Siddhi Cotspin IPO listing today. Check GMP ahead of debut

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Siddhi Cotspin will make its market debut on September 26 after closing its Rs 70 crore IPO with moderate demand. The issue, which comprised a fresh issue of Rs 53.4 crore and an offer for sale of Rs 16.46 crore, was subscribed 4.2 times overall. Despite a decent subscription, the IPO is showing no premium in the grey market ahead of listing.

IPO subscription details


The qualified institutional buyer (QIB) category drove the bulk of demand with 17.5 times subscription, while non-institutional investors (NII) subscribed 5.9 times. The retail category saw comparatively lower participation at 1.5 times.

Company Profile


Siddhi Cotspin manufactures and sells a wide range of cotton yarns, including compact carded and combed hosiery yarns, weaving yarns, Eli yarns, slub and siro slub yarns, and Lycra-core spin yarn.


It also produces TFO double yarn for enhanced strength and durability. Its customers include textile manufacturers, garment exporters, and distributors, with whom the company has built long-standing relationships.

The company operates a manufacturing facility in Dholi, Ahmedabad, with 29,376 spindles and an annual production capacity of over 90 lakh kilograms of cotton yarn and 2.7 crore kilograms of value-added yarns.

Financials


Siddhi Cotspin has reported steady growth in recent years. Revenue rose 25% year-on-year to Rs 725 crore in FY25, while profit after tax increased 7% to Rs 13.1 crore.

Use of proceeds


The net proceeds will be utilized for working capital needs of about Rs 25 crore, repayment of borrowings of nearly Rs 9 crore, and general corporate purposes.

Outlook


While Siddhi Cotspin has demonstrated consistent revenue growth and strong institutional interest, the lack of a grey market premium signals a cautious tone among investors.

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