October 11, 2025
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IPO Key Dates
| Anchor Investor Subscription | Â |
| IPO opens on | 10 Oct. 2025 |
| IPO Closes on | 14 Octo 2025 |
| Allotment on | 15 Octo. 2025 |
| Credit of shares on | 16 Octo. 2025 |
| Tentative Listing on | 17 Octo.2025 |
| Registered office in.. |
| Surat, Gujarat |
| Lead Manager of the IPO |
| Sobhagya Capital Advisors Pvt ltd |
| Registrar to the IPO |
| Bigshare Services Pvt ltd |
Business:
Incorporated in 2023, Sihora Industries Limited is engaged in manufacturing and selling narrow woven fabrics, lace, digitally printed fabrics, woven labels, tapes, zippers, elastics, and other textile products, including technical textiles used in fashion and industrial sectors.
Its key products include Lace, Rapier Looms (converted into Label Looms), Needle Looms, Zippers, and Elastics. The company also plans to introduce PP–FDY Niwar Tape and Technical & Specialized Zippers.
As of March 31, 2025, Sihora reported total revenue of Rs 1,456.20 lakhs, with 55.20% from Viscous Suit & Rapier Lace, 28.55% from Zippers, 15.77% from Lace & Border Sales, and 0.48% from Elastics (commenced Dec 2024).
The company operates an integrated manufacturing facility in Surat, Gujarat, covering yarn processing, weaving, digital printing, embroidery, dyeing, and finishing—blending modern technology with traditional craftsmanship.
Current capacity utilization:
-
Narrow woven fabric: 6,55,200 meters out of 7,86,240 meters
-
Zipper: 4,91,744 kgs out of 5,72,460 kgs
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Elastic: 24,960 kgs out of 34,320 kgs
IPO Details
| Â | |
| IPO opens on |
10 October 2025 |
| IPO closes on | 14 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1600,000 Shares / Rs 10.56 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 80,000 Shares |
| Net offer to Public | 1520,000 Shares Rs. 10.03 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 66 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker | 5.00 |
| QIBÂ | – |
| NII (HNI)Â | 47.50 |
| Retail | 47.50 |
| Total Shares | 100 |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 4,000 | 2,64,000 |
| Retail (Max) | 2 | 4,000 | 2,64,000 |
| HNI (Min) | 3 | 6,000 | 3,96,000 |
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The Promoters’ Holding
The promoters hold 100% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | Rs. in crores |
| Funding Capital Expenditure towards purchase of additional plant & machinery | 2 |
| Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and financial Institutions | 2.58 |
| To meet additional working capital requirements | 3.5 |
| General Corporate Purposes | 1.55 |
Financials Snapshot
| Period Ended | 31-Aug-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 15.9 | 12.65 | 7.44 | 8.95 |
| Total Income | 5.86 | 15.06 | 11.62 | 12.1 |
| Profit After Tax | 0.45 | 1.87 | 0.6 | 0.3 |
| EBITDA | 1.13 | 3.29 | 1.72 | 1.17 |
| NET Worth | 5.71 | 5.26 | 3.8 | 0.13 |
| Reserves and Surplus | 1.98 | 1.53 | 2.71 | -0.37 |
| Total Borrowing | 5.71 | 5.14 | 5.3 | 3.86 |
| Amount in â‚ą Crore | ||||
Peer Comparison:
There is no listed company in India, having similar nature of business.
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Key Financial Indicators
| KPI | Values |
| ROE | 35.60% |
| ROCE | 31.93% |
| Debt/Equity | 0.98 |
| RoNW | 35.60% |
| PAT Margin | 12.86% |
| EBITDA Margin | 22.61% |
| Price to Book Value | 4.68 |
| EPS | 5.02 |
| PER | 13.14 |
IPO Recommendation/Concise Review-
Incorporated in 2023, Sihora Industries Ltd. manufactures and sells narrow woven fabrics, lace, digitally printed fabrics, woven labels, tapes, zippers, elastics, and other technical textiles catering to both fashion and industrial applications.
The company operates an integrated manufacturing facility in Surat, covering the entire value chain — from yarn processing and weaving to digital printing, embroidery, dyeing, and finishing — blending modern technology with traditional craftsmanship.
Financial Performance (Rs. Crore):
As of Aug 31, 2025, the company reported Assets of 15.9, Total Income of 5.86, EBITDA of 1.13, and PAT of 0.45 crore. For FY25 (March-end), Total Income stood at 15.06 crore and PAT at 1.87 crore, a significant rise over FY24 PAT of 0.6 crore. Net Worth improved from 3.8 crore in FY24 to 5.26 crore in FY25, supported by growing reserves and controlled borrowing (5.14 crore).
The issue is attractively priced at a P/E multiple of 13.14, making it appealing for value-conscious investors. However, one aspect needs careful scrutiny — the cost of material to sales ratio has declined sharply to 46.35% in FY25 from 55.98% in FY24, leading to a notable jump in profit. Investors should evaluate the sustainability of this margin improvement before investing.
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