Aastha Spintex IPO is a book-built issue worth ₹170 crore. The IPO comprises a fresh issue of 1.25 crore shares aggregating to ₹170 crore, with no offer for sale. The IPO opens for subscription on June 29, 2026, and closes on July 1, 2026. The allotment is expected to be finalised on July 2, 2026, with tentative listing on the BSE and NSE scheduled for July 6, 2026.
The IPO is priced in a band of ₹125 - ₹136 per share. Retail investors must apply for a minimum of 1 lot comprising 110 shares, requiring an investment of ₹14,960 at the upper price band. Non-institutional investors applying in the sNII category must apply for a minimum of 14 lots (1,540 shares), amounting to ₹2,09,440, while bNII investors must apply for a minimum of 67 lots (7,370 shares), amounting to ₹10,02,320.
BOI Merchant Bankers Ltd. is the book-running lead manager to the issue, and Bigshare Services Pvt. Ltd. is the registrar.
For detailed information on the company's financial performance, business operations, risk factors and issue-related details, investors are advised to refer to the Aastha Spintex IPO RHP.
Industry Outlook
India’s textile industry is expanding rapidly, supported by rising domestic consumption, strategic investments, a shift towards sustainable practices, and strong policy support from the Government of India.
The Indian textile and apparel industry contributes 2% to the country's GDP, accounts for 11% of manufacturing gross value added (GVA), and 8.63% of exports, underscoring its importance to the national economy and growth potential.
The Indian textile market is valued at approximately $195.4 billion in 2025 and is projected to reach $623.34 billion by 2035, growing at a CAGR of 12.3%, driven by population growth, urbanisation, and the expansion of e-commerce and omni-channel retail.
The global shift in sourcing, particularly the "China+1" strategy, along with increasing demand for sustainable, eco-friendly, and ethical textiles, is strengthening India's export opportunities and supporting sector growth.
Cotton remains the dominant segment within the industry, accounting for approximately 38-40% of the total Indian textile market.
The sector is highly competitive and fragmented, comprising large integrated manufacturers, regional MSME clusters, and international suppliers.
Product quality, consistency, customisation, pricing, and timely delivery remain key competitive differentiators across the textile value chain.
Aastha Spintex IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
Utilisation of ₹111.51 crore towards the partial funding of the purchase consideration for acquiring 3,34,53,508 equity shares of Falcon Yarns Private Limited.
Deployment of ₹10 crore as inter-corporate deposits to support the working capital requirements of Falcon Yarns Private Limited.
Utilisation of the remaining balance of the net proceeds for general corporate purposes.
About Aastha Spintex Limited
Aastha Spintex Limited, incorporated in 2013, is engaged in the manufacturing and trading of carded, combed, and compact combed cotton yarns, along with cotton bales. Operating exclusively in the business-to-business (B2B) segment, the company supplies its products to textile manufacturers, yarn exporters, bulk purchasers, and fabric processors. Its cotton yarns are used in knitting and weaving applications across a range of end-use segments, including denim, terry towels, shirting, sheeting, and home textiles.
The company operates a semi-automated, integrated spinning and ginning facility in Halvad, Morbi, Gujarat, a prominent cotton-growing region. The facility functions 24 hours a day and has an installed capacity of 25,920 spindles across 15 compact ring spinning machines, enabling annual cotton yarn production of 7,700 MT. It also has an annual ginning capacity of 12,000 MT of cotton bales through 28 ginning machines. The company manufactures 100% cotton yarns in counts ranging from Ne 26 to Ne 40.
In addition to its core products, Aastha Spintex generates revenue from the sale of by-products such as cotton seeds, which are supplied to oil extraction and animal feed industries, and cotton waste, including comber and licker-in waste, which is sold to non-woven fabric and open-end yarn manufacturers.
The company meets approximately 80% of its power requirements through captive renewable energy sources, supported by a 1 MW rooftop solar power plant, a 4 MW ground-mounted solar power plant, and a 2.7 MW wind power plant.
Aastha Spintex follows a dual-channel sales strategy, directly serving customers within Gujarat while conducting most domestic sales outside the state and export sales through an exclusive reseller arrangement with 7 Seas Impex.
How To Check the Allotment Status of the Aastha Spintex IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Aastha Spintex IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Aastha Spintex IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Aastha Spintex IPO
Registered Office: Survey No 1441 1442 1448/1 1449 1450/2 P2 & 1443/P2, Halvad Maliya Highway, Halvad Surendranagar, Gujarat, 363330
Phone: +91 90815 35400
E-mail: info@aasthaspintex.com
Aastha Spintex IPO Reservation
Investor Category | Shares Offered |
QIB Shares Offered | Not more than 20% of the Net Issue |
Retail Shares Offered | Not less than 40% of the Net Issue |
NII Shares Offered | Not less than 40% of the Net Issue |
Aastha Spintex IPO Promoter Holding
The promoters of Aastha Spintex Limited are Patel Divyang Jashvantbhai, Rasiklal Valjibhai Patel, Gothi Vivek Rasiklal, and Jashwantbhai Valjibhai Patel.
