Gujarat-based textile company Alpine Texworld, formerly known as Alpine Spinweave, is set to launch its public issue today on July 14, becoming the second mainboard IPO to open next week after SBI Funds Management. According to reports from 5paisa, The Economic Times, The Hindu BusinessLine, and Livemint, the company aims to raise ₹126.25 crore through an initial public offering of 1.2 crore equity shares, comprising an entirely fresh issue component with no offer-for-sale component. The price band has been fixed at ₹100-105 per share, valuing the company at ₹401.5 crore. The public issue will close on July 16, with share allotment expected to be finalised by July 17. As reported by 5paisa, investors can bid for a minimum of 142 equity shares and in multiples thereafter. The minimum investment for retail investors will be ₹14,910, while the maximum investment will be ₹1,93,830 at the upper price band. The company has reserved 70% of the total offer size for Retail Investors, 29% for Non-Institutional Investors (NII), and the remaining 1% for Qualified Institutional Buyers (QIB). The company's shares are scheduled to be listed on stock exchanges on July 21, subject to regulatory approvals and completion of the listing process.
Incorporated in February 2016, Alpine Texworld is a vertically integrated textile manufacturer with capabilities in fabric dyeing and processing, operating two manufacturing units in Gujarat. According to the company's draft red herring prospectus filed in September 2025, Manufacturing Unit 1 houses 112 shuttleless air-jet looms with an annual installed weaving capacity of 180 lakh metres of grey fabric, along with one multi-cylinder sizing machine with an annual yarn sizing capacity of 6,650 metric tonnes. Manufacturing Unit 2 has four open-end rotor spinning machines with an annual spinning capacity of 6,000 metric tonnes of cotton and blended yarn. The company has issued initial equity capital at par value and raised further equity shares in the price range of ₹125-417 between March 2019 and May 2026. It has also issued bonus shares in the ratio of 2 for 1 in March 2016, and 9 for 1 in August 2025. The average cost of acquisition of shares by the promoters is ₹0.00, ₹0.04, and ₹18.34 per share. Post-IPO, the company's current paid-up equity capital of ₹17.07 crore will stand enhanced to ₹23.33 crore.
Ahead of its launch, the primary market is closely watching the grey market premium (GMP) trends to gauge broader sentiment. According to The Economic Times and InvestorGain website, Alpine Texworld IPO's latest GMP stands at ₹2 as of July 13 at 11:30 a.m. Based on the current GMP, the estimated listing price is around ₹107 (upper band + GMP), suggesting a possible gain of ₹2 per share, indicating around 2% gains for investors. The grey market premium does not represent official data and is based on speculation. The issue will remain open for subscription from July 14-16, with the shares expected to list on both NSE and BSE on July 21. The company's facility has an annual installed capacity of 6,000 MT of cotton and blended yarn, focusing on producing high-quality textiles for garment manufacturers and traders. The valuation appears attractive compared with the industry peer average, which currently stands at a significantly higher P/E multiple of around 60.69 times.
The company will utilise the IPO proceeds strategically to establish a new weaving unit (Manufacturing Unit 3) to expand its grey fabric production capacity, repay loans, and meet general corporate purposes. As reported by The Economic Times, The Economic Times, and The Hindu BusinessLine, the company plans to allocate ₹32.08 crore towards setting up a new weaving unit at its proposed Manufacturing Unit 3 in Ahmedabad, Gujarat, aimed at expanding its grey fabric production capacity. Additionally, ₹52.20 crore will be used for the prepayment or repayment of existing borrowings, helping reduce the company's debt burden. The remaining proceeds will be utilized for general corporate purposes, supporting ongoing business operations and future growth initiatives. Given that its existing manufacturing units are close to achieving optimal capacity utilisation, the company plans to establish Manufacturing Unit 3 adjacent to the existing facilities. Following this expansion, the company's installed capacity will increase by 77.50 lakh metres per annum for the production of grey fabric. According to The Hindu BusinessLine, the expansion is expected to enhance grey fabric weaving capacity, improve production efficiency and strengthen the company's ability to cater to growing customer demand.
On a consolidated basis, the company has posted strong financial growth over recent years, with total income increasing from ₹184.81 crore in FY23 to ₹322.58 crore in FY25. Net profit showed similar growth trajectory, rising from ₹32.10 crore in FY23 to ₹28.13 crore in FY25. For the nine months ended December 31, 2025, the company earned a net profit of ₹38.69 crore on total income of ₹236.50 crore. However, the company's bottom line has shown inconsistency, with FY25 posting a lower net profit despite higher other income, and an extraordinary item of ₹16.97 crore impacting the results. The company's contingent liability stood at ₹61.64 crore as of December 31, 2025, while its overall borrowings of ₹242.57 crore raise concerns about its debt position. In FY26, the company reported a 150% increase in consolidated net profit to ₹21.45 crore compared to ₹8.58 crore in the previous year, with revenue from operations standing at ₹342.71 crore, up 44.41% from ₹237.32 crore in the year-ago period. The company's P/E ratio of 15.51 based on FY26 super earnings appears fully priced, with the issue appearing fully priced based on its bumper earnings for 9M-FY26 that may not be sustained.
