The ₹54.84-crore initial public offering (IPO) of Game Changers Texfab Ltd, a fabric sourcing specialist for businesses and retail clients, received a muted response from investors on the first day of subscription on October 28. The public issue will remain open until October 30.
By the end of Day 1, the IPO was subscribed 23%, with investors bidding for 10.17 lakh shares against the total issue size of 44.80 lakh shares, spread across 302 applications.
Interest so far has come primarily from retail investors and non-institutional investors (NIIs), who subscribed to 40% and 30% of their respective quotas. Qualified institutional buyers (QIBs) are yet to participate.
A day before the issue opened, on October 27, the company raised ₹9.13 crore through its anchor book, allotting 8.95 lakh shares to investors including Meru Investment Fund, Saint Capital Fund, Veloce AIF, and CP Capital.
The Haryana-based company, which operates under the TradeUNO Fabrics and Fall in Love brands, plans to utilise the IPO proceeds as follows:
- ₹15 crore for working capital requirements,
- ₹25.5 crore for capital expenditure, and
- The remaining funds for general corporate purposes and future inorganic acquisitions.
Game Changers Texfab specialises in women’s wear fabrics and technical textiles, following a deemed manufacturing model — meaning it outsources production to six third-party manufacturing units instead of investing in its own facilities. The company currently operates two retail fabric stores.
Financially, the company has shown robust growth. Its FY25 net profit rose to ₹12.07 crore, up from ₹4.26 crore in FY24, while revenue increased to ₹115.6 crore from ₹97.8 crore. In Q1 FY26 (June 2025), it reported a net profit of ₹4.26 crore on revenue of ₹24.1 crore.
Corpwis Advisors Pvt. Ltd. is acting as the sole book-running lead manager for the IPO.
