Vivekanand Cotspin IPO

Vivekanand Cotspin Limitedvcottonexport.com

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹32 – ₹37
Issue size: ₹22.20 Cr
Lot size: 3000 sh
Bidding: 21 – 23 Sep
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

Vivekanand Cotspin gins raw cotton and spins carded and combed compact yarn in counts from Ne 16 to Ne 40 at Rangpurda, near Kadi in Gujarat's Mahesana district, with 143 employees. Revenue was Rs 357.39 Cr in FY24, Rs 365.93 Cr in FY25 and Rs 408.01 Cr in FY26, while EBITDA over the same three years was Rs 14.59 Cr, Rs 14.59 Cr and Rs 15.09 Cr — margins of 4.08%, 3.99% and 3.70%. The Rs 22.20 Cr offer was entirely fresh issue, priced in a Rs 32–37 band, and closed subscribed 1.79 times overall. It listed on BSE SME on 28 September 2026 at Rs 38 against a band top of Rs 37, and last traded at Rs 38.26 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.

45Mixed

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Vivekanand Cotspin, 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 1.6× leaves limited headroom if demand softens or rates rise.
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 2015 · Rangpurda, Kadi, Mahesana district, Gujarat, India · 143 employees

Vivekanand Cotspin runs a cotton ginning and spinning operation at Rangpurda, near Kadi in Gujarat's Mahesana district. It buys raw cotton, gins it into cotton bales and cotton seed, and spins ginned cotton into carded and combed compact yarn in counts from Ne 16 to Ne 40. Installed capacity is roughly 400 bales a day on the ginning side and about 25,000 spindles on the spinning side, or around 8,000 tonnes of bales and 4,550 tonnes of yarn a year. Buyers are domestic textile mills, knitters and weavers. The company also sells cotton seed for oil-cake and delinting, comber noil, and imported premium yarn that it resells in India. In FY26, ₹41.37 crore of sales went outside India.

Revenue is the sale of physical cotton output priced off a volatile commodity. In FY26 cotton yarn brought ₹210.80 crore and cotton bales ₹156.50 crore of ₹403.98 crore of product sales, with cotton seed adding ₹27.10 crore. Raw cotton dominates the cost base: materials consumed were ₹237.32 crore and purchases of traded stock ₹133.41 crore, against revenue from operations of ₹408.01 crore. Conversion is therefore very thin — the RHP reports an EBITDA margin of 3.70% and a PAT margin of 0.90% for FY26. The structural constraint is working-capital funding: total debt was ₹45.00 crore against net worth of ₹28.94 crore, a debt-equity ratio of 1.56.

The company on paper

Legal name: Vivekanand Cotspin Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 5 Aug 2024trading as Vivekanand Cotspin since 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U13111GJ2024PLC154066
Sector: Consumer Discretionary · Cotton ginning and compact yarn spinning for textile mills
Employees: 143
Registered office: Rangpurda, Kadi, Mahesana district, Gujarat, India
Promoters: Nirav Bharatbhai Patel, Jasmin Vishnubhai Patel, Bharatbhai Prahaladbhai Patel, Vishnubhai Prahaladdas Patel, Gautam Bharatkumar Patel, B P Patel Family Trust, V P Patel Family Trust, Ranjanben Bharatbhai Patel, Kapilaben Vishnubhai Patel
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.0%
Website: vcottonexport.com

The numbers

Financial performance

Revenue has compounded at 6.8% 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: ₹22.20 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹22.20 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: 3,00,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.0% 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 subscription1.79×

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: ₹37.00
Listed at: ₹38.00
Listing gain: up 2.7%
Since listing: up 39.3%
Against the issue price: up 43.0%

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: 6,000
At cut-off price: ₹37.00
Amount blocked: ₹2,22,000

One lot is 3000 shares at ₹1,11,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,22,000. 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.

~55%

chance of one lot, per application

Retail subscription: 1.82×
Applicants per share available: 1.8× 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.

₹38.00

listed at, 2.7% against the issue price

Issue price: ₹37.00
Premium said: —
If allotted 3000 shares: ₹3,000

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 was higher in each successive year the record carries: Rs 357.39 Cr in FY24, Rs 365.93 Cr in FY25 (2.39% higher) and Rs 408.01 Cr in FY26 (11.50% higher).
Net worth was Rs 28.94 Cr at FY26 against Rs 17.26 Cr at FY25, a rise of 67.67%, and total borrowings were Rs 45.00 Cr against Rs 54.76 Cr, 17.82% lower.
The offer carried no offer-for-sale component: the whole Rs 22.20 Cr was fresh issue, with promoter holding recorded at 100% before the issue and 73.03% after.
Every bid category was covered on the close date of 23 September 2026 — QIB 1.26 times, NII 2.41 times and retail 1.82 times, for 1.79 times overall.

What to weigh against it

Conversion is thin, and the EBITDA margin was lower in each successive year on record: Rs 14.59 Cr of EBITDA on Rs 357.39 Cr of revenue in FY24 (4.08%), Rs 14.59 Cr on Rs 365.93 Cr in FY25 (3.99%) and Rs 15.09 Cr on Rs 408.01 Cr in FY26 (3.70%). The filing reports a PAT margin of 0.90% for FY26.
Profit after tax was Rs 3.69 Cr in FY26 against Rs 4.94 Cr in FY25, 25.30% lower, on revenue 11.50% higher (Rs 408.01 Cr against Rs 365.93 Cr).
The cost base is concentrated in cotton: FY26 materials consumed were Rs 237.32 Cr and purchases of traded stock Rs 133.41 Cr, Rs 370.73 Cr together against revenue from operations of Rs 408.01 Cr, or 90.86%. The record describes revenue as the sale of physical cotton output priced off a volatile commodity.
Total borrowings exceeded net worth in all three years on record: Rs 40.02 Cr against Rs 20.62 Cr in FY24, Rs 54.76 Cr against Rs 17.26 Cr in FY25, and Rs 45.00 Cr against Rs 28.94 Cr in FY26, which the filing states as a debt-equity ratio of 1.56.

Easy to miss in the prospectus

The two lines move at different rates: between FY24 and FY26 revenue rose 14.16% (Rs 357.39 Cr to Rs 408.01 Cr) while EBITDA rose 3.43% (Rs 14.59 Cr to Rs 15.09 Cr), so revenue alone does not describe the figures.
Mix and destination, as stated for FY26: cotton yarn Rs 210.80 Cr and cotton bales Rs 156.50 Cr of Rs 403.98 Cr of product sales, with cotton seed Rs 27.10 Cr; Rs 41.37 Cr of sales went outside India, 10.14% of revenue from operations of Rs 408.01 Cr.
This record carries no offer objects, no allocation split, no valuation and no peer set, so the use of the Rs 22.20 Cr raised is not stated here. It also gives a founded year of 2015 alongside an incorporation date of 5 August 2024 (CIN U13111GJ2024PLC154066).

Straight from the filing

Read it yourself

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

Vivekanand Cotspin — Draft Red Herring Prospectus dated 2026-06-055 Jun 2026The first draft, filed for review. No price band and no dates.Opens on cmlinks.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: Swastika Investmart Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 7 independently published accounts of this issue, agreeing with each other. The filing is linked above, so every figure here can be checked against the primary document — but these figures were taken from those published accounts, not reconciled line by line against it.

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

At a glance

Board: SME platform
Opens: 21 Sep 2026
Closes: 23 Sep 2026
Allotment: 24 Sep 2026
Lists: 28 Sep 2026
Revenue (FY26): ₹408 Cr
Profit (FY26): ₹3.69 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.