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Sonaselection

Book Building issueMainboardBSE₹142 Cr issue
+3.34%
Listing gain over issue price
Price band
₹94 – ₹99
Issue size
₹142 Cr
1 lot at cut-off
₹14,850
Lot size
150shares
Open
17 Sep 2026
Close
21 Sep 2026
Allotment
22 Sep 2026
Listing
24 Sep 2026

Listing performance

Issue price
₹99
Listed at
₹102.31
Listing-day close
—
Latest price
₹97.98
Close on 28 Oct 2026
Listing gain
+3.34%
Return since issue
-1.03%

Scheduled dates

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

  1. Open
    17 Sep 2026
  2. Close
    21 Sep 2026
  3. Allotment
    22 Sep 2026
  4. Refund
    23 Sep 2026
  5. Demat credit
    23 Sep 2026
  6. Listing
    24 Sep 2026

Subscription

2.01×
Overall
Qualified institutionalQIB
1.16×
Big non-institutionalbNII · above ₹10 lakh
2.01×
Small non-institutionalsNII · ₹2–10 lakh
1.96×
Retail individualRII · up to ₹2 lakh
2.50×

Bids received

The demand behind each multiple — what was offered, what was bid for, and what those bids are worth

CategoryShares offeredShares bid forBids (₹ Cr)Times
Qualified institutional28,60,00033,25,800₹32.93 Cr1.16×
Non-institutional21,45,00042,80,250₹42.37 Cr2.00×
Big non-institutionalwithin NII14,30,00028,78,500₹28.50 Cr2.01×
Small non-institutionalwithin NII7,15,00013,99,650₹13.86 Cr1.96×
Total1,00,10,0002,01,04,050₹199 Cr2.01×

Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 21 Sep, 06:56 pm IST; the registrar publishes the final basis of allotment.

Issue details

IPO date
17 Sep 2026 – 21 Sep 2026
Listing date
24 Sep 2026
Face value
₹10 per share
Price band
₹94 – ₹99
Issue price
₹99 per share
Lot size
150 shares
Sale type
Fresh capital
Issue type
Book Building issue
Listing at
BSE
Total issue size
₹142 Cr
Fresh issue
₹142 Cr 1,43,00,000 shares
Offer for sale
₹0 Cr 0 shares
Market cap at offer price
₹563 Cr
Promoter holding
86.21% → 64.52% pre-issue → post-issue
ISIN
INE0LLZ01011
CIN
U17299RJ2022PLC079631
Registrar
Kfin Technologies Ltd.
Lead managers
Choice Capital Advisors Pvt.Ltd.
Registered office
18th K M Stone, Chittorgarh Road, Hamirgarh, Bhilwara- 311025, Rajasthan, India

Reservation and application size

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

Investor categoryShares% of net% of total
QIB 28,60,00028.57%28.57%
Anchor investor · within QIB42,90,000—42.86%
NII (HNI) 21,45,00021.43%21.43%
bNII > ₹10L · within NII14,30,000—14.29%
sNII < ₹10L · within NII7,15,000—7.14%
Retail (RII) 50,05,00050.00%50.00%
Employee 0—0.00%
Total issue1,00,10,000—100.00%

Net offer to the public of 1,00,10,000 shares, out of a total issue of 1,00,10,000. Indented rows sit inside the category above them and are not added to it.

Application size

Minimum 150 shares per lot, in multiples, at ₹99

ApplicationLotsSharesAmount
Retail (min)1150₹14,850
Retail (max)131,950₹1,93,050
S-HNI (min)142,100₹2,07,900
S-HNI (max)6710,050₹9,94,950
B-HNI (min)6810,200₹10,09,800

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.

Anchor investors

Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.

