Fascinate Textiles IPO

Fascinate Textiles Limitedfascinatetextile.com

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹142 – ₹151
Issue size: ₹64.83 Cr
Lot size: 800 sh
Bidding: 11 – 19 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Fascinate Textiles manufactures readymade knitted garments at a single owned plant at Barasat, West Bengal, and the record describes children's and infant wear as 60.38% of FY26 revenue (38.41% kids plus 21.97% infant), with menswear at 28.71% and womenswear at 8.76%. Revenue rose from Rs 28.90 Cr in FY24 to Rs 60.28 Cr in FY25 and Rs 117.23 Cr in FY26, with profit after tax of Rs 0.48 Cr, Rs 5.81 Cr and Rs 15.07 Cr across the same three years. The Rs 64.83 Cr issue was priced in a band of Rs 142-151, opened on 11 August 2026 and closed on 19 August 2026, and the record's only subscription snapshot, dated 19 August, shows it subscribed 1.45 times overall. It listed on NSE Emerge on 24 August 2026 at Rs 120.80 against the band top of Rs 151, which the record puts at -20.00%, closed that session at Rs 114.80, and stood at Rs 95.95 on 23 October 2026, which the record puts at -36.46%.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

80Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Fascinate Textiles, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2017 · Barasat, North 24 Parganas, West Bengal · 254 employees

Fascinate Textiles manufactures readymade knitted garments at a single owned plant in Barasat, North 24 Parganas, West Bengal. Its range covers infant wear, kidswear, menswear and womenswear — T-shirts, joggers, shorts, vests and leggings. Children's apparel is the core: kids garments were 38.41% of FY26 revenue and infant garments a further 21.97%, against 28.71% for menswear and 8.76% for womenswear. Sales are almost entirely business-to-business — 99.75% of FY26 revenue came from large-format retail chains and wholesalers rather than own stores — and the company also builds customised collections to a buyer's themes and mood boards. Revenue is regionally concentrated: West Bengal 67.01%, Karnataka 21.25%, with 3.26% exported to the Middle East. It employed 254 people at 31 March 2026.

Revenue is order-led: buyers place orders against sampled designs, and the Barasat plant cuts, prints, stitches and finishes in-house while yarn knitting and dyeing are outsourced. That makes the cost base materials-heavy — FY26 materials consumed were ₹95.07 Cr against employee cost of ₹4.49 Cr — so margin turns on fabric prices and order pricing more than on labour. FY26 total income was ₹117.23 Cr, EBITDA ₹24.15 Cr and PAT ₹15.07 Cr. The structural constraint is capacity and working capital: the single plant ran at 106.70% of rated capacity in FY26 against 63.54% in FY24, and receivables were ₹35.28 Cr at 31 March 2026 — hence ₹12.40 Cr of fresh proceeds for a second facility and ₹19.03 Cr for working capital.

The company on paper

Legal name: Fascinate Textiles Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 9 Feb 2017
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U17299WB2017PLC219383
Sector: Consumer Discretionary · Readymade knitted garment manufacturing, mainly children's and infant wear
Employees: 254
Registered office: Barasat, North 24 Parganas, West Bengal
Promoters: Vishal Nahar, Chirag Ahuja, Rishabh Nahar, Narinder Kumar Ahuja, Vishal Nahar (HUF)
Promoter holding, pre-issue: 99.5%
Promoter holding, post-issue: 68.4%
Website: fascinatetextile.com

The numbers

Financial performance

Revenue has compounded at 101.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹52.21 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹12.62 Cr
Total issue size: ₹64.83 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,15,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 31.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 5. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.45×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹151.00
Listed at: ₹120.80
Listing gain: down 20.0%
Since listing: down 13.8%
Against the issue price: down 31.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,600
At cut-off price: ₹151.00
Amount blocked: ₹2,41,600

