Spunweb Nonwoven
Book Building issueSME₹60.98 Cr issue
+57.29%
Listing gain over issue price
Issue size
₹60.98 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,200shares
Open
14 Jul 2025
Close
16 Jul 2025
Allotment
17 Jul 2025
Listing
21 Jul 2025
Listing performance
Issue price
₹96
Listed at
₹151
Listing-day close
₹158.55
Latest price
₹104.50
Close on 23 Oct 2026
Listing gain
+57.29%
Return since issue
+8.85%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Jul 2025 – 16 Jul 2025
- Listing date
- 21 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹60.98 Cr
- Market cap at offer price
- ₹231 Cr
- Promoter holding
- 88.50% → 65.18% pre-issue → post-issue
- ISIN
- INE19QH01010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Survey No.109(2), N.H.27, Near Wankaner Boundry Post at Jalida, Village Rangpar, Wankaner, 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 | 18,03,600 | — | — |
| Market maker | 3,21,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹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.
Shares allocated
18,03,600
Anchor portion
₹17.31 Cr
at ₹96 per share
Valuation and performance
Valuation at offer price
₹96 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.08 | 4.48 |
| P/E (×) | 15.79 | 21.43 |
| Price to book (×) | 3.95 | — |
| Market cap | — | ₹231 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 31.63%
- ROCE
- 33.66%
- Debt / equity
- 2.11
- PAT margin
- 4.75%
- EBITDA margin
- 13.75%
- NAV per share
- ₹24.31
- Price to book
- 3.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Spunweb Nonwoven
Spunweb Nonwoven Limited (formerly Spunweb Nonwoven Private Limited) is a manufacturer of polypropylene spunbond nonwoven fabrics with a wholly-owned subsidiary, Spunweb India Private Limited. The company was incorporated as a private limited company on August 06, 2015, and converted to a public limited company on September 06, 2024. The company operates manufacturing facilities in Gujarat with an installed production capacity of 32,640 MT as of FY24. Its product portfolio includes hydrophobic nonwoven fabric, hydrophilic nonwoven fabric, super soft nonwoven fabric, UV treated fabric, antistatic nonwoven fabric and FR treated fabric. The company derives revenue from sales to customers in hygiene, healthcare, packaging, agriculture, roofing & construction, industrial and home furnishing sectors, with domestic sales representing 87-96% of revenue. The company is one of the largest manufacturers in the spunbond nonwoven fabric industry in India.
Company Analysis
from RHPSpunweb Nonwoven Limited manufactures polypropylene spunbond nonwoven fabrics for hygiene, healthcare, packaging, agriculture and other industries.
Spunweb Nonwoven Limited (formerly Spunweb Nonwoven Private Limited) is a manufacturer of polypropylene spunbond nonwoven fabrics with a wholly-owned subsidiary, Spunweb India Private Limited. The company was incorporated as a private limited company on August 06, 2015, and converted to a public limited company on September 06, 2024. The company operates manufacturing facilities in Gujarat with an installed production capacity of 32,640 MT as of FY24. Its product portfolio includes hydrophobic nonwoven fabric, hydrophilic nonwoven fabric, super soft nonwoven fabric, UV treated fabric, antistatic nonwoven fabric and FR treated fabric. The company derives revenue from sales to customers in hygiene, healthcare, packaging, agriculture, roofing & construction, industrial and home furnishing sectors, with domestic sales representing 87-96% of revenue. The company is one of the largest manufacturers in the spunbond nonwoven fabric industry in India.
