Siddhi Cotspin
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Sep 2025 – 23 Sep 2025
- Listing date
- 26 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹108 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹69.85 Cr
- Market cap at offer price
- ₹264 Cr
- Promoter holding
- 85.57% → 65.56% pre-issue → post-issue
- ISIN
- INE0SVO01019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- Survey 279 & 280, Unit No.13, Sub Plot No.18, Sector 3 of Dholi Integrated Spinning Park, 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 | 0 | — | — |
| Market maker | 3,24,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹108
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,29,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,36,800 |
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
₹108 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.72 | 5.36 |
| P/E (×) | 16.07 | 20.15 |
| Price to book (×) | 2.65 | — |
| Market cap | — | ₹264 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.47%
- ROCE
- 14.88%
- Debt / equity
- 0.84
- PAT margin
- 1.81%
- EBITDA margin
- 4.54%
- NAV per share
- ₹40.82
- Price to book
- 2.65
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Siddhi Cotspin
Siddhi Cotspin Limited was incorporated on November 23, 2015 as a private limited company and converted to public limited on February 12, 2024. The company is primarily engaged in manufacturing and selling of cotton yarns with a focus on quality and advanced technology. The company operates a greenfield spinning facility in Dholi, Ahmedabad, Gujarat with 29,376 spindles and a total capacity of 90,11,850 kgs for cotton yarn and 2,70,35,550 kgs for value-added yarn production. The company has been backed by promoter Navin Saraogi, who has over 20 years of experience in the textile industry. The manufacturing facility is equipped with modern automatic machinery, comprehensive quality management systems, and sustainable manufacturing practices. The company sells to textile manufacturers, garment exporters, and distributors, with strong emphasis on quality, reliability and timely delivery.
Company Analysis
from RHPSiddhi Cotspin Limited manufactures and sells cotton yarns and value-added specialty yarns for use in textile, apparel, home furnishing, and crafting industries.
Siddhi Cotspin Limited was incorporated on November 23, 2015 as a private limited company and converted to public limited on February 12, 2024. The company is primarily engaged in manufacturing and selling of cotton yarns with a focus on quality and advanced technology. The company operates a greenfield spinning facility in Dholi, Ahmedabad, Gujarat with 29,376 spindles and a total capacity of 90,11,850 kgs for cotton yarn and 2,70,35,550 kgs for value-added yarn production. The company has been backed by promoter Navin Saraogi, who has over 20 years of experience in the textile industry. The manufacturing facility is equipped with modern automatic machinery, comprehensive quality management systems, and sustainable manufacturing practices. The company sells to textile manufacturers, garment exporters, and distributors, with strong emphasis on quality, reliability and timely delivery.
Objects of the Issue
- Funding the working capital requirements ₹2,510.00 lakhs p.26
- Repayment or prepayment of all or a portion of certain outstanding borrowings ₹896.50 lakhs p.26
- General Corporate Purposes p.26
- Funding the working capital requirements ₹2,510.00 Lakhs p.87
- Repayment or prepayment of all or a portion of certain outstanding borrowings ₹896.50 Lakhs p.87
- General Corporate Purposes p.87
- General corporate purposes
Issue Structure
- Total Issue
- 64,68,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- 49,44,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- 15,24,000 Equity Shares aggregating to ₹[●] Lakhs
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company manufactures cotton yarn and value-added specialty yarns using modern spinning technology and sells them to textile manufacturers, garment exporters, and distributors on an order-by-order basis. Revenue is generated from sales of cotton yarns and value-added yarns with varying credit terms ranging from 0 to 45 days.
Business Segments
SWOT Analysis
- • Experienced promoter with 20+ years in textile industry(p.25)
- • Modern manufacturing facility with advanced technology(p.25)
- • Significant installed capacity for cotton and value-added yarn production(p.25)
- • High capacity utilization rates demonstrating operational efficiency(p.42)
- • Strong established customer relationships with diverse textile and apparel industries(p.25)
- • Comprehensive quality management system across production stages(p.25)
- • Experienced promoter and management team with long tenure in business(p.100)
- • High capacity utilization rates across production facilities(p.103)
- • Strong revenue growth trajectory with 24.73% YoY growth in FY2025(p.102)
- • Diversified supplier base for raw material sourcing(p.100)
- • Long-standing customer relationships and market presence(p.100)
- • Experienced promoter with extensive textile industry background(p.120)
- • GOTS certification for quality and sustainability standards(p.130)
- • Strong relationships with raw material suppliers across multiple states(p.130)
- • High capacity utilization demonstrating operational efficiency(p.128)
- • Advanced technology and modern plant and machinery(p.120)
- • Experienced promoter with 20+ years in textile industry(p.212)
- • Advanced manufacturing facility with significant capacity(p.212)
- • Diverse product portfolio including value-added yarns(p.212)
- • Strong revenue growth trajectory(p.215)
- • Improved debt-to-equity ratio reflecting deleveraging(p.205)
- • Compliant track record exceeding 3-year requirement(p.240)
- • Positive operating profit in majority of preceding years(p.240)
- • Strong net worth growth trajectory(p.240)
- • No regulatory or disciplinary action against company(p.240)