Shares allocated
42,90,000
42.86% of the total issue
Anchor portion
₹42.47 Cr
at ₹99 per share
Share of QIB portion
150.00%
of 28,60,000 QIB shares

Valuation and performance

Valuation at offer price

₹99 per share
MetricPre-issuePost-issue
EPS (₹)8.005.99
P/E (×)12.3816.53
Price to book (×)4.00—
Market cap—₹563 Cr

Key performance indicators

Latest reported period, consolidated
Return on net worth
39.05%
ROCE
24.00%
Debt / equity
2.48
PAT margin
6.58%
EBITDA margin
16.40%
NAV per share
₹24.78
Price to book
4.00

Single period as reported. Year-on-year movement is in the financials table below, where every period is published.

Company financials

Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
FY26 income +63.5% · PAT +83.3%
Total income
₹518 Cr
FY26
Profit after tax
₹34.02 Cr
6.57% margin
Total assets
₹475 Cr
FY26
Net worth
₹104 Cr
32.66% ROE
Period endedFY26FY25FY24
Profit and loss
Total income517.6316.47121.31
Revenue from operations516.95315.95120.98
Other income0.650.510.33
Total expenses469.54290.39104.37
Operating profit48.0626.0816.94
Operating margin9.29%8.24%13.96%
Profit before tax48.0526.0816.95
Profit after tax34.0218.5613.09
PAT margin6.57%5.86%10.79%
Balance sheet
Total assets474.99374.77203.5
Current assets289.98193.8354.87
Current liabilities227.23159.7244.73
Total liabilities370.82304.7164.61
Net worth104.1670.0738.88
Current ratio1.28×1.21×1.23×
Return on equity32.66%26.49%33.67%
Cash flow
Operating cash flow-10.99-14.1817.61
Investing cash flow-20-50.42-108.12
Financing cash flow33.1560.6794.65
Net cash flow2.17-3.934.14

Objects of the issue

Stated use of the net proceeds— open a row for the issuer's full explanation
₹131 Cr quantified
  1. 1 Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company from banks ₹80 Cr

    The company intends to utilize funds towards repayment/prepayment of all or a portion of certain borrowings including accrued interest thereon. The aggregate outstanding borrowings from banks was ₹2,638.43 million as on July 31, 2026.

  2. 2 Funding of capital expenditure towards purchase of plant and machineries at the existing Manufacturing Facility ₹50.61 Cr

    The company proposes to invest in procurement of plant and machineries at its existing facility located at 18th K M Stone, Chittorgarh Road, Hamirgarh, Bhilwara- 311025 Rajasthan, India to enhance operational efficiency, product quality, and process optimization.

  3. 3 General Corporate purposes —

    The company proposes to deploy funds towards general corporate purposes including funding strategic initiatives, growth opportunities, capital expenditure, working capital requirements, strengthening marketing capabilities and brand building exercises, subject to not exceeding 25% of Gross Proceeds.

1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.

About Sonaselection

Sonaselection India Limited is a public limited company incorporated on February 11, 2022, and is engaged in the manufacturing and processing of fabric used by textile traders and garment brands. The company operates a single manufacturing facility located in Bhilwara, Rajasthan, with end-to-end processing infrastructure for products including 100% cotton fabric, cotton lycra (stretch) fabric, cotton blends and polyester blends. The company has undergone a strategic transition from job-work activities to manufacturing and sale of its own products. In Fiscal 2026, manufacturing revenue constituted 81.50% of total revenue from operations, compared to 69.88% in Fiscal 2025 and 11.28% in Fiscal 2024. The company generates revenue primarily from domestic operations (99.84% in Fiscal 2026), with limited export presence (0.16% in Fiscal 2026). The company has experienced significant revenue growth from ₹1,209.79 million in Fiscal 2024 to ₹5,169.49 million in Fiscal 2026.

www.sonaselection.com ↗

Management

  • Harshil Nuwal

    MD

  • Uma Nuwal

    CEO

Strengths

As stated in the offer document

  • Strategically located Manufacturing Facility with modern technologies to support product portfolio

    The company operates through its Manufacturing Facility located in Bhilwara, Rajasthan, recognized as the 'Textile City' or 'Manchester City of Rajasthan'. The facility is equipped with advanced machinery sourced from reputed manufacturers and includes stenter, merceriser, washing range, sanforiser, singeing, microsand suiding machine, KD jaguar and cloth pressing machine.

