
  • • Supply chain and logistics dependency(p.140)

Promoters

NameRolePre-IssuePost-Issue
Mr. Anish Anil MehtaPromoter40.005%28.60%
Mr. Anil Zaverchand MehtaPromoter29.97%21.42%
Mrs. Binal Anish MehtaPromoter Group30.005%21.45%
Mrs. Purvi Anil SanghviPromoter Group0.005%0.004%
Mr. Anish Anil MehtaPromoter40.005%—
Mr. Anil Zaverchand MehtaPromoter29.97%—
Anil Zaverchand MehtaPromoter/Non-Executive Director29.97%—
Anish Anil MehtaPromoter/Managing Director40.01%—
Binal Anish MehtaPromoter30.01%—

Leadership

Mr. Anish Anil Mehta · Managing Director
Mr. Anil Zaverchand Mehta · Non-Executive Director
Mrs. Purvi Anil Sanghvi · Non-Executive Director & Chairman
Ms. Khushbu Dilipkumar Shah · CFO
Ms. Nidhi Jain · 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.

Shine Fashions SME IPO FAQs

What is the lot size of Shine Fashions SME IPO?
The minimum lot size of Shine Fashions SME IPO is 3,000 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Shine Fashions SME IPO open and close?
Shine Fashions SME IPO opened for subscription on 22 Oct 2020 and closed on 26 Oct 2020.
What is the listing date of Shine Fashions SME IPO?
Shine Fashions SME IPO listed on 02 Nov 2020.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. 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. Nothing here is investment advice or a recommendation; read the offer document and consult a SEBI-registered adviser before applying.