Share Holding Pre-Issue
| 74.23% |
Share Holding Post Issue | 53.21% |
Key Performance Indicators for Aastha Spintex IPO
KPI | Value (FY25) |
EBITDA Margin (%) | 13.20% |
PAT Margin (%) | 6.53% |
Return on Equity RoE (%) | 23.21% |
Return on Capital Employed RoCE (%) | 18.89% |
Aastha Spintex IPO Prospectus
Aastha Spintex IPO Registrar and Lead Managers
Aastha Spintex IPO Lead Managers
BOI Merchant Bankers Limited
Registrar for Aastha Spintex IPO
Bigshare Services Private Limited
Contact Number: +91 22 6263 8200
Email Address: ipo@bigshareonline.com
Aastha Spintex IPO Registrar
Financial Performance of Aastha Spintex Limited
Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
Revenue from Operations (₹ Lakh) | 35,116.00 | 30,486.16 | 23,926.50 |
Growth in Revenue from Operations (%) | 15.19% | 27.41% | - |
EBITDA (₹ Lakh) | 4,636.18 | 3,424.59 | 1,160.02 |
EBITDA Margin (%) | 13.20% | 11.23% | 4.85% |
PAT (₹ Lakh) | 2,291.62 | 1,628.76 | 105.83 |
PAT Margin (%) | 6.53% | 5.34% | 0.44% |
RoE (%) | 23.21% | 23.88% | 1.78% |
RoCE (%) | 18.89% | 18.95% | 4.58% |
Debt to Equity Ratio | 0.79 | 1.08 | 1.35 |
Aastha Spintex Limited Peer Details Comparison
Company Name | Face Value (₹) | EPS (Diluted) (₹) | RONW (%) | NAV (₹) | Revenue from Operations (₹ Lakh) |
Aastha Spintex Limited | 10 | 8.29 | 18.93% | 43.80 | 31,328.50 |
Ambika Cotton Mills Limited | 10 | 114.83 | 7.27% | 1,579.25 | 70,207.04 |
Lagnam Spintex Limited | 10 | 7.28 | 10.64% | 68.41 | 60,556.46 |
Pashupati Cotspin Limited | 1 | 0.82 | 8.35% | 9.78 | 63,670.28 |
Strengths and Opportunities of Aastha Spintex IPO
Focus on both organic growth and strategic acquisitions, with the proposed Falcon Yarns acquisition expected to increase spinning capacity from 7,700 MT to 17,457 MT per annum.
Established customer relationships, including 14 customers associated with the company for more than 5 years.
Manufacturing facility located in the cotton-growing region of Halvad, Morbi, Gujarat, providing access to raw materials, skilled labour, and future expansion potential.
Approximately 80% of power requirements met through captive renewable energy sources, including solar and wind power assets.
Revenue from operations increased by 15.19% in FY25, while the company reported the highest ROCE and RONW among selected peers.
Opportunity to expand direct sales beyond Gujarat and strengthen its presence in domestic and export markets.
Growth opportunities supported by the expanding Indian textile market, government initiatives such as PLI and PM MITRA, and favourable industry trends.
Beneficiary of global supply chain diversification under the "China+1" strategy and India's trade agreements with key international markets.
Well-positioned to cater to rising demand for sustainable textiles through its renewable-energy-based manufacturing infrastructure.
Risks and Threats of Aastha Spintex IPO
Dependence on a single reseller, 7 Seas Impex, which accounted for 33.88%, 54.73%, and 66.61% of total product sales in FY25, FY24, and FY23, respectively.
Absence of long-term customer contracts, with sales largely based on individual purchase orders.
High supplier concentration, with the top 10 suppliers accounting for 71.30% of raw material and stock-in-trade purchases as of December 31, 2025.
Operations are concentrated at a single manufacturing facility in Halvad, Morbi, Gujarat, exposing the company to business disruption risks.
Geographic concentration of revenue, with Gujarat contributing about 96.69% of product sales revenue during the nine months ended December 31, 2025.
Exposure to fluctuations in raw cotton prices due to the absence of long-term procurement agreements and changes in MSP policies.
Seasonal nature of the ginning business, with operations typically limited to 6-7 months annually based on cotton harvest availability.
Negative cash flows from operations of ₹13.55 crore for the 9 months ended December 31, 2025, and ₹18.14 crore in FY25.
Outstanding secured borrowings of ₹61.02 crore as of December 31, 2025, subject to lender covenants and backed by promoter guarantees and pledged assets.
Unsecured loans of ₹4.72 crore from related parties are repayable on demand.
Limited listed-company governance experience, with 7 of 8 directors having no prior board experience in a publicly listed Indian company.