  • Integrated business model combining manufacturing and job work activities

    The company operates an integrated business model that combines in-house manufacturing with job-work processing, enabling operational flexibility, strengthened quality control, and optimized utilization of installed capacity. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, capacity utilization stood at 82.71%, 78.24% and 89.50%, respectively.

  • Strong standing relationships with customers with high retention rate

    The company catered to 909, 417 and 191 customers during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. There were 132 customers who maintained ongoing relationships for at least 3 reporting periods, contributing ₹1,041.33 million, ₹1,083.77 million and ₹1,109.78 million during respective fiscals.

  • Experienced Promoters supported by professional management team with domain knowledge

    The company is led by Promoters with extensive textile industry experience - Subhash Chandra Nuwal (30+ years), Harshil Nuwal (14+ years), and Deepank Bhandari (11+ years). The team is supported by Key Managerial Personnel including Rajnikant Saraswat (39+ years experience) and Ajay Jain (24+ years experience).

  • Healthy Track Record and Steady Growth

    The company demonstrated consistent growth with revenue from operations increasing by CAGR of 106.71% from Fiscal 2024 to Fiscal 2026. EBITDA and profitability increased at CAGR of 72.51% and 61.19% respectively during the same period.

Risk factors

As stated in the offer document

  • Geographic Concentration Risk in Rajasthan

    The company operates from a single manufacturing facility in Rajasthan and derives 37.31%, 50.47% and 95.31% of revenue from this state for Fiscals 2026, 2025 and 2024 respectively. Additionally, 96.01%, 98.36% and 96.26% of procurement is concentrated in Rajasthan, exposing the company to significant regional disruption risks.

  • Single Manufacturing Facility Dependency

    The company operates only one manufacturing facility in Bhilwara, Rajasthan with no alternate or backup facilities. Any slowdown, shutdown or disruption at this facility could significantly impair the company's ability to meet customer demand and fulfill contractual obligations.

  • Negative Cash Flows from Operations

    The company recorded negative operating cash flows of ₹109.89 million and ₹141.77 million in Fiscals 2026 and 2025 respectively. Sustained negative cash flows may limit the company's ability to meet operating expenses, service debt, and fund working capital requirements.

  • High Debt-to-Equity Ratio

    The company's debt-equity ratio was 2.48, 2.96 and 3.72 times for Fiscals 2026, 2025 and 2024 respectively. This high leverage exposes the company to increased interest payment obligations, reduced financial flexibility, and potential difficulties in obtaining additional financing on favorable terms.

  • Outstanding Bank Borrowings with Restrictive Covenants

    As of July 31, 2026, ₹2,638.43 million was outstanding towards bank loans with restrictive covenants requiring lender consents for various corporate activities. Any breach could lead to acceleration of repayment obligations, cross defaults, or termination of financing agreements.

  • Customer Concentration Risk

    The company's top 10 customers account for 29.45%, 37.98% and 48.15% of revenue for Fiscals 2026, 2025 and 2024 respectively. The company operates primarily through individual purchase orders without long-term contracts, exposing it to significant customer attrition risks.

  • Supplier Concentration and Related Party Dependence

    The company's top 10 suppliers constitute 58.87%, 80.74% and 77.52% of procurement for Fiscals 2026, 2025 and 2024 respectively. Additionally, the company derives significant procurement from related party Sona Style Limited (₹249.10 million in Fiscal 2026), creating supplier concentration and conflict of interest risks.

Company Analysis

from RHP

Sonaselection India Limited manufactures and processes cotton and polyester blend fabrics for textile traders and garment brands, operating primarily in the domestic textile and apparel industry.

