Sonaselection India IPO

Sonaselection India Limitedsonaselection.com

ListedMainboardConsumer DiscretionaryNSE · BSE

Price band: ₹94 – ₹99
Issue size: ₹142 Cr
Lot size: 150 sh
Bidding: 17 – 21 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Sonaselection India makes and dyes cotton and blended fabric at a single plant in Bhilwara, Rajasthan, and was incorporated on 11 February 2022. It raised Rs 141.57 Cr, all of it a fresh issue with an offer for sale of Rs 0 Cr, in a band of Rs 94 to Rs 99; promoter holding is recorded at 86.21% before the issue and 64.52% after. Across the three years the record carries, revenue rose from Rs 120.98 Cr in FY24 to Rs 315.95 Cr in FY25 and Rs 516.95 Cr in FY26, profit after tax from Rs 13.10 Cr to Rs 18.56 Cr to Rs 34.02 Cr, and borrowings from Rs 144.60 Cr to Rs 207.40 Cr to Rs 258.24 Cr. The issue was subscribed 2.01 times in total on the closing day, 21 September 2026 — 1.16 times by QIBs, 2.00 times by non-institutional investors and 2.50 times by retail; it listed at Rs 102.31 against a band top of Rs 99 and last traded at Rs 94.37 on 23 October 2026.

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.

69Strong

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Sonaselection India, 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

Leveraged balance sheet
Debt-to-equity of 2.5× leaves limited headroom if demand softens or rates rise.

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 2022 · Bhilwara, Rajasthan, India · 979 employees

Sonaselection India makes and dyes fabric at a single plant in Bhilwara, Rajasthan. It produces 100% cotton fabric, cotton lycra (stretch) fabric, cotton blends and polyester blends, and processes greige fabric — bleaching, dyeing and finishing — including 100% cotton, cotton blends, polyester-viscose and polyester. Customers are domestic textile traders and garment firms such as Tirumala Textile, Bhagwan Enterprise Textiles and M.R. Ramchand & Co; all ten of its largest customers in Fiscal 2026 were Indian. The company was incorporated in February 2022 and began by buying a working processing unit on a slump-sale basis for ₹162.10 million. Installed processing capacity is 82.44 million metres a year. A subsidiary formed in July 2025 added menswear readymade garments, 1.20% of Fiscal 2026 revenue. It had 979 employees on 31 July 2026.

Revenue comes from three streams. In Fiscal 2026 manufacturing — buying yarn, having it woven into greige fabric by outside weavers, then processing it in-house — brought ₹4,212.94 million, 81.50% of revenue from operations; job-work processing on customer-supplied fabric brought ₹894.41 million, 17.30%; garments ₹62.14 million. Materials dominate cost: cost of materials consumed was 59.21% of revenue in Fiscal 2026, down from 68.93% in Fiscal 2025 as the company shifted from buying greige fabric to buying yarn. The constraints are capacity and working capital: the plant ran at 82.71% utilisation in Fiscal 2026, borrowings stood at ₹2,582.40 million against equity of ₹1,041.63 million, and customers buy on purchase orders, not long-term contracts.

The company on paper

Legal name: Sonaselection India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 11 Feb 2022
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U17299RJ2022PLC079631
Sector: Consumer Discretionary · Cotton and blended fabric manufacturing, dyeing and finishing
Employees: 979
Registered office: Bhilwara, Rajasthan, India
Promoters: Harshil Nuwal, Subhash Chandra Nuwal, Uma Nuwal, Deepank Bhandari, Sona Polyspin Private Limited
Promoter holding, pre-issue: 86.2%
Promoter holding, post-issue: 64.5%
Website: sonaselection.com

The numbers

Financial performance

Revenue has compounded at 106.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. 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

100% 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: ₹142 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹142 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 21.7% 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 3. Anchor allocations are excluded.

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

Total subscription2.01×

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: ₹99.00
Listed at: ₹102.31
Listing gain: up 3.3%
Since listing: down 3.3%
Against the issue price: down 0.1%

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: 150
At cut-off price: ₹99.00
Amount blocked: ₹14,850

One lot is 150 shares at ₹14,850. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

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.