HygieneHealthcarePackagingAgricultureRoofing & ConstructionIndustrialHome Furnishing
Objects of the Issue
- Funding the working capital requirements of our Company ₹2,900.00 lakhs p.25
- Investment in our wholly owned subsidiary, SIPL, for funding its working capital requirements ₹1,000.00 lakhs p.25
- Repayment, in full or in part, of certain borrowings availed by our Company ₹800.00 lakhs p.25
- General Corporate Purposes p.25
- Funding the working capital requirements of our Company p.52
- Investment in our wholly owned subsidiary, SIPL, for funding its working capital requirements p.52
- Repayment, in full or in part, of certain borrowings availed by our Company p.52
- General Corporate Purposes p.52
- Funding the working capital requirements of our Company ₹2,900.00 lakhs p.117
- Investment in our wholly owned subsidiary, SIPL, for funding its working capital requirements ₹1,000.00 lakhs p.117
- Repayment, in full or in part, of certain borrowings availed by our Company ₹800.00 lakhs p.117
- General Corporate Purposes [●] p.117
- Funding the working capital requirements of our Company p.331
- Investment in wholly owned subsidiary for funding its working capital requirements p.331
- Repayment, in full or in part, of certain borrowings availed by our Company p.331
- General Corporate Purpose p.331
Issue Structure
- Total Issue
- Up to 63,51,600 Equity Shares of face value of ₹10/- each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 63,51,600 Equity Shares of face value of ₹10/- each aggregating to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- The Price Band ranging from the Floor Price of ₹[●] per Equity Share of face value of ₹10/- each to the Cap Price of ₹[●] per Equity Share of face value of ₹10/- each
- Lot Size
- [●] Equity Shares of face value of ₹10/- each and in multiples of [●] Equity Shares
- Face Value
- ₹10/- each
Business Model
The company manufactures and sells polypropylene spunbond nonwoven fabrics. Revenue is generated through sale of finished nonwoven fabrics to customers in hygiene, healthcare, packaging and other industries. The company also generates revenue from sale of raw materials (PP granules and masterbatch) and wastage & scrap. The business model requires significant working capital investment due to the time gap between purchase of raw materials and collection of receivables from customers.
Business Segments
Nonwoven fabric used in hygiene, healthcare, packaging and other industries
Premium nonwoven fabric used in hygiene and healthcare products
Nonwoven fabric for hygiene and medical applications
Ultraviolet treated nonwoven fabric for specialized applications
Antistatic treated nonwoven fabric for industrial applications
Fire retardant treated nonwoven fabric for safety applications
Manufacturing of polypropylene spunbond nonwoven fabrics for use in hygiene, healthcare, packaging, agriculture, roofing & construction, industrial, and home furnishing industries
Hydrophobic and hydrophilic nonwoven fabrics account for 67% of the total non-woven fabric market. Hydrophilic fabrics absorb moisture and are used in hygiene products like diapers and sanitary napkins. Hydrophobic fabrics repel water and are used in protective coverings and medical barriers.
Antistatic nonwoven fabric prevents static electricity buildup and is widely used in electronics, medical & healthcare, and cleanrooms to protect sensitive equipment and maintain sterile environments.
UV-treated nonwoven fabric is engineered to withstand ultraviolet rays and is used in outdoor applications such as agricultural crop covers, greenhouses, geotextiles, roof coverings, and outdoor barriers.
FR-treated (fire-resistant) fabric is designed with flame-retardant properties for protective clothing and gear in construction, electrical plants, emergency services, furniture, and aviation industries to prevent fire-related accidents.
Used in packaging (suit covers, shopping bags, shoe cover bags, grocery bags), spa & beauty, furniture & mattress (pocket springs, sofa upholstery), and medical applications (disposable bed sheets, caps, masks, lab aprons)
Used in hygiene products such as diaper top sheets, sanitary pad top sheets, and underpad top sheets
Used in hygiene products such as adult diapers, baby diapers, and sanitary pads
Used in agriculture applications such as crop covers, frost covers, and fruit covers
Used in medical products such as surgical caps, surgical masks, and surgical gowns
Used in aviation (pillow covers, head rests) and construction (house fabric for construction)
Manufactures PP spunbond nonwoven fabrics with a focus on end-use applications in hygiene, medical, packaging, spa & beauty and agriculture industries. Also provides hydrophilic treated fabric at its manufacturing facility.
Manufactures PP spunbond nonwoven fabrics primarily catering to customers of the hygiene industry requiring 3.2 SS spunbond non-woven fabrics, with focus on end-use applications in roofing & construction and home furnishing industries.