Sonaselection India Limited is a public limited company incorporated on February 11, 2022, and is engaged in the manufacturing and processing of fabric used by textile traders and garment brands. The company operates a single manufacturing facility located in Bhilwara, Rajasthan, with end-to-end processing infrastructure for products including 100% cotton fabric, cotton lycra (stretch) fabric, cotton blends and polyester blends. The company has undergone a strategic transition from job-work activities to manufacturing and sale of its own products. In Fiscal 2026, manufacturing revenue constituted 81.50% of total revenue from operations, compared to 69.88% in Fiscal 2025 and 11.28% in Fiscal 2024. The company generates revenue primarily from domestic operations (99.84% in Fiscal 2026), with limited export presence (0.16% in Fiscal 2026). The company has experienced significant revenue growth from ₹1,209.79 million in Fiscal 2024 to ₹5,169.49 million in Fiscal 2026.

TextilesFabric ManufacturingTextile Processing

Objects of the Issue

  • Repayment of borrowings
    p.43
  • Repayment and/or pre-payment of certain borrowings
    p.73
  • Funding of capital expenditure towards purchase of plant and machineries
    p.73
  • General corporate purposes
    p.73
  • Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company from banks
    ₹800.00 million p.152
  • Funding of capital expenditure towards purchase of plant and machineries at the existing Manufacturing Facility situated at located at 18th K M Stone, Chittorgarh Road, Hamirgarh, Bhilwara- 311025 Rajasthan, India
    ₹506.11 million p.152
  • General Corporate purposes
    p.152
  • Funding capital expenditure for acquisition of advanced machinery for in-house readiness of yarn
    p.300
  • Repayment or pre-payment of loans from banks
    ₹800.00 million p.300

Issue Structure

Total Issue
Up to 14,300,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] million
Fresh Issue
Fresh issue of up to 14,300,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] million
Offer for Sale
NIL
Price Band
₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
Lot Size
[●] Equity Shares and in multiples of [●] Equity Shares
Face Value
₹10/- per Equity Share

Business Model

The company earns revenue through two primary business verticals: (1) Manufacturing and processing of finished fabric products (cotton, cotton lycra stretch, cotton blends and polyester blends) which are sold to textile traders and garment brands, and (2) Job-work activities where processing services are provided to customers. Manufacturing accounted for 81.50% of revenue in Fiscal 2026, while job-work accounted for 17.30%. The company operates on a B2B model with purchase order-based transactions rather than long-term contracts. Revenue is primarily generated through domestic sales channels across multiple Indian states.

Business Segments

Manufacturing and processing of finished fabric products including 100% cotton fabric, cotton lycra (stretch) fabric, cotton blends and polyester blends
Provision of processing services on a job-work basis for customers
Ready Made Garments business
Processing and dyeing services provided to customers who supply raw materials; includes processing of greige fabrics into finished products
Manufacturing of fabrics in-house including 100% cotton fabric, cotton lycra (stretch) fabric, cotton blend and polyster blend fabric for sale to customers
Forward integration into finished garment production through wholly-owned subsidiary Sionnah Enterprises Private Limited, providing integrated value chain from fabric manufacturing to finished garments
Processes greige cotton fabrics into finished textiles through dyeing, printing, and finishing operations. The manufacturing facility is located in Bhilwara, Rajasthan and is equipped with advanced machinery including stenter, merceriser, washing range, sanforiser, singeing, microsand suding machine, KD jaguar and cloth pressing machine.
Procurement of greige fabric from third-party suppliers or procurement of yarn converted into greige fabric through outsourced job-work, followed by in-house processing including bleaching, dyeing, and finishing to produce finished fabric.
Processing of greige fabric supplied by third-party customers on a job-work basis, providing processing services for dyeing, finishing, and other product attributes.
Manufacturing of readymade garments, recently expanded through a subsidiary incorporated to strengthen integration between fabric manufacturing and garment production, currently offering menswear products.
In-house conversion of greige fabric into finished fabrics through processing, dyeing, bleaching, mercerizing, and finishing operations for 100% cotton, cotton lycra stretch, cotton blends, and polyester blends.
Processing of customer-supplied greige fabric using the company's machinery and technical expertise, providing finishing services for cotton, cotton blends, polyester-viscose, and polyester fabrics.
Manufacturing of finished garments and apparel through wholly-owned subsidiary Sionnah Enterprises Private Limited, engaged in cutting, tailoring, printing, embroidery, washing, packaging, and distribution of garments.
Job processing, weaving, sizing, and textile processing services for customers
Manufacturing and sale of finished fabrics and textile products made from cotton, polyester, and synthetic materials
The principal business of the Company is Processing and Sale of Textile Fabric. The CODM evaluates the Group's performance as a single unit. The CODM has concluded that there is only one reportable operating segment, as defined under Ind AS 108 – Operating Segments, i.e., 'Processing of Textile Fabrics'