~40%

chance of one lot, per application

Retail subscription: 2.50×
Applicants per share available: 2.5× 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.

₹102.31

listed at, 3.3% against the issue price

Issue price: ₹99.00
Premium said: —
If allotted 150 shares: ₹497

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 at both steps the record covers: from Rs 120.98 Cr in FY24 to Rs 315.95 Cr in FY25, a rise of 161.16%, and then to Rs 516.95 Cr in FY26, a further 63.62%.
Profit after tax rose at both steps as well, from Rs 13.10 Cr in FY24 to Rs 18.56 Cr in FY25 (up 41.68%) and Rs 34.02 Cr in FY26 (up 83.30%), with net worth moving from Rs 38.88 Cr to Rs 70.07 Cr to Rs 104.16 Cr over the same years.
Borrowings measured against net worth fell at every step on record: Rs 144.60 Cr against Rs 38.88 Cr in FY24 is 3.72 times, Rs 207.40 Cr against Rs 70.07 Cr in FY25 is 2.96 times, and Rs 258.24 Cr against Rs 104.16 Cr in FY26 is 2.48 times.
The business description states that cost of materials consumed was 59.21% of revenue in Fiscal 2026 against 68.93% in Fiscal 2025, and attributes the change to a shift from buying greige fabric to buying yarn. The financials array carries no expense line, so this ratio cannot be reconciled against the table on this page.

What to weigh against it

EBITDA margin fell at every step the record covers: Rs 28.49 Cr on revenue of Rs 120.98 Cr in FY24 is 23.55%, Rs 58.12 Cr on Rs 315.95 Cr in FY25 is 18.40%, and Rs 84.77 Cr on Rs 516.95 Cr in FY26 is 16.40%.
Borrowings rose at every step on record, from Rs 144.60 Cr in FY24 to Rs 207.40 Cr in FY25 (up 43.43%) and Rs 258.24 Cr in FY26 (up 24.51%), 78.59% higher over the two years. The FY26 figure of Rs 258.24 Cr is 1.82 times the Rs 141.57 Cr raised in the issue.
The business description states that the company operates a single plant in Bhilwara, that customers buy on purchase orders rather than long-term contracts, that all ten of its largest Fiscal 2026 customers were Indian, and that its constraints are capacity and working capital. The record carries no export share figure.
The shares last traded at Rs 94.37 on 23 October 2026, against a listing price of Rs 102.31 and a day-one close of Rs 107.42 — 7.76% below the listing price and 12.15% below the day-one close, and inside the Rs 94 to Rs 99 issue band.

Easy to miss in the prospectus

The business description puts plant utilisation at 82.71% in Fiscal 2026 on installed processing capacity of 82.44 million metres a year.
Revenue mix for Fiscal 2026 as the business description gives it: manufacturing Rs 4,212.94 million (81.50%), job-work processing Rs 894.41 million (17.30%) and garments Rs 62.14 million (1.20%), the last from a subsidiary formed in July 2025. These three sum to Rs 5,169.49 million, which equals the Rs 516.95 Cr FY26 revenue in the financials.
This record carries no valuation metrics, no peer set, no anchor book, no category allocation and no offer objects, so the issue price cannot be placed against earnings or against comparable issuers from the fields present.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Sonaselection India — Prospectus dated 2026-09-2121 Sep 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Choice Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Sonaselection India's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Prospectus dated September 21, 2026 (NSE archives) · read 15 Oct 2026
NSE Bhavcopy, 24 Sep 2026 (listing-day OHLC for SONA / INE0LLZ01011; 23 Sep file checked as negative control) · read 15 Oct 2026
BSE Bhavcopy, 24 Sep 2026 (listing-day OHLC for scrip 544938) · read 15 Oct 2026

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

At a glance

Board: Mainboard
Opens: 17 Sep 2026
Closes: 21 Sep 2026
Allotment: 22 Sep 2026
Lists: 24 Sep 2026
Revenue (FY26): ₹517 Cr
Profit (FY26): ₹34.02 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.