SWOT Analysis
Strengths
- • One of the largest manufacturers in spunbond nonwoven fabric industry in India(p.24)
- • Diversified customer base for Company (SNL)(p.35)
- • Strong revenue and profitability growth trajectory(p.41)
- • Diversified product portfolio across multiple end-use industries(p.24)
- • Investments in renewable energy to reduce operational costs(p.45)
- • Established market presence in nonwoven fabric industry with growing revenue(p.81)
- • Strong profit growth and improving margins(p.81)
- • Modern manufacturing facilities with upgraded technology(p.68)
- • Comprehensive CCTV surveillance and security infrastructure(p.62)
- • Diversified product portfolio across multiple end-use industries(p.63)
- • Established market position in non-woven fabric manufacturing(p.140)
- • Tailored product offerings for industry-specific applications(p.140)
- • Long-standing customer relationships across diverse sectors(p.140)
- • Advanced manufacturing technology with cleanroom capabilities(p.140)
- • Experienced promoter-led management team(p.140)
- • Consistent quality and service delivery(p.140)
- • Strong recent financial performance with 142% revenue growth(p.122)
- • Improved profitability with EBITDA margin expansion(p.142)
- • Among the largest spunbond nonwoven fabric manufacturers in India with significant installed capacity(p.186)
- • Diversified product portfolio serving multiple industries with advanced manufacturing capability(p.186)
- • Established relationships with large, branded customers across diverse industries and geographies(p.186)
- • Advanced technology infrastructure including cleanroom systems and specialized production lines(p.187)
- • Experienced promoter management team with 9+ years industry experience(p.187)
- • Consistent strong financial performance with high CAGR in revenue and profitability(p.187)
- • Certification to ISO 9001:2015 with in-house testing laboratory for quality control(p.187)
- • One of the largest spunbond nonwoven fabric manufacturers in India with significant installed capacity(p.294)
- • Diversified product portfolio with customization capabilities across multiple end-use applications(p.294)
- • Quality certification and established customer relationships across domestic and international markets(p.294)
- • Strong revenue growth with improved capacity utilization from 34.37% in FY2023 to 73.24% in FY2025(p.299)
- • Established domestic and international market presence with growing customer base across 400+ domestic and 20 international customers(p.294)
- • Established banking relationships with multiple financial institutions(p.308)
- • Diversified loan portfolio across secured and unsecured facilities from major banks(p.305)
- • Long-term borrowing capacity with multiple lenders including HDFC Bank and Standard Chartered Bank(p.305)
- • Access to working capital facilities through secured fund-based and non-fund based arrangements(p.305)
- • Support from related parties through unsecured loan financing(p.305)
Weaknesses
- • High dependency on limited number of raw material suppliers without long-term agreements(p.34)
- • SIPL derives significant revenue from limited customer base(p.36)
- • Underutilization of installed production capacity(p.36)
- • Negative cash flows from investing and financing activities(p.38)
- • Significant working capital requirements and dependence on bank credit facilities(p.37)
- • Historical compliance violations with Companies Act(p.50)
- • Significant dependence on related party transactions(p.55)
- • History of delays in statutory dues payments(p.54)
- • High working capital requirements with rising receivables(p.57)
- • Heavy dependence on rented premises with renewal uncertainty(p.58)
- • Substantial unsecured debt repayable on demand(p.56)
- • Promoters and board lack prior experience in listed companies(p.62)
- • No history of dividend declarations(p.61)
- • High leverage with debt-equity ratio of 2.11(p.142)
- • Significant outstanding indebtedness requiring debt service(p.118)
- • Material subsidiary (SIPL) carries high debt burden(p.126)
- • Concentration of ownership with two promoters holding 81.31% pre-issue(p.112)
- • Elevated working capital intensity with rising inventory requirements(p.120)
- • Reliance on extended trade credit from suppliers with interest burden(p.125)
- • Heavy dependence on polypropylene as primary raw material, creating supply and cost vulnerability(p.178)
- • Customer concentration with top 10 customers representing 43.30% of FY25 revenue(p.189)