SWOT Analysis

Strengths
  • • Significant job-work customer concentration with top customer representing 16.58% of job-work revenue in FY2026(p.64)
  • • Diversified product portfolio including 100% cotton, cotton lycra stretch fabric, cotton blend and polyester blend(p.76)
  • • Modern manufacturing facility with renewable energy infrastructure including 1.20 MW rooftop solar capacity(p.71)
  • • Improving attrition rate declining from 12.56% in FY2024 to 7.67% in FY2026(p.68)
  • • Investment-grade credit rating of BBB/Stable from CRISIL maintained consistently(p.70)
  • • Established infrastructure with modern integrated manufacturing facility equipped with advanced machinery(p.167)
  • • Strategic location in recognized textile hub enabling supply chain efficiency(p.167)
  • • Integrated business model combining manufacturing and job work providing operational flexibility(p.167)
  • • Strong customer retention and satisfaction through tailored product offerings(p.167)
  • • Experienced promoter-led management with domain expertise in textile manufacturing(p.167)
  • • Demonstrated rapid revenue and profitability growth trajectory(p.168)
  • • Integrated textile hub location with complete value chain(p.246)
  • • Advanced processing technology and capacity(p.284)
  • • Significant installed production capacity(p.284)
  • • India's strong position in global textile supply chains(p.223)
  • • Government support for textile sector through multiple schemes(p.226)
  • • Transition from job-work to manufacturing model(p.284)
  • • Promoter concentration with long operational experience(p.370)
  • • Established manufacturing operations with significant fixed asset base(p.384)
  • • Growing revenue trajectory(p.418)
  • • Improved profitability(p.386)
Weaknesses
  • • Geographic concentration of operations and revenue in Rajasthan(p.35)
  • • Single manufacturing facility with no backup operations(p.38)
  • • Negative cash flows from operating activities(p.38)
  • • Outstanding litigations involving company, promoters, directors and management(p.39)
  • • Promoter share sales and disinvestment post-DRHP filing(p.41)
  • • Promoters provided personal guarantees and collateral for company borrowings(p.42)
  • • Related party transactions that may create conflicts of interest(p.43)
  • • Promoter Deepank Bhandari's past disqualification and association with struck-off entities(p.44)
  • • High debt-equity ratio of 2.48 times indicating financial leverage(p.44)
  • • Past irregularities and non-compliances in regulatory filings with RoC(p.45)
  • • Dependence on limited set of suppliers for raw materials(p.53)
  • • Significant working capital requirements with negative cash flows(p.55)
  • • Revenue concentration among limited number of customers(p.56)
  • • No long-term contracts with customers, operations on purchase order basis(p.56)
  • • Insurance coverage may be inadequate relative to asset values(p.58)
  • • Contingent liabilities of ₹200.05 million representing 19.21% of net worth(p.59)
  • • Unsecured loans of ₹197.73 million repayable on demand(p.50)
  • • Significant bank borrowings of ₹2,638.43 million with restrictive covenants(p.50)
  • • Delays in payment of statutory dues including GST, provident fund and ESIC(p.52)
  • • Most directors lack experience of managing a public listed company(p.60)
  • • Heavy dependence on single group company supplier with ₹249.10 million (4.82% of revenue) in FY2026 from Sona Style Limited(p.67)
  • • Limited intellectual property protection with no registered trademarks, patents or copyrights(p.65)
  • • High leverage with ₹2,638.43 million in outstanding loans as of July 31, 2026 creating financial risk(p.69)
  • • Limited experience in RMG segment diversification with newly incorporated subsidiary Sionnah Enterprises(p.65)
  • • Heavy dependence on contract labour with risk of wage demands and work stoppages affecting operations(p.64)
  • • Single manufacturing facility concentration creating operational risk if disruptions occur(p.75)
  • • High financial leverage with elevated debt-to-equity ratio(p.172)
  • • Significant working capital requirements and cash conversion challenges(p.172)
  • • High inventory days indicating potential inventory management inefficiency(p.172)
  • • Dependence on limited customer base concentrated in processing segment(p.172)
  • • History of compliance delays and regulatory filing discrepancies(p.151)
  • • High leverage and debt burden(p.279)
  • • Vulnerability to raw material price volatility(p.242)
  • • Working capital intensity requiring significant financing(p.279)
  • • Increasing inventory days indicating potential demand softness(p.279)
  • • Limited scale compared to larger competitors(p.279)
  • • High financial leverage(p.426)
  • • Significant dependence on related party transactions and borrowings(p.411)
  • • Promoter group compliance issues and litigation exposure(p.370)
