N R Vandana Tex Industries Limited is engaged in designing, manufacturing and wholesale of cotton textile products, including high-quality cotton sarees, salwar suits and bed sheets. The company markets its products under its own well-recognised brand names Vandana and Tanaya in the textile industry. N R Vandana Tex Industries was awarded Best Debutant – Apparels at the Ajio Business Partnership Meet in 2022, highlighting its strong market presence and growing brand recognition.

The company is launching its Initial Public Offering (IPO) as a Book Built Issue amounting to ₹27.89 crore, consisting entirely of a fresh issue of 61.98 lakh equity shares. The IPO subscription period is scheduled from May 28, 2025, to May 30, 2025. The allotment is expected to be finalised on or about June 2, 2025. The shares will be listed on the NSE SME platform, with a tentative listing date of June 4, 2025.

The price band for the IPO is fixed between ₹42 and ₹45 per equity share. At the upper price band of ₹45, the company’s market capitalisation will be approximately ₹104.82 crore. The IPO lot size is 3,000 shares, meaning retail investors need to invest a minimum of ₹1,35,000. High Net Worth Individuals (HNIs) are required to apply for a minimum of 2 lots (6,000 shares), amounting to ₹2,70,000.

Marwadi Chandarana Intermediaries Brokers Private Limited is the book running lead manager for the IPO, while Cameo Corporate Services Limited acts as the registrar. Alacrity Securities Limited is the designated Market Maker for the issue.

Financial Performance and Growth

N R Vandana Tex Industries has demonstrated steady growth in financial metrics over recent years. Revenues from operations increased to ₹27,110.22 lakh for the period ended December 31, 2024, compared to ₹22,021.22 lakh in FY24, ₹19,560.16 lakh in FY23, and ₹17,719.76 lakh in FY22. EBITDA improved consistently to ₹1,957.94 lakh for the period ended December 2024, up from ₹1,395.92 lakh in FY24, ₹1,012.81 lakh in FY23, and ₹778.14 lakh in FY22. Profit after tax showed significant growth reaching ₹859.51 lakh for the period ended December 31, 2024, compared to ₹429.40 lakh in FY24, ₹179.94 lakh in FY23, and ₹181.41 lakh in FY22.

Key performance indicators include a pre-issue Earnings Per Share (EPS) of ₹5.03 and a post-issue EPS of ₹3.69 for FY24. The pre-issue Price to Earnings (P/E) ratio is 8.95 times, rising to 12.20 times post-issue. The company recorded a Return on Capital Employed (ROCE) of 18.08%, Return on Equity (ROE) of 26.26%, and Return on Net Worth (RoNW) of 25.46% for FY24. These figures indicate strong operational efficiency and profitability relative to the textile sector.

Management and Leadership

The company is promoted by seasoned professionals with deep experience in textile and finance sectors. Narain Prasad Lohia brings over five decades of expertise in business strategy, production and textile development. Prabhu Lohia has 24 years of experience in finance, accounts and textiles, while Gyanesh Lohia has 23 years of experience in product and financial management, market analysis and supplier relations. This strong leadership is a key driver for the company’s growth and stability.

Grey Market Premium and Listing Outlook

The Grey Market Premium (GMP) for the N R Vandana Tex Industries IPO currently stands at ₹4, indicating an expected listing gain of around 8.9%. It is important to note that GMP is based on informal and unregulated market trading and does not guarantee actual listing gains. Investors should use this information cautiously for educational purposes only.

Given the company’s steady financial growth, solid management team, and fair IPO valuation, the issue may be attractive to investors willing to take moderate risks. The company’s listing on the NSE SME platform is expected around June 4, 2025.

For further details, investors may contact:
Marwadi Chandarana Intermediaries Brokers Private Limited (Book Running Lead Manager)
Cameo Corporate Services Limited (Registrar)

The Upcoming IPOs in this week and coming weeks are Ganga Bath Fittings, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are 3B Films, N R Vandana Tex Industries, Scoda Tubes, Neptune Petrochemicals.

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