Aastha Spintex IPO
Aastha Spintex LtdMainboard
This IPO has listed.
- Open date
- 29 Jun 2026
- Close date
- 1 Jul 2026
- Min. Investment
- ₹14,960
- Lot Size
- -
- Fresh Issue
- ₹170.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers3.30x
- Non-Institutional Investors7.62x
- Retail-Individual Investors2.33x
- Total4.64x
Schedule
- Completed: IPO open date29 Jun 2026
- Completed: IPO close date1 Jul 2026
- Completed: Allotment date2 Jul 2026
- Completed: Funds unblock or debit3 Jul 2026
- Completed: Tentative listing date6 Jul 2026
About
Promoter shareholding in Aastha Spintex Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Patel Divyang Jashwantbhai | 56,66,355 | 17.91% | 56,66,355 | 12.84% |
| Rasiklal Valjibhai Patel | 52,78,247 | 16.68% | 52,78,247 | 11.96% |
| Gothi Vivek Rasiklal | 51,25,541 | 16.20% | 51,25,541 | 11.61% |
| Jashwantbhai Valjibhai Patel | 45,66,880 | 14.43% | 45,66,880 | 10.35% |
| Ripal Divyang Patel | 6,86,044 | 2.17% | 6,86,044 | 1.55% |
| Kusumben Rasikbhai Patel | 5,02,778 | 1.59% | 5,02,778 | 1.14% |
| Hashumati Jashwantbhai Patel | 2,77,778 | 0.88% | 2,77,778 | 0.63% |
| Sheetal Vivek Patel | 2,90,490 | 0.92% | 2,90,490 | 0.66% |
| Ramesh Patel Bapodarya | 5,46,198 | 1.73% | 5,46,198 | 1.24% |
| Jalpa Punit Patel | 2,73,099 | 0.86% | 2,73,099 | 0.62% |
| Suchit B Patel | 2,73,099 | 0.86% | 2,73,099 | 0.62% |
Aastha Spintex IPO Strengths & Risks
- Integrated cotton spinning infrastructure with modern technologies to support our product portfolio.
- Long standing relationship with key customers.
- Strategically located manufacturing facility with adequate storage facility and scope for future expansion.
- Renewable Energy Infrastructure Enabling Sustainable and Cost-Efficient Manufacturing.
- Strong financials and operating metrics.
- Experienced Promoters and Management Team
- Risks Relating to the Business: One of the Objects of the Issue is to utilise a portion of the Issue Proceeds towards part payment of the purchase consideration for the acquisition of equity shares of Falcon Yarns Private Limited ("Falcon" or the "Target Company") by the Company, the Company proposes to utilise Rs.11,151.00 lakhs from the Issue Proceeds towards part payment of the purchase consideration for acquisition of 33,453,508 equity shares of Falcon at an acquisition price of Rs.33.33 per equity share which is higher than the buyback price of Rs.14.46 per share undertaken by Falcon on September 13, 2024.
- Risks Relating to the Business: The company has filed compounding applications in respect of certain past non-compliances under the Companies Act, 2013, and may be subject to penalties or adverse regulatory action in connection therewith.
- Risks Relating to the Business: The Company has, in the past, not complied with the requirements of Section 138 of the Companies Act, 2013 relating to the appointment of an internal auditor, which may expose it to regulatory actions and could adversely affect its business, financial condition and reputation.
- Risks Relating to the Business: The company has significantly dependent on 7 Seas Impex for majority of the company sales outside Gujarat and exports, and any adverse development in this arrangement could materially and adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company continued operations are dependent on a single Manufacturing Facility and are critical to the company business, and any disruption could materially and adversely affect its results of operations, cash flows, and financial condition.
- Risks Relating to the Business: The company has entered into, and may in the future continue to enter into, transactions with related parties, which may potentially involve conflicts of interest.
- Risks Relating to the Business: Any downgrade of the company credit ratings of outstanding borrowings could adversely affect its business.
- Risks Relating to the Business: The valuation report obtained for the acquisition of Falcon Yarns Private Limited is based on certain assumptions and methods adopted by the valuer which may not adequately indicate its actual or future value.
- Risks Relating to the Business: The company has issued equity shares during the one year preceding the date of the Draft Red Herring Prospectus at a price that may be lower than the Offer Price.
- Risks Relating to the Business: The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- Risks Relating to the Business: The Company has made delays in compliance with certain statutory provisions of the Companies Act, 2013. Such non-compliances/ delayed filings may attract penalties and prosecution against the Company and its directors which could impact the financial position of the Company to that extent
- Risks Relating to the Business: Its proposed utilisation of a portion of the Net Proceeds towards payment of the purchase consideration for the acquisition of Falcon Yarns Private Limited exposes it to funding, timing, and integration risks.
- Risks Relating to the Business: Its dependent on a limited number of suppliers for procurement of raw cotton and cotton bales, The company principal raw material, and any disruption in supply or adverse movement in cotton prices may materially affect its business, results of operations and financial condition.
- Risks Relating to the Business: The Company has acquired properties from its Promoters and members forming part of the company Promoter Group. Its Promoters and members forming part of the company Promoter Group shall be deemed to be interested in the purchase of these properties.