  • • Limited working capital management, declining cash position(p.404)
  • • Potential conflict of interest with group companies(p.377)
  • • High debt-to-equity ratio constraining financial flexibility(p.471)
  • • Single manufacturing facility creates operational concentration risk(p.471)
  • • History of negative cash flows affecting liquidity(p.471)
  • • Promoter personal property pledged as collateral(p.471)
  • • Outstanding litigation involving promoters and company(p.471)
  • • Past regulatory non-compliance and filing irregularities(p.471)
  • • Promoter history of disqualification and struck-off entities(p.471)
Opportunities
  • • Transition from job-work to in-house manufacturing to improve margins(p.64)
  • • Forward integration into RMG segment with subsidiary establishing garment production capabilities(p.65)
  • • Rapid growth in synthetic textiles segment driven by versatility, durability and mass production capability(p.66)
  • • Expansion into technical textiles leveraging modern technologies(p.69)
  • • Growing adoption of recycled fibres and eco-friendly manufacturing processes to meet global environmental standards(p.66)
  • • Capacity expansion through acquisition of advanced processing machinery to enhance efficiency(p.152)
  • • Potential for cost optimization through process improvements without capacity increase(p.157)
  • • Enhanced brand visibility and market presence through listing(p.152)
  • • Access to capital markets for future funding and strategic growth initiatives(p.160)
  • • Free Trade Agreements opening new export markets(p.232)
  • • Rising demand for technical and specialty textiles(p.233)
  • • Expansion into integrated textile parks(p.224)
  • • Growing demand for sustainable and eco-friendly textiles(p.231)
  • • Shift toward value-added specialty fabrics(p.232)
  • • New subsidiary enabling RMG segment integration(p.285)
  • • Capacity expansion through significant capital investments(p.388)
  • • Revenue growth in textile processing and ready-made garments(p.418)
  • • New subsidiary in ready-made garments segment(p.392)
  • • IPO to strengthen capital structure and access capital markets(p.392)
  • • Expanded fabric processing capacity capturing Bangladesh market disruption(p.495)
  • • Full-year operations of new processing plant driving revenue growth(p.492)
  • • Geographic expansion into new markets(p.495)
  • • Subsidiary contributing incremental garmenting revenue(p.492)
Threats
  • • Quality requirements from customers may result in product rejections(p.48)
  • • Criminal proceedings against promoters and senior management(p.49)
  • • Fluctuations in yarn and greige fabric supply and cost(p.62)
  • • Dependence on third-party transportation providers for logistics(p.63)
  • • Capacity underutilization risks(p.62)
  • • Highly fragmented and competitive textile industry with larger integrated competitors having scale advantages(p.66)
  • • Pricing pressure from competitors restricting ability to pass raw material cost increases to customers(p.66)
  • • Regulatory risk from pending scope certificate renewals for verification of processes and products(p.68)
  • • Power supply disruption risk affecting manufacturing operations despite 1.20 MW solar capacity(p.71)
  • • Supply chain disruption risk from demand forecasting inaccuracy and raw material price volatility(p.71)
  • • Macroeconomic headwinds including inflation, currency fluctuations and trade policy changes affecting Indian textile industry(p.83)
  • • Contingent liability of ₹200.05 million for export obligation under Zero Duty Export Promotion Capital Goods Scheme(p.100)
  • • Absence of definitive equipment supply agreements exposes to procurement risks(p.160)
  • • Inability to procure equipment at expected terms could impact business operations(p.68)
  • • Funding requirements not independently appraised creating execution risk(p.68)
  • • Exposure to credit rating downgrades affecting capital access(p.64)
  • • Competition from low-cost manufacturing countries(p.261)
  • • Volatile global cotton prices and currency fluctuations(p.271)
  • • Geopolitical disruptions affecting supply chains(p.231)
  • • Stringent environmental and compliance regulations(p.261)
  • • Subdued global demand affecting exports(p.277)
  • • Dependency on monsoon for cotton availability(p.272)
  • • High interest rate exposure and rising finance costs(p.386)
  • • Textile industry competition and market cyclicality(p.377)
  • • Raw material price volatility(p.419)
  • • Regulatory and compliance risks from promoter group structure(p.374)
  • • Geographic revenue concentration in Rajasthan(p.471)
  • • Related party transactions creating conflict of interest(p.471)
  • • Promoters and Directors involvement in competing ventures(p.471)
  • • Export obligation under EPCG scheme with penalties for non-fulfillment(p.501)

