| Event | Date |
|---|---|
| Open Date | 29-06-2026 , Monday |
| Close Date | 01-07-2026 , Wednesday |
| Tentative Allotment | 02-07-2026 , Thursday |
| Tentative Listing Date | 06-07-2026 , Monday |
| Retail Appl. Cut Off Time | 01-07-2026 , Wednesday 05:00 PM |
| Non Retail Appl. Cut Off Time | 01-07-2026 , Wednesday 04:00 PM |
| Anchor Allotment | 25-06-2026 , Thursday |
| Initiation Of Refund | 03-07-2026 , Friday |
| Credit Of Share To Demat | 03-07-2026 , Friday |
Aastha Spintex Limited is a Gujarat-based textile company engaged in manufacturing and trading of cotton products. The company mainly operates in cotton ginning and spinning, with products such as cotton yarn, cotton bales, cotton seeds and cotton waste by-products.
The company’s manufacturing facility is located at Halvad, Gujarat, near a cotton-growing region. This location helps the company source raw cotton and cotton bales from farmers, traders, ginning mills and cotton suppliers.
In simple words, Aastha Spintex is a cotton textile company. It buys raw cotton and cotton bales, processes them through ginning and spinning operations, and sells cotton yarn, cotton bales and by-products to domestic customers and selected export-linked markets.
Aastha Spintex Limited was originally incorporated as Aastha Spintex Private Limited on August 12, 2013. The company was converted into a public limited company in 2025 and renamed Aastha Spintex Limited.
The registered and corporate office is located at Survey No. 1441, 1442, 1448/1, 1449, 1450/2 P2 and 1443/P2, Halvad Maliya Highway, Halvad, Surendra Nagar, Gujarat.
Aastha Spintex IPO is a mainboard IPO proposed to be listed on BSE and NSE.
The IPO is a 100% book-built issue. The issue is a complete Fresh Issue aggregating up to Rs. 17,000 lakhs. There is no Offer for Sale.
Since the IPO is a fresh issue and there is no OFS, the IPO proceeds will come into the company after deducting issue-related expenses.
Aastha Spintex is engaged in manufacturing and trading of cotton products.
The company operates in the textile value chain where cotton is converted into yarn, and yarn is then used by downstream textile players for fabric, garments, home textiles and other textile applications.
Aastha Spintex’s product portfolio includes cotton yarn, cotton bales, cotton seeds, cotton waste by-products, comber waste, licker-in waste and hard waste.
Cotton yarn is one of the most important products for the company. The company manufactures and trades carded, combed and compact combed cotton yarns.
Its yarn products are used in knitting and weaving applications.
This means Aastha Spintex is not directly a garment brand. It is a textile input manufacturer supplying products used by fabric and garment manufacturers.
Aastha Spintex operates through a semi-automated and integrated ginning and spinning manufacturing facility located at Halvad, Gujarat.
The manufacturing facility is spread across a large land parcel and includes both registered office and manufacturing operations.
This facility is central to the company’s business. The company’s ability to procure cotton, process cotton bales, manufacture yarn and deliver products depends heavily on this single facility.
Ginning means separating cotton fibre from cotton seeds. After ginning, cotton lint is converted into cotton bales.
Spinning means converting cotton fibre into yarn. Yarn is then used by textile units for weaving, knitting and fabric production.
Aastha Spintex operates in both ginning and spinning. This gives the company some integration in the cotton textile value chain.
Aastha Spintex manufactures 100% cotton yarn in counts ranging from Ne 26 to Ne 40.
In yarn count, Ne refers to the English Cotton Count System. A higher Ne number generally indicates finer yarn.
The company’s cotton yarn products include carded, combed and compact combed varieties.
Carded yarn is produced after basic cleaning and alignment of cotton fibres. It is generally used in standard textile applications.
Combed yarn goes through an additional combing process where shorter fibres and impurities are removed. This generally improves yarn quality and smoothness.
Compact combed yarn is produced using compact spinning technology. It reduces hairiness and improves yarn strength and surface finish.
This type of yarn is useful for premium apparel, denim, bottom wear, knitted fabrics and high-quality textile products.
Aastha Spintex earns revenue mainly from sale of cotton yarn and cotton bales.
For the nine months ended December 31, 2025, cotton bales contributed 49.11% of revenue from sale of products, while manufactured cotton yarn contributed 34.13%.
