Alpine Texworld IPO fully subscribed on last day, GMP falls to nil
A last-minute surge in retail demand pushed Alpine Texworld's ₹126 crore IPO to 1.4 times subscription, though a flat grey market premium signals investors expect no listing pop.
Alpine Texworld closed its initial public offering fully subscribed at 1.40 times on the final day of bidding. The textile manufacturer's issue saw weak demand during its first two days before a late surge in retail participation pushed it over the line.
By the closing bell, the company had received bids for 1.68 crore shares against the 1.20 crore shares on offer. Retail investors led the recovery, booking their allocation 1.56 times. Non-institutional investors and qualified institutional buyers showed more restrained interest, with both categories subscribing just 1.09 times.
The offering was structured as a pure fresh issue of equity, comprising 1.20 crore shares with no offer-for-sale component. Alpine Texworld priced the shares in a band of ₹100 to ₹105 to raise a total of ₹126 crore.
Despite crossing its subscription threshold, the unlisted market shows little enthusiasm for the upcoming debut. The grey market premium for Alpine Texworld has fallen to nil. This indicates that secondary market traders currently expect the stock to list at exactly its issue price, rather than delivering the premium typically sought by IPO flippers.
The company intends to deploy the net proceeds toward capacity expansion and balance sheet deleveraging. The primary capital expenditure target is a new weaving unit at a proposed third manufacturing facility in Ahmedabad, Gujarat. This addition is designed specifically to scale up the company's grey fabric production capabilities.
Remaining funds will be directed toward the prepayment or repayment of existing borrowings, alongside general corporate purposes. For a manufacturing firm operating in a capital-intensive sector, reducing debt can help free up cash flows to support the new facility's operations.
Incorporated in 2016, Alpine Texworld processes cotton and blended yarn across two existing facilities equipped with specialized dyeing and finishing capabilities. These sites have an installed annual processing capacity of 6,000 metric tonnes. The company also runs 112 high-speed looms to produce denim, suiting, shirting and ready-for-dyeing fabrics for garment manufacturers and textile traders.
As part of its operational strategy, the company has recently integrated renewable energy into its production process. It commissioned an 820 kW rooftop solar plant at its first unit in January 2024. This was followed by a significantly larger 5.4 MW ground-mounted solar project in Banaskantha, Gujarat, which came online in March 2025.
The IPO timeline moves to allotment on July 17. Successful applicants will receive shares in their demat accounts on July 20, the same day refunds are initiated for non-allottees. The stock is scheduled to begin trading on the BSE and NSE on July 21.