- Risks Relating to the Business: A major portion of the company revenue from sale of products is dependent upon a limited number of customers, and the loss of one or more of these customers or a significant reduction in their orders could materially and adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: A significant portion of the company revenue is derived from cotton yarns, particularly carded, combed, and compact combed varieties, and cotton bales, and any adverse development in demand, pricing, or industry conditions could materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: Any non-compliance with the Legal Metrology Act, 2009 and the Gujarat Legal Metrology (Enforcement) Rules, 2011 may expose the company to penalties and regulatory actions, which could adversely affect its business and operations.
- Risks Relating to the Business: The company business is dependent on its Manufacturing Facility situated at Halvad, Morbi, Gujarat, and the company subject to certain risks dues to its single location manufacturing facility. Any slowdown or shutdown in the company manufacturing operations or supply disruption, strikes, lockouts, work stoppages that could interfere with the company operations, could has an adverse effect on its business, financial conditions and results of operations.
- Risks Relating to the Business: The company acquisition-driven growth strategy, including the acquisition of Falcon Yarns Private Limited, exposes it to risks of integration, hidden liabilities, and increased financial commitments.
- Risks Relating to the Business: The company Debt Service Coverage Ratio (DSCR) is a key indicator of its ability to service debt obligations, and any weakening of this ratio may adversely affect the company financial flexibility and overall business performance.
- Risks Relating to the Business: Cotton is a highly flammable commodity, and any fire, accident, or mishap at the company facilities could result in significant property damage, business interruption, and financial loss.
- Risks Relating to the Business: Its ginning operations are seasonal in nature, which may result in variability in production, inventory management challenges, and lower in-house consumption of cotton bales, thereby exposing it to operational and financial risks.
- Risks Relating to the Business: Its procure the company raw materials primarily from farmers, traders and other ginning mills located across Gujarat, and any disruption in this supply region could materially and adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: Any shortfall or delay in funding the working capital requirements of the company proposed Subsidiary, or inability to effectively utilise such funds, may adversely affect its business operations, financial condition and results of operations
- Risks Relating to the Business: The company business is subject to seasonal volatility on account of the nature of main raw material i.e. raw cotton as an agricultural commodity, and such seasonality may cause significant fluctuations in its revenue, results of operations, and financial condition.
- Risks Relating to the Business: The company dependence on cotton exposes its to risks of price volatility, supply chain disruptions, and changes in government policies on cotton, which may materially affect its cost structure and margins.
- Risks Relating to the Business: The company has certain contingent liabilities which, if materialized, may adversely affect its financial condition.
- Risks Relating to the Business: Delays or defaults in payments by the company customers could increase its working capital requirements, impact the company cash flows, and adversely affect its financial performance and condition.
- Risks Relating to the Business: Outstanding dues to creditors may adversely affect its business, reputation, and financial condition
- Risks Relating to the Business: The company dependence on procuring raw cotton from farmers and traders directly and cotton bales from other ginning units and traders, without formal arrangements, exposes it to supply and price risks that may materially impact its operations, revenues, and financial performance.
- Risks Relating to the Business: Its relies on third-party transportation and logistics service providers for procurement of raw materials and supply of the company products, and any disruption or inefficiency in such services may materially and adversely affect its business, results of operations, and financial condition.
- Risks Relating to the Business: Any change in government policies relating to the textile or cotton sector, including Minimum Support Prices (MSPs), subsidies, or incentive schemes, may adversely affect the company cost structure, supply chain, or customer demand, thereby impacting its business, results of operations and financial condition.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further its not identified any alternate source of financing the "Objects of the Issue". Any shortfall in raising / meeting the same could adversely affect the company growth plans, operations, and financial performance.
- Risks Relating to the Business: Its a limited operating history as a company, and the company past performance may not be a reliable indicator of its future results or prospects.
- Risks Relating to the Business: The company Manufacturing Facility and Registered Office are located in Gujarat, and a significant portion of its revenue is also derived from this state. As a result, The company exposed to geographic concentration risks that may adversely affect its operations, financial condition, and results of operations.
- Risks Relating to the Business: The company business is dependent on the adequate and uninterrupted supply of power and water at a reasonable cost, and any shortage or increase in cost may adversely impact its operations and profitability.
- Risks Relating to the Business: The company investments in renewable energy assets such as wind turbines and solar plants involve significant capital costs, ongoing maintenance, and lifecycle risks, which may reduce the expected benefits of such projects.
- Risks Relating to the Business: The generation of electricity from the company solar and wind captive power plants depends on climatic conditions, and unfavorable weather or environmental factors may reduce output, increase costs, and adversely impact its business.
- Risks Relating to the Business: The company raw materials and finished products are susceptible to deterioration and colour fading during storage, which may result in losses, reduced realizations, and adverse impact on its profitability.
- Risks Relating to the Business: Some of the company Promoters does not possess formal higher education, which may be perceived as a limitation.
- Risks Relating to the Business: The Company, Promoters, Directors, KMPs, SMPs, and Group Entities are parties to certain legal proceedings. Any adverse decision in such proceedings may has a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Majority of the company Directors, including its entire executive management team, does not has prior experience as directors of a listed company, which could pose governance and compliance risks.