In FY2025, manufactured cotton yarn contributed 48.47% and cotton bales contributed 33.55% of revenue from sale of products.
In FY2024 and FY2023, manufactured cotton yarn was the dominant revenue contributor.
The company’s profitability depends heavily on cotton prices, capacity utilisation, customer relationships, operating efficiency and yarn market demand.
Aastha Spintex is significantly dependent on 7 Seas Impex for a large portion of sales outside Gujarat and export-linked markets.
For the nine months ended December 31, 2025, 7 Seas Impex accounted for 22.99% of revenue from products. The dependency has reduced compared with earlier years, but it remains an important relationship.
For the nine months ended December 31, 2025, top 10 customers contributed 57.27% of total revenue from sale of products. In FY2025, top 10 customers contributed 59.94%. In FY2024, top 10 customers contributed 84.71%.
Except for 7 Seas Impex, the company generally does not enter into long-term contracts with customers. Sales are mainly through individual purchase orders.
For the nine months ended December 31, 2025, top 10 suppliers contributed 71.30% of total purchases. In FY2025, top 10 suppliers contributed 73.05%. In FY2024, top 10 suppliers contributed 79.62%.
This creates supply-side risk. Any disruption in supply, cotton quality issue, price rise or logistics problem can affect production and margins.
Cotton is the principal raw material for Aastha Spintex.
If cotton prices rise sharply and yarn prices do not increase proportionately, margins may come under pressure.
The company maintains buffer stock of cotton bales during the peak harvest season, usually from October to March. This strategy helps the company secure raw material when availability is higher and prices may be favourable.
However, buffer stock also creates risks such as storage cost, quality deterioration, wrong demand forecasting and working capital blockage.
Aastha Spintex has agreed to acquire Falcon Yarns Private Limited.
Falcon is engaged in manufacturing and trading of cotton yarns, cotton bales and cotton-related by-products.
The proposed acquisition is important because it can enhance production capacity, broaden customer base and improve operational scale.
The Falcon acquisition is a major object of the issue. The company proposes to use Rs. 11,151.00 lakhs from the IPO proceeds towards part payment of the purchase consideration for acquisition of Falcon.
This makes the IPO closely linked with the success of the Falcon acquisition.
| Particulars | FY2023 | FY2024 | FY2025 | 9M Dec 2025 |
|---|---|---|---|---|
| Revenue from Operations | Rs. 23,926.50 lakhs | Rs. 30,486.16 lakhs | Rs. 35,116.02 lakhs | Rs. 31,328.50 lakhs |
| EBITDA | Rs. 1,160.02 lakhs | Rs. 3,424.59 lakhs | Rs. 4,636.18 lakhs | Rs. 3,525.37 lakhs |
| PAT | Rs. 105.83 lakhs | Rs. 1,628.76 lakhs | Rs. 2,291.62 lakhs | Rs. 1,755.62 lakhs |
This shows improvement in profitability over the last few years.
After considering the proposed acquisition of Falcon on a proforma basis, revenue from operations for the nine months ended December 31, 2025 stood at Rs. 47,721.19 lakhs.
Proforma EBITDA for the same period stood at Rs. 4,053.27 lakhs, while proforma PAT stood at Rs. 2,052.06 lakhs.
This shows that Falcon acquisition can increase scale, but investors must check whether the integration will actually deliver the expected benefits.
Aastha Spintex has experienced negative operating cash flow in recent periods.
Cash flow from operating activities was negative Rs. 1,355.28 lakhs for the nine months ended December 31, 2025 and negative Rs. 1,813.41 lakhs in FY2025. It was positive in FY2024 and FY2023.
Aastha Spintex is a textile manufacturing IPO with a clear cotton value-chain business. The company operates in ginning, spinning, cotton yarn and cotton bales. Its location in Gujarat gives access to cotton-growing areas, which is a practical advantage.
The biggest positive is scale improvement. Revenue and PAT have improved meaningfully from FY2023 to FY2025. The proposed Falcon Yarns acquisition can further increase capacity and revenue base.
The second positive is the fresh issue structure. There is no OFS, so IPO proceeds are intended for company purposes.
The third positive is product relevance. Cotton yarn is an important input for textile manufacturing, and India’s textile sector has a large domestic and export-linked ecosystem.
