Live Status
Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 2)144.7× overall
NII / HNI
200.9×
QIB
143.9×
Retail
99.2×
Overall
144.7×
Grey Market PremiumUnofficial
₹33▲ +36%
Est. listing price ≈ ₹125 on issue price of ₹92
GMP trend (approx.)
Aug 31
₹45
Sep 1
₹20
Sep 2
₹10
Sep 4
₹33
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. Anchor investors were allotted 17,43,600 shares (~₹16 Cr) on Aug 28, with 30- and 90-day lock-ins.
Last updated: Subscription: Sep 2 (final) · GMP: Sep 4, 8:10 AM IST
Issue Details
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Aug 31
Opens
Sep 2
Closes
Sep 3
Allotment
Sep 4
Refund/Demat
Sep 7
Listing
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹54 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹201 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Mefcom Capital Markets |
| Registrar | KFin Technologies |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 109.89 | 114.97 | 117.43 | +2% |
| EBITDA | 16.14 | 17.84 | 31.07 | +74% |
| PAT | 7.05 | 8.51 | 16.04 | +88% |
| PAT Margin | 6.4% | 7.4% | 13.7% | — |
Post-issue EPS
₹7.33
P/E
≈12.6x
ROE
30.91%
Restated, total-income basis, from the prospectus. FY26 = year ended Mar 31, 2026. RoNW shown as ROE.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Ashutosh Fibre | 12.6x | 30.91% | 13.7% |
A clean listed-peer set did not surface in our sources — add technical-textile comparables' P/E and ROE from the RHP 'Basis for Issue Price' before publishing. On its own, Ashutosh looks reasonably priced (~12.6x) with a high RoNW (~31%).
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Siddharth Patel, Abhishek Agarwal, Prabhas Fin-Stock Pvt. Ltd. |
| Pre-issue | 59.79% |
| Post-issue | 43.05% |
| Objects of Issue | |
|---|---|
| Capital expenditure (machinery) | ₹25.51 Cr |
| Repayment of borrowings | ₹20.00 Cr |
| General corporate purposes | Balance |
100% fresh issue — no OFS. Proceeds fund capex (₹25.5 Cr) and debt repayment (₹20 Cr).
The Balanced View
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Very strong demand — book subscribed ~145x overall (QIB 144x, NII 201x, Retail 99x).
- Strong FY26 margin & profit expansion — EBITDA +74%, PAT +88%.
- High RoNW (~31%) at a reasonable post-issue P/E of ~12.6x.
- 100% fresh issue funding capex and ₹20 Cr of debt reduction.
- Established technical-textiles maker (since 1985) serving filtration, auto, construction and safety.
Risks
- Nearly flat revenue (+2% in FY26) — profit jump is margin-led, not growth-led; durability unproven.
- Grey market has been volatile — ₹45 (Aug 31) → ₹10 (Sep 2 close) → ₹33 (Sep 4, ~36%); unofficial and not a listing guarantee.
- Moderate leverage (debt/equity 0.92) even after the planned ₹20 Cr repayment.
- SME segment: low liquidity, high volatility, and a large ~₹2.21 lakh minimum ticket.
- Heavy oversubscription means a low allotment probability for retail.
Post-Listing Review
Did the signal hold up? Updates after Sep 7
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Neutral