- • No default on debt obligations(p.240)
- • 100% underwritten offer providing capital certainty(p.240)
- • Heavy dependence on few key raw material suppliers(p.36)
- • Significant revenue concentration among few customers(p.37)
- • No long-term contracts with customers creating revenue uncertainty(p.37)
- • Unsecured loans repayable on demand from promoters(p.40)
- • History of delayed statutory filings and deposits(p.40)
- • Leased premises with potential for termination affecting operations(p.36)
- • Promoter group involved in SEBI investigation regarding fraudulent trading(p.34)
- • Unregistered company logo lacking statutory trademark protection(p.39)
- • Significant outstanding litigation involving company, promoters, and group entities(p.34)
- • High debt burden with significant outstanding borrowings relative to equity(p.58)
- • Restrictive covenants limit operational flexibility in financing arrangements(p.49)
- • Heavy dependence on top customers creating concentration risk(p.103)
- • Low profitability margins despite revenue growth(p.102)
- • Significant promoter control post-IPO limiting minority shareholder influence(p.49)
- • High customer concentration reducing business stability(p.128)
- • Declining EBITDA margins amid revenue growth(p.128)
- • Significant debt obligations with personal guarantees from promoters(p.138)
- • Limited product diversification with cotton yarn as primary business(p.120)
- • Dependence on domestic market with minimal direct exports(p.129)
- • High dependence on limited customer base(p.222)
- • Significant reliance on few key suppliers(p.222)
- • Declining net profit margins despite revenue growth(p.217)
- • Substantial outstanding debt levels(p.220)
- • Material litigation involving group company in insolvency proceedings(p.226)
- • Outstanding Company Petition for recovery of dues(p.224)
- • Small post-offer paid-up capital within SME band(p.240)
- • Limited scale and size relative to main board companies(p.260)
- • Relatively modest operating profit margins in some years(p.240)
- • Growing demand for cotton yarn in textile and apparel industries(p.25)
- • Expansion into value-added and specialty yarn production(p.25)
- • Potential for geographic expansion beyond Gujarat(p.39)
- • IPO funding to support working capital and business growth(p.26)
- • Expanding value-added yarn capacity to higher-margin products(p.103)
- • Funding working capital requirements to support growth initiatives(p.87)
- • Debt reduction to improve leverage ratios and financing capacity(p.87)
- • Enhanced corporate visibility and brand reputation through public listing(p.87)
- • Access to equity capital markets for future growth and expansion(p.87)
- • Rapid growth in Indian textile and apparel sector(p.114)
- • Government support through production incentive schemes(p.114)
- • Expanding fancy and value-added yarn market(p.131)
- • Strong export growth potential for Indian textile products(p.114)
- • Growing domestic demand from rising incomes and middle class(p.117)
- • Expansion of value-added yarn production and sales(p.215)
- • Geographic expansion to reduce regional concentration(p.212)
- • Growing denim industry demand(p.212)
- • Conditioning and recycling of yarn for sustainability markets(p.212)
- • Migration pathway to main board for future growth(p.257)
- • Mandatory market making support for 3 years post-listing(p.240)
- • Access to public capital markets for expansion(p.260)
- • Intense competition from larger and established competitors(p.38)
- • Fluctuations in raw material prices and cotton availability(p.36)
- • Vulnerability to changes in customer preferences and demand(p.37)
- • Risk of changes in government policies and regulations(p.38)
- • Geographic concentration risk in Gujarat state(p.38)
- • Foreign exchange fluctuation risk for export operations(p.47)
- • Dependence on third-party transportation services(p.47)
- • Risk of machinery breakdown and facility disruption(p.41)
- • Inadequate insurance coverage for operating hazards(p.44)
- • Risk of competitor group entities in similar business(p.47)
- • Slowdown in Indian economic growth and industrial demand(p.52)
- • Volatility in raw material prices and availability(p.52)
- • Regulatory changes and compliance requirements affecting operations(p.52)
- • Financial market instability impacting investor confidence and capital access(p.52)
- • Natural disasters and external shocks disrupting production(p.52)
- • Foreign exchange volatility affecting export competitiveness(p.52)
- • Commodity-dependent raw material with price volatility(p.131)
- • Highly competitive textile industry with low barriers to entry(p.134)
- • Low technology barriers enabling stiff competition(p.131)
- • Regulatory and policy changes impacting business(p.131)
- • Raw material sourcing volatility without long-term supply contracts(p.131)
- • Volatility in raw cotton and input material prices(p.216)
- • Cyclicality and seasonality in textile industry demand(p.213)
- • Intense competition from existing and potential competitors(p.222)
- • Dependence on bank financing and restrictive debt covenants(p.175)
- • Risk from external economic shocks (COVID-19, geopolitical)(p.213)
- • Regulatory changes in securities regulations affecting capital raise(p.255)
- • Market-dependent pricing and subscription uncertainty(p.256)
- • Concentration of shareholding limits post-listing(p.257)
- • Foreign exchange and NRI investment restrictions(p.274)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Navin Saraogi | Promoter | 44.97% | 33.18% |
| Aansh Rajesh Bindal | Promoter | 40.60% | 32.38% |
| Mr. Navin Saraogi | Promoter | 44.97% | 33.18% |
| Mr. Aansh Rajesh Bindal | Promoter | 40.60% | 32.38% |
| Mr. Navin Saraogi | Promoter/Chairman & Managing Director | — | — |
| Mr. Aansh Rajesh Bindal | Promoter/Whole Time Director | — | — |
| Navin Saraogi | Promoter | 44.97% | — |
| Aansh Rajesh Bindal | Promoter | 40.60% | — |
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.