- • Elevated leverage with Debt to Equity ratio of 2.11 as of FY25(p.185)
- • Capacity utilization at 73.24% and 67.21% for main company and subsidiary respectively in FY25, indicating unutilized capacity(p.191)
- • Limited product range with FR treated fabric revenue declining from 16.85% of total (FY23) to zero (FY25)(p.191)
- • Significant dependence on a few major customers for revenue, with top five customers accounting for 30.70% of revenue in FY2025(p.304)
- • High debt levels with total borrowings of ₹9,115.84 lakhs representing 2.02x total equity as of March 31, 2025(p.293)
- • Promoter personal guarantees extended on significant bank borrowings of ₹6,306 lakhs(p.235)
- • Concentrated manufacturing operations with single primary facility in Gujarat(p.248)
- • No dividend paid in last three years despite improved profitability(p.240)
- • High financial leverage with total debt of ₹9,300.84 lakhs(p.305)
- • Significant dependence on related party financing(p.305)
- • Heavy borrowing from single lender (HDFC Bank dominates secured facilities)(p.305)
- • Restrictive covenants limiting operational and financial flexibility(p.308)
- • Covenant restrictions on capital structure and business expansion(p.308)
- • Pending litigation for cheque dishonor recovery obligations(p.313)
Opportunities
- • Growing global and domestic nonwoven fabric demand driven by hygiene and healthcare sectors(p.24)
- • Strong growth in hydrophobic and hydrophilic nonwoven fabrics globally(p.24)
- • Increasing export opportunities with growing share of export revenue(p.38)
- • Ability to expand into emerging sectors beyond hygiene and packaging(p.40)
- • Use of IPO proceeds to improve capacity utilization and working capital(p.37)
- • Expansion within PP Spunbond nonwoven fabric industry(p.60)
- • Growing demand for sustainable and biodegradable alternatives(p.62)
- • Diversification of customer base across multiple industries(p.63)
- • Funding for working capital and expansion through IPO(p.52)
- • Expansion to new geographies and customer segments(p.118)
- • Growth in India's non-woven fabric market share from 6.5% to 8.9% by 2029(p.169)
- • Rising demand for hygiene and healthcare products in India(p.169)
- • Increased capacity utilization from 52.83% in FY2024 to 73.24% currently(p.124)
- • Expanding customer base with 496 customers in FY2025 vs. 426 in FY2024(p.122)
- • Government support for technical textiles and domestic manufacturing(p.160)
- • Projected strong domestic market growth with 11.2% CAGR from 2024-2029(p.177)
- • Robust global market expansion with 5.1% CAGR projected through 2029 across multiple sectors(p.180)
- • Increasing healthcare infrastructure expansion and post-COVID hygiene awareness driving medical segment growth(p.172)
- • Medical industry segment projected to grow from 26.3% (FY23) to 29.1% of consumption by FY29(p.175)
- • Government support through Make in India, technical textiles mission and capital subsidies for expansion(p.179)
- • Expansion potential across agricultural sector with growing adoption of crop protection and sustainable farming(p.191)
- • Increasing international market penetration opportunity with export revenue rising from 3.56% (FY23) to 12.17% (FY25)(p.188)
- • Rising demand for hygiene products and nonwoven fabrics across hygiene, healthcare, packaging and agricultural sectors(p.294)
- • Expansion of international market presence with existing export to 9+ countries(p.294)
- • Acquisition of Spunweb India Private Limited enabling internal bifurcation to optimize production planning across customer segments(p.238)
- • Capacity utilization improvement potential with current utilization at 73.24% in FY2025 and ability to add value-added services(p.294)
Threats
- • Intense competition from domestic and international manufacturers with pricing pressures(p.39)
- • Heavy dependence on domestic market exposes to regional economic risks(p.38)
- • Volatility in polypropylene raw material prices tied to crude oil prices(p.47)
- • Foreign exchange risk from imported raw materials(p.47)
- • High dependence on hygiene and packaging sectors creates cyclical vulnerability(p.39)
- • Geopolitical conflicts and supply chain disruptions affecting raw material procurement(p.47)
- • Labour-intensive operations vulnerable to strikes, lockouts, and wage inflation(p.51)
- • Public health crises like pandemics create demand and supply volatility(p.42)
- • Regulatory compliance risks and stringent hygiene standards(p.42)
- • Risk of employee unionization and labor unrest(p.51)
