Alpine Texworld Limited IPO
ListedMainboard
1.40×
Subscribed
Price band
₹105 – ₹105
Issue size
₹126.25 Cr
Open – close
14 Jul 2026
to 16 Jul 2026
Listing
21 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong6 of 7 dimensions read
The disclosed numbers are strong — 6 of 8 signals read positive
Strength87/100
- Priced below its peers12.8× earnings against a peer median of 31.6× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 29.4% against a peer median of 12.1%
- Strong revenue growthRevenue compounding at 36.6% across the reported years
- Profit growth outpaces salesPAT up 110.9% a year against revenue at 36.6% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 28.8%
- Conservative balance sheetDebt/equity of 0.88×
- Minimal related-party dealingsRelated-party transactions are only 2.6% of revenue
- Institutional book coveredQIB portion subscribed 1.09×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens14 Jul 2026
- Closes16 Jul 2026
- Listing21 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.09x
Non-institutionalNII / HNI1.09x
Big NIIabove ₹10L0.90x
Small NII₹2L – ₹10L1.48x
Retail individualRII1.54x
76,891 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 16 Jul 2026.
Chance of allotment
Retail1.54× subscribed
~1 in 1.5
Retail is 1.54× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.5 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.09× subscribed
~1 in 1.1
HNI is 1.09× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.1 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹105 – ₹105
Total issue size₹126.25 Cr
Listing atMainboard
Company & valuation
P/E at upper band12.84×
EPS₹5.49pre-issue
NAV per share₹27.79
Return on equity28.80%
Debt / equity0.88×
Related-party2.56%of revenue
ROCE17.56%
RoNW29.44%
PAT Margin6.34%
EBITDA Margin13.84%
NAV27.79
Price to Book Value3.78
ISININE1JCQ01037
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 1,20,240 | — |
| NII (HNI) Shares Offered | 34,86,960 | — |
| bNII > ₹10L | 23,24,640 | 1169.00% |
| sNII < ₹10L | 11,62,320 | 584.00% |
| Retail Shares Offered | 84,16,800 | 59273.00% |
Total issue 1,20,24,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9101 lot · 142 sh
Retail (Max)₹1,93,83013 lots · 1,846 sh
S-HNI (Min)₹2,08,74014 lots · 1,988 sh
S-HNI (Max)₹9,98,97067 lots · 9,514 sh
B-HNI (Min)₹10,13,88068 lots · 9,656 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Proposing to finance the cost of setting up a new weaving unit at Proposed Manufacturing Unit 3 to expand its production capabilities to produce Grey Fabric at Ahmedabad, Gujarat, India₹30.71 Cr
- 02Prepayment or repayment, in part or full of certain outstanding borrowings₹52.2 Cr
- 03General corporate purposes₹30.39 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 183.603 | — | 4.881 | 42.551 | — |
| 2025 | 237.324 | — | 8.626 | 52.896 | — |
| 2026 | 342.713 | — | 21.716 | 75.413 | — |
Revenue CAGR 36.6%PAT CAGR 110.9%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Pashupati Limited | 0.66 | 145.21 | 10.40 | 6.33% |
| United Polyfab Limited | 1.07 | 31.60 | 5.78 | 18.48% |
| Ken Enterprises Limited | 6.27 | 5.27 | 51.68 | 12.14% |
| Gujarat Limitedthis issue | 8.18 | — | 27.79 | 29.44% |
| Cotspin Limited (formerly known as ‘Alpine Spinweave Limited’) | — | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe substantial portion of our revenues has been dependent upon our top 10 customers for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 which amounted to 2410.22 million, 1665.85 million and 1319.29 million which accounted for 70.33%, 70.19% and 71.86% of our revenue from operations for the respective
mediumA significant portion of our top customers operate within the same textile hub and end-market, exposing us to correlated credit risk. Adverse developments in the cluster such as demand slowdown, regulatory changes, or liquidity stress could lead to simultaneous delays or defaults across multiple cus
mediumOur Company commenced operations at Manufacturing Unit 2 without obtaining Consolidated Consent and Authorization (CCA) from Gujarat Pollution Control Board (GPCB) and there is no assurance that similar non-compliances will not occur for our Proposed Manufacturing Unit 3. The Company was subject to
mediumOur Company commenced operations on March 28, 2025 at Manufacturing Unit 2 prior to obtaining the requisite Consolidated Consent and Authorization (CCA) under the Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention & Control of Pollution) Act, 1981 and the Hazardous and Other
Litigation across 399 matters
A. Litigation filed against our Company 399
Positives the filing discloses (2)
Strong revenue growth
Restated revenue CAGR of 36.6%.
Healthy return on equity
ROE of 28.8%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Alpine Texworld Limited IPO subscribed?
Alpine Texworld Limited is subscribed 1.40× overall (QIB 1.09×, NII 1.09×, retail 1.54×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Alpine Texworld Limited IPO?
The retail portion is subscribed 1.54×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.