However, investors should not ignore the risk side.
The biggest concern is Falcon acquisition. A major part of the IPO money is proposed to be used for acquisition payment. This means the IPO story is not only about Aastha’s existing business, but also about Falcon’s valuation, integration and future performance.
The second concern is operating cash flow. The company has reported negative operating cash flow in recent periods. In textile manufacturing, working capital, inventory and receivable cycle are very important.
The third concern is customer and reseller dependency. 7 Seas Impex remains an important sales channel for outside Gujarat and export-linked markets.
The fourth concern is single facility dependency. Any disruption at Halvad facility can affect operations materially.
From IPORupee view, Aastha Spintex IPO should be studied as a growing cotton textile company with acquisition-led expansion. The business has scale and profitability, but investors must carefully assess acquisition risk, cash flow, customer concentration and cotton price volatility.
Ginning is the process of separating cotton fibre from cotton seeds. After ginning, cotton fibre is converted into cotton bales. Cotton seeds are also sold as a by-product.
Spinning is the process of converting cotton fibre into yarn. Yarn is then used by textile manufacturers to make fabric, garments, home textiles and other textile products.
Cotton yarn is a thread made from cotton fibre. It is used in weaving and knitting. Aastha Spintex manufactures 100% cotton yarn in counts ranging from Ne 26 to Ne 40.
Ne means English Cotton Count. It is used to measure yarn fineness. Generally, a higher Ne number means finer yarn.
Carded yarn is made after basic cleaning and alignment of cotton fibres. It is used in standard textile applications.
Combed yarn is made after removing shorter fibres and impurities from cotton. It is generally smoother and better quality than carded yarn.
Compact combed yarn is a higher-quality yarn made using compact spinning technology. It reduces yarn hairiness and improves strength and fabric quality.
Cotton bales are compressed bundles of cotton fibre produced after ginning. They are used as raw material for spinning mills.
Cotton waste by-products are waste or residual materials generated during ginning and spinning. Examples include comber waste, licker-in waste and hard waste. These can also be sold and generate additional revenue.
Working capital is money required to run day-to-day business. In textile business, working capital is needed for buying cotton, holding inventory, manufacturing yarn and waiting for customer payments.
Cotton is the main raw material. If cotton prices increase, cost of production rises. If yarn prices do not increase equally, margins can reduce.
Customer concentration means a large portion of revenue comes from a few customers. If those customers reduce orders, shift suppliers or delay payments, the company’s revenue and cash flow may be affected.
Supplier concentration means the company depends heavily on a few suppliers. Any disruption from major suppliers can affect raw material availability and production.
Fresh Issue means the company issues new shares and receives IPO proceeds. In Aastha Spintex IPO, the issue is a fresh issue and there is no OFS.
OFS means Offer for Sale. In OFS, existing shareholders sell shares and the IPO money goes to selling shareholders. Aastha Spintex IPO has no OFS.
Acquisition risk means the risk that a company may not get expected benefits from buying another company. In Aastha Spintex, Falcon Yarns acquisition is very important because a major part of IPO proceeds is proposed to be used for acquisition payment.
Aastha Spintex is not a simple IPO where only existing operations matter. The Falcon acquisition is a major part of the IPO story.
Investors should study both Aastha Spintex and the acquisition impact. They should check whether the acquisition improves capacity, revenue, margin and customer base without creating integration or funding stress.
Aastha Spintex Limited is a cotton textile company operating in ginning, spinning, cotton yarn and cotton bales. The company has shown revenue growth and profitability improvement over recent years.
The IPO is a fresh issue with no OFS, which is positive because proceeds are meant for company purposes.
However, this IPO has important risks. The Falcon Yarns acquisition is a major use of IPO proceeds. The business also has negative operating cash flow in recent periods, dependence on a key reseller, customer concentration, supplier concentration and single manufacturing facility risk.
From IPORupee view, Aastha Spintex IPO looks interesting as a cotton textile manufacturing and acquisition-led expansion story. But retail investors should not apply only because the company is profitable or because the issue is fresh issue.
Final decision should depend on price band, valuation, Falcon acquisition comfort, cash flow quality, working capital cycle, cotton price risk and peer comparison.
This content is prepared only for educational and informational purposes for IPORupee users. It is not investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice or any form of financial advisory.