- • Vulnerability of IT systems to cybersecurity threats(p.51)
- • Potential competition law implications and CCI enforcement(p.65)
- • Economic slowdown in India affecting demand(p.65)
- • Volatility in commodity prices and input costs(p.64)
- • Risk of customer payment delays and defaults(p.57)
- • Counterfeit and cloned products undermining brand reputation(p.63)
- • Geopolitical tensions affecting supply chains and trade(p.68)
- • Inflation and rising operational costs(p.66)
- • Changing regulatory and labor law environment(p.65)
- • Volatility in raw material prices driven by global commodity markets(p.124)
- • High exposure to imported raw materials (44.83% in FY2025)(p.125)
- • Foreign exchange volatility risk from import-dependent supply chain(p.133)
- • Intense competition from established players and new entrants(p.141)
- • Global non-woven market is dominated by China with 39.9% share(p.169)
- • Customer concentration risk and dependence on few large customers(p.122)
- • Geopolitical and economic uncertainties affecting global demand(p.155)
- • Raw material price volatility and global supply chain disruptions impacting production costs(p.178)
- • Environmental regulations and pressure to develop biodegradable alternatives increasing R&D costs(p.178)
- • High competition in fragmented domestic industry with price wars eroding margins(p.178)
- • Declining market share projections for Agriculture and Packaging sectors from 7.0%/5.0% (FY23) to 6.3%/4.1% (FY29)(p.175)
- • Product homogeneity limiting differentiation and brand loyalty in a competitive market(p.180)
- • Limited technological adoption and skilled labor shortage among competitors creating uneven competitive dynamics(p.178)
- • Highly competitive and fragmented nonwoven fabric market with intense price competition(p.295)
- • Raw material supply disruptions and volatile input prices affecting profitability(p.295)
- • Dependence on imported raw materials with 43.77% of consumption imported in FY2025, exposing to FX and supply chain risks(p.267)
- • Regulatory compliance requirements and government policy changes affecting operations and costs(p.295)
- • Risk of technological obsolescence and need for continuous capital expenditure to maintain competitiveness(p.295)
- • Industry cyclicality and economic downturn risks affecting demand for end-use products(p.295)
- • Risk of covenant violation and lender action due to restrictive debt covenants(p.308)
- • Restrictions on dividend distribution and management remuneration(p.309)
- • Constraints on capital raising and business diversification(p.311)
- • Lender control over strategic decisions including joint ventures and subsidiaries(p.309)
- • High debt burden with interest expense obligations(p.330)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jay Dilipbhai Kagathara | Promoter | 39.60% | — |
| Kishan Dilipbhai Kagathara | Promoter | 41.71% | — |
| Jay Dilipbhai Kagathara | Promoter | 70,29,716 shares (39.62%) | — |
| Kishan Dilipbhai Kagathara | Promoter | 74,03,935 shares (41.72%) | — |
| Dilipbhai Hansrajbhai Kagathara | Promoter Group | — | — |
| Dineshbhai Hansrajbhai Kagathara | Promoter Group | — | — |
| Jay Dilipbhai Kagathara | Promoter | 39.60% | — |
| Kishan Dilipbhai Kagathara | Promoter | 41.71% | — |
| Dilipbhai Hansrajbhai Kagathara | Promoter Group | 2.45% | — |
| Prabhaben Dilipbhai Kagathara | Promoter Group | 2.44% | — |
| Charulata Jay Kagathara | Promoter Group | 2.11% | — |
| Jay Dilipbhai Kagathara | Promoter/Chairman and Managing Director | 39.60% | — |
| Kishan Dilipbhai Kagathara | Promoter/Whole Time Director | 41.71% | — |
| Jay Dilipbhai Kagathara | Promoter | 9.57% | 39.60% |
| Kishan Dilipbhai Kagathara | Promoter | 0.85% | 41.71% |
| Jay Dilipbhai Kagathara | Promoter | — | — |
| Kishan Dilipbhai Kagathara | Promoter | — | — |
| Dilipbhai Hansrajbhai Kagathara | Promoter | — | — |
Leadership
Jay Dilipbhai Kagathara · Chairman and Managing Director
Kishan Dilipbhai Kagathara · Whole-time Director
Abhaykumar Narshibhai Fadadu · Chief Financial Officer
Romit Ajaykumar Shah · 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.
Spunweb Nonwoven IPO FAQs
What is the lot size of Spunweb Nonwoven IPO?
The minimum lot size of Spunweb Nonwoven IPO is 1,200 shares. One lot costs ₹1,15,200 at the cut-off price.
When does Spunweb Nonwoven IPO open and close?
Spunweb Nonwoven IPO opened for subscription on 14 Jul 2025 and closed on 16 Jul 2025.
What is the listing date of Spunweb Nonwoven IPO?
Spunweb Nonwoven IPO listed on 21 Jul 2025.