One lot is 800 shares at ₹1,20,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,41,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~73%

chance of one lot, per application

Retail subscription: 1.37×
Applicants per share available: 1.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹120.80

listed at, −20.0% against the issue price

Issue price: ₹151.00
Premium said: —
If allotted 800 shares: −₹24,160

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue grew in both transitions the record carries: Rs 28.90 Cr in FY24 to Rs 60.28 Cr in FY25, a rise of 108.58%, and on to Rs 117.23 Cr in FY26, a further rise of 94.48%.
EBITDA margin was higher in each successive year on record: Rs 1.68 Cr on revenue of Rs 28.90 Cr in FY24 (5.81%), Rs 10.01 Cr on Rs 60.28 Cr in FY25 (16.61%) and Rs 24.15 Cr on Rs 117.23 Cr in FY26 (20.60%). Profit after tax over the same years was Rs 0.48 Cr, Rs 5.81 Cr and Rs 15.07 Cr.
Net worth was Rs 4.45 Cr in FY24, Rs 10.45 Cr in FY25 and Rs 31.44 Cr in FY26, against total borrowings of Rs 12.33 Cr, Rs 18.21 Cr and Rs 26.02 Cr. Borrowings were therefore 2.77 times net worth in FY24, 1.74 times in FY25 and 0.83 times in FY26, a lower multiple in each successive year on record.

What to weigh against it

Output comes from one site. The record describes a single owned plant at Barasat, North 24 Parganas, and states that it ran at 106.70% of rated capacity in FY26 against 63.54% in FY24.
The record describes revenue as regionally concentrated: West Bengal 67.01% and Karnataka 21.25%, with 3.26% exported to the Middle East. It also states that 99.75% of FY26 revenue came from large-format retail chains and wholesalers rather than own stores.
The cost base is materials-heavy on the record's own figures: FY26 materials consumed were Rs 95.07 Cr against revenue of Rs 117.23 Cr, or 81.10%, while employee cost was Rs 4.49 Cr, or 3.83% of the same revenue.
Total borrowings were higher in each successive year on record, Rs 12.33 Cr in FY24, Rs 18.21 Cr in FY25 and Rs 26.02 Cr in FY26, and receivables stood at Rs 35.28 Cr at 31 March 2026, equal to 30.09% of FY26 revenue of Rs 117.23 Cr. The record attributes Rs 19.03 Cr of fresh proceeds to working capital.

Easy to miss in the prospectus

The record's financial rows carry no expense line, no total assets and no operating cash flow for FY24, FY25 or FY26, so FY26 profit after tax of Rs 15.07 Cr cannot be set against cash generated using this record alone.
The fresh issue was Rs 52.21 Cr. The record describes Rs 12.40 Cr of proceeds for a second facility and Rs 19.03 Cr for working capital, together Rs 31.43 Cr; the remaining Rs 20.78 Cr is not broken down in the record, and the offerObjects list is empty.
Promoter holding is given as 99.46% before the issue and 68.38% after it, and the Rs 64.83 Cr total comprised a Rs 52.21 Cr fresh issue plus a Rs 12.62 Cr offer for sale. The record names five promoters and records no anchor book and no allocation split.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Affinity Global Capital Market Private Limited
RegistrarAllotment status is checked on the registrar's own site: Cameo Corporate Services Limited

How these figures were checked

Built from 9 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

NSE cash-market bhavcopy, 24 Aug 2026 (listing day) — ISIN, series, open/high/low/close, prior close = issue price, NewBrdLotQty · read 16 Oct 2026
NSE cash-market bhavcopy, 25 Aug 2026 — second session, ISIN corroboration · read 16 Oct 2026
Company website (products, collections, facility location, year established, registered office) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 11 Aug 2026
Closes: 19 Aug 2026
Allotment: 20 Aug 2026
Lists: 24 Aug 2026
Revenue (FY26): ₹117 Cr
Profit (FY26): ₹15.07 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.