IPO investments involve market risk, business risk, valuation risk, liquidity risk, regulatory risk and listing risk. Investors should read the full RHP, risk factors, financial statements, objects of the issue, basis for issue price and all official disclosures before making any investment decision.
We are not SEBI registered investment advisors.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 20.00 % | 25,00,000 | 34.00 Cr |
SHNI | 13.33 % | 16,66,667 | 22.67 Cr |
BHNI | 26.67 % | 33,33,333 | 45.33 Cr |
Total HNI | 40.00 % | 50,00,000 | 68.00 Cr |
Retail | 40.00 % | 50,00,000 | 68.00 Cr |
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 110 (1) | ₹ 14,960 |
Retail MAX | - | 1430 (13) | ₹ 1,94,480 |
SHNI MIN | - | 1540 (14) | ₹ 2,09,440 |
SHNI MAX | - | 7260 (66) | ₹ 9,87,360 |
BHNI MIN | - | 7370 (67) | ₹ 10,02,320 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 1,25,00,000 | 170.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
BOI Merchant Bankers Limited | Sanjay M Phadke | +91 22 6904 2633 | info@boimb.com | www.boimb.com |
PNB Investment Services Limited | Shubham Vishwakarma / Omkar Nage | +91 22 6917 4200 | projectaastha@pnbisl.com | www.pnbisl.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Aastha Spintex Ltd. The issue is scheduled to open on Monday, 29 June 2026 and closes on Wednesday, 01 July 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount the company plans to raise through the public issue.
For Aastha Spintex Ltd IPO, the total issue size is Rs 170 crore, consisting of a fresh issue of Rs 170 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 126 per share and the upper price band is Rs 136 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Aastha Spintex Ltd IPO, the minimum lot size is 110 shares. At the upper price band of Rs 136 per share, the minimum application amount is Rs 14,960. Applications must be made in multiples of 110 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Aastha Spintex Ltd IPO, the Fresh Issue size is Rs 170 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Aastha Spintex Ltd IPO, the IPO opens on Monday, 29 June 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Aastha Spintex Ltd IPO closes on Wednesday, 01 July 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Aastha Spintex Ltd IPO, the tentative allotment date is Thursday, 02 July 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Aastha Spintex Ltd IPO is expected to list on Monday, 06 July 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Aastha Spintex Ltd IPO, refund initiation is expected on Friday, 03 July 2026, and credit of shares to demat accounts is expected on Friday, 03 July 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Aastha Spintex Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Aastha Spintex Ltd IPO, 20% shares are reserved under the QIB category, with 25,00,000 shares offered, and an allocation amount of ₹34.00 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Aastha Spintex Ltd IPO, 40% shares are reserved under the Retail category, with 50,00,000 shares offered, and an allocation amount of ₹68.00 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Aastha Spintex Ltd IPO, 40% shares are reserved under the NII/HNI category, with 50,00,000 shares offered, and an allocation amount of ₹68.00 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Aastha Spintex Ltd IPO, 13.33% shares are reserved under the SHNI sub-category, with 16,66,667 shares offered, and an allocation amount of ₹22.67 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Aastha Spintex Ltd IPO, 26.67% shares are reserved under the BHNI sub-category, with 33,33,333 shares offered, and an allocation amount of ₹45.33 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Aastha Spintex Ltd IPO, the minimum lot size is 110 shares. At the upper price band of Rs 136 per share, the minimum application amount is Rs 14,960. Applications must be made in multiples of 110 shares.
Retail minimum application shows the minimum application size for retail investors.
For Aastha Spintex Ltd IPO, the Retail minimum application is 110 shares (1 lot) for about Rs 14,960.
Retail maximum application shows the maximum application size generally available under the retail category.
For Aastha Spintex Ltd IPO, the Retail maximum application is 1,430 shares (13 lots) for about Rs 1,94,480.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Aastha Spintex Ltd IPO, the SHNI minimum application is 1,540 shares (14 lots) for about Rs 2,09,440.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Aastha Spintex Ltd IPO, the SHNI maximum application is 7,260 shares (66 lots) for about Rs 9,87,360.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Aastha Spintex Ltd IPO, the BHNI minimum application is 7,370 shares (67 lots) for about Rs 10,02,320.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.