Spunweb Nonwoven IPO opens July 14 with ₹90–96 price band on NSE SME

NOOR MOHMMED

    09/Jul/2025

  • Spunweb Nonwoven IPO from July 14–16 with ₹60.98 crore issue at ₹90–96 price band, listing on NSE SME on July 21.

  • Entirely a fresh issue of 63.52 lakh shares with minimum retail investment of ₹2,16,000 for 2 lots (2,400 shares).

  • Funds to meet working capital needs, invest in subsidiary, repay borrowings, and for general corporate purposes.

Spunweb Nonwoven Limited, one of India’s largest spunbond nonwoven fabric manufacturers, is opening its NSE SME IPO on July 14, 2025.

This ₹60.98 crore bookbuilding IPO is entirely a fresh issue of 63.52 lakh shares, with a price band of ₹90 to ₹96 per share.

The IPO will list on NSE SME with a tentative listing date of July 21, 2025.


Company Overview

Business: Manufacturer and supplier of spunbond nonwoven fabrics used in doormats, bags, carpets, tarpaulins, medical, hygiene, packaging, agriculture, and construction sectors.

Product Portfolio: Hydrophobic, Hydrophilic, UV-Treated, Laminated Fabrics.

Exports: North America, Europe, Middle East, and countries like USA, UAE, Italy, Egypt, Saudi Arabia, Sri Lanka, Nepal, Kenya, and Nigeria.

Clients: RGI Meditech, Millenium Babycares, Myra Hygiene, Poligof Micro Hygiene, Salus Products, Vyom Nonwoven, and many others.

Manufacturing Facility: Rajkot, Gujarat.

Employees: 199 as of May 31, 2025.


Competitive Strengths

⭐ One of India’s largest spunbond nonwoven fabric manufacturers.
⭐ Customised solutions for industry-specific requirements.
⭐ Advanced technology and quality-control processes.
⭐ Long-standing relationships with diverse domestic and export clients.
⭐ Experienced promoters and a strong management team.


IPO Details

Item Detail
IPO Type Bookbuilding
Total Issue Size ₹60.98 Crores
Fresh Issue Entire issue
Price Band ₹90–₹96 per share
Face Value ₹10 per share
Lot Size 1,200 shares
Minimum Retail Investment ₹2,16,000 (2 lots, 2,400 shares)
Issue Opens July 14, 2025 (Monday)
Issue Closes July 16, 2025 (Wednesday)
Allotment Date July 17, 2025 (Thursday)
Listing Date July 21, 2025 (Monday)
Exchange NSE SME
Lead Manager Vivro Financial Services Pvt Ltd
Registrar MUFG Intime India (Link Intime)
Market Maker Rikhav Securities Limited


Spunweb Nonwoven IPO Lot Size & Investment

Category Lots Shares Approx Investment (₹)
Retail (Min & Max) 2 2,400 ₹2,16,000 – ₹2,30,400
sNII (Min–Max) 3–8 3,600–9,600 ₹3,45,600 – ₹9,21,600
bNII (Min) 9+ 10,800+ ₹10,36,800+

Note: Bidding at cut-off price is not allowed in any category.


Reservation Details

Investor Category Shares Offered
QIB Not more than 50% of Net Issue
Retail Not less than 35% of Net Issue
NII Not less than 15% of Net Issue
Market Maker 3,21,600 shares (₹3.09 Cr)
Net Public Issue 60,30,000 shares (₹57.89 Cr)


IPO Timeline (Tentative)

Event Date
IPO Opens Mon, July 14, 2025
IPO Closes Wed, July 16, 2025
Allotment Thu, July 17, 2025
Refund Initiation Fri, July 18, 2025
Credit to Demat Fri, July 18, 2025
Listing Date Mon, July 21, 2025
UPI Mandate Cut-off 5 PM, July 16, 2025


Promoter Shareholding

Stage % Holding
Pre-IPO 88.50%
Post-IPO [Pending precise value]

✅ Promoters: Jay Dilipbhai Kagathara and Kishan Dilipbhai Kagathara.


Financial Highlights

Period Ended Revenue (₹ Cr) PAT (₹ Cr) EBITDA (₹ Cr) Net Worth (₹ Cr) Debt (₹ Cr)
FY25 227.14 10.79 31.23 43.15 91.16
FY24 154.24 5.44 15.01 25.09 48.33
FY23 117.68 1.13 10.80 20.15 49.50

✅ Revenue growth FY24–FY25: ~47%
✅ PAT growth FY24–FY25: ~98%


Key Performance Indicators (as of Mar 31, 2025)

  • ROE: 31.63%

  • ROCE: 33.66%

  • Debt/Equity: 2.11

  • RoNW: 31.63%

  • PAT Margin: 4.75%

  • EBITDA Margin: 13.75%

  • Price to Book Value: 3.95

  • Pre-Issue EPS: ₹6.08 (P/E ~15.79x)

  • Post-Issue EPS: ₹4.48 (P/E ~21.44x)


Objects of the Issue

Purpose Amount (₹ Million)
Working capital for the company 290
Investment in subsidiary (SIPL) for working capital 100
Repayment of certain borrowings 80
General corporate purposes Balance


SWOT Summary

Strengths

  • Leading player in spunbond nonwoven fabrics.

  • Diversified client base in domestic and international markets.

  • Strong revenue and profit growth.

  • Advanced quality-control facilities.

⚠️ Weaknesses

  • SME platform listing may limit liquidity.

  • High debt levels (Debt/Equity 2.11).

Opportunities

  • Expanding hygiene sector demand.

  • Growing exports in developed markets.

⚠️ Threats

  • Commodity price fluctuations.

  • Competition from other domestic/global players.


Analyst View

The IPO looks reasonably valued given strong revenue and profit growth but is priced at a higher post-issue P/E (21.44x). The SME platform can limit liquidity, and high debt remains a risk.

Investors with high risk appetite may consider applying for medium-to-long term exposure to India's growing nonwoven fabric market.


Final Recommendation

Short-term Listing View: Neutral to cautiously Positive (SME liquidity, strong growth but higher P/E).
Medium-to-long Term View: Positive (expanding market, exports, profitability growth).
Strategy: Apply only if you have high risk tolerance and believe in the sector’s long-term growth.


How to Apply and Check Allotment

How to Apply

  • Via ASBA-enabled net banking or broker apps (UPI mandates before 5 PM, July 16).

How to Check Allotment (from July 17):

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