Promoters

NameRolePre-IssuePost-Issue
Harshil NuwalPromoter——
Subhash Chandra NuwalPromoter——
Uma NuwalPromoter——
Deepank BhandariPromoter——
Sona Polyspin Private LimitedPromoter Group——
Harshil NuwalPromoter17.07%—
Deepank BhandariPromoter41.48%—
Sona Polyspin Private LimitedPromoter Group27.66%—
Harshil NuwalPromoter——
Subhash Chandra NuwalPromoter——
Uma NuwalPromoter——
Deepank BhandariPromoter——
Sona Polyspin Private LimitedPromoter Group——
Subhash Chandra NuwalPromoter and Chairman, Non-Executive Director——
Harshil NuwalPromoter and Managing Director——
Deepank BhandariPromoter——
Harshil NuwalPromoter9.52%19.87%
Subhash Chandra NuwalPromoter11.45%0.00%
Uma NuwalPromoter——
Deepank BhandariPromoter49.84%46.14%
Sona Polyspin Private LimitedPromoter Group29.19%27.66%
Deepank BhandariPromoter41.48%—
Sona Polyspin Private LimitedPromoter Group27.66%—
Harshil NuwalPromoter17.07%—
Uma NuwalPromoter0.00%—
Subhash Chandra NuwalPromoter——

Leadership

Harshil Nuwal · Managing Director
Subhash Chandra Nuwal · Chairman and Non-Executive Director
Ramesh Chandra Vyas · Chief Financial Officer
Harish Sharma · 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.

Peer comparison

The comparable listed companies named in the offer document, as on 31 Mar 2026
CompanyEPSNAVP/EP/BVRoNW
Sonaselection India Ltd. THIS ISSUE
8.0924.7816.53, computed at the offer price4.00, computed at the offer price39.05%
1.5226.1212.23—6.33%
16.44211.8537.29—8.02%
31.58261.6018.22—12.77%

Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.

Sonaselection IPO FAQs

What is the price band of Sonaselection IPO?
The price band of Sonaselection IPO is ₹94 – ₹99 per share.
What is the lot size of Sonaselection IPO?
The minimum lot size of Sonaselection IPO is 150 shares. One lot costs ₹14,850 at the cut-off price.
When does Sonaselection IPO open and close?
Sonaselection IPO opened for subscription on 17 Sep 2026 and closed on 21 Sep 2026.
What is the listing date of Sonaselection IPO?
Sonaselection IPO listed on 24 Sep 2026.
What is the subscription status of Sonaselection IPO?
Sonaselection IPO has been subscribed 2.01x overall, with retail 2.50x and QIB 1.16x.
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.