- Risks Relating to the Business: The Company may incur penalties or liabilities for non-compliances with certain provisions of the GST Act, Income Tax Act, and other applicable laws.
- Risks Relating to the Business: Unsecured loans taken by the Company can be recalled by the lenders at any time.
- Risks Relating to the Business: Certain borrowings availed by the Company are secured by personal guarantees and personal properties of its Promoters, and enforcement of such collateral and personal guarantees by lenders could adversely affect its Promoters' ability to support the company business and may has reputational, financial, or operational consequences.
- Risks Relating to the Business: The company lenders has created security interests over its movable and immovable properties in connection with the financing facilities availed by it, and any enforcement of such security could adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: Its subject to restrictive covenants under the company financing agreements that may limit its operational and financial flexibility. Any default or breach of these covenants could lead to acceleration of repayment obligations, enforcement of security interests, cross-defaults, or termination of financing arrangements, which may materially and adversely affect its business, results of operations, and financial condition.
- Risks Relating to the Business: The company business operations relies on the availability of labour, and any shortage or unavailability of labour could disrupt its operations and adversely impact the company performance.
- Risks Relating to the Business: The company growth and financial performance are dependent on factors influencing the demand for cotton yarns and any adverse changes in such factors may materially and adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company growth is directly linked to the performance of the textile and apparel industry, and any slowdown or shift in demand within these segments may adversely impact its revenues and profitability.
- Risks Relating to the Business: The company inability to maintain an optimal level of inventory may adversely affect its operations, working capital, and ability to meet customer demand.
- Risks Relating to the Business: Its may not be able to adequately protect the company intellectual property, including its trademarks, and any failure to does so may adversely affect its business, reputation, and goodwill.
- Risks Relating to the Business: The company business depends on its ability to consistently maintain stringent quality standards. Any failures to meet customer-prescribed specifications may result in product rejections, order cancellations, reputational harm, and adverse impact on the company financial performance.
- Risks Relating to the Business: If the company unable to accurately forecast customer demand and maintain optimal inventory levels of cotton bales and finished yarn, its business, results of operations, and financial condition may be adversely affected.
- Risks Relating to the Business: Its may not be successful in implementing the company business and growth strategies.
- Risks Relating to the Business: The company operates in a highly competitive industry and faces competition from both domestic and international yarn manufacturers as well as from the increasing use of synthetic fibres. The company inability to effectively respond to these challenges could adversely affect its business, profitability, and market position.
- Risks Relating to the Business: Certain agreements, deeds or licenses, statutory approvals and certificates may be in the previous name of the company, Its has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
- Risks Relating to the Business: Under-utilization of the company manufacturing capacities, or its inability to effectively utilize the company installed capacities, could adversely affect its business, prospects, and financial performance.
- Risks Relating to the Business: The company insurance coverage may not adequately protect it against all risks associated with the company business and operations, and any uninsured, underinsured, or excluded losses could materially and adversely affect its business, financial condition, and cash flows.
- Risks Relating to the Business: Technological changes in the textile industry may render the company manufacturing facility and machinery less competitive or obsolete, which could adversely affect its business and results of operations.
- Risks Relating to the Business: The Contracts in the company order book may be adjusted, cancelled, or suspended by its clients at their discretion, and therefore the company order book is not necessarily indicative of future revenues or earnings.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company Promoters is lower than the issue price of the Equity Shares offered through the present Issue.
- Risks Relating to the Business: Its may be unable to attract and retain skilled and experienced personnel, and any shortage of such manpower may adversely affect the company operations, business growth, and financial performance.
- Risks Relating to the Business: Fraud, mismanagement, or improper conduct could adversely impact project execution and the company business operations.
- Risks Relating to the Business: Operational risks arising from wind and solar power machinery breakdown may adversely affect its business, financial condition, and sustainability goals.
- Risks Relating to the Business: If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company financial risk.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The company business operations are subject to extensive environmental, health, and safety regulations, and any failures to comply with such regulations could materially and adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: Compliance with stringent environmental, health, and safety laws may lead to higher capital expenditures.
- Risks Relating to the Business: The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure, and restrictive covenants in the company financing arrangements.
- Risks Relating to the Business: The company future fund requirements, in the form of the issue of capital or securities and/or loans taken by it, may be prejudicial to the interests of the shareholders depending upon the terms on which they are eventually raise.
- Risks Relating to the Business: The company future operating results are difficult to predict and may fluctuate significantly or deviate adversely from its past performance.
- Risks Relating to the Business: This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Infomerics Analytics & Research Private Limited ("Infomerics Analytics & Research"), which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Issue.
- Risks Relating to the Business: Its Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: Any IT system failures or lapses on the part of any of the company employees may lead to operational interruption, liabilities, or reputational harm.
- Risks Relating to the Business: Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.
- Risks Relating to the Business: Rights of shareholders of companies under Indian law may be less extensive than under the laws of other jurisdictions.
- Risks Relating to the Business: The requirements of being a listed company may strain the company resources.
