Alpine Texworld IPO Subscribed 0.94x on Final Day; GMP Cools to 5% Amid Lukewarm NII Interest

MUMBAI — The initial public offering (IPO) of fabric processing and manufacturing firm Alpine Texworld Ltd. entered its third and final day of public bidding today, Thursday, July 16, 2026, drawing a highly fragmented and mixed response from across various investor categories.

While institutional buyers and retail participants showed resilient demand by fully booking their respective allocations, a visible slowdown in the Non-Institutional Investors (NII) segment dragged the cumulative subscription numbers down, keeping the book slightly short of full subscription during morning hours.

Intraday Subscription Breakdown

According to exchange data captured at 10:35 AM on the final day, the ₹126.25 crore public issue registered an overall subscription of 0.94 times, receiving cumulative bids for 113 lakh shares against the base offer of 1.20 crore equity shares. This marks a progressive step up from the Day 2 closing figure, which stood at 0.80 times subscription (96.64 lakh shares).

The operational category breakdown reveals distinct demand trajectories:

• Retail Individual Investors (RIIs): Fully booked at 1.01 times, showcasing a solid recovery from the 0.86 times subscription recorded at the close of the second day.

• Qualified Institutional Buyers (QIBs): Safely across the line and fully subscribed within their designated portion.

• Non-Institutional Investors (NIIs): Remains the primary structural laggard of the public issue, currently subscribed only 0.77 times, up marginally from 0.65 times at the end of Day 2.

Grey Market Premium (GMP) Fluctuations

Paralleling the slower subscription traction on the final day, the stock's unofficial grey market sentiment experienced a cool-off, tracking a volatile path over the three-day bidding window. On Day 1, the unlisted shares opened at a modest premium of roughly 5%. Optimism built up on Day 2, driving the premium up to nearly 10%.

However, by Thursday morning, the premium slid back down to its initial floor, hovering at ₹5 per share (~4.76%). Factoring in the upper price band of ₹105 and today's cooled premium, the estimated listing price works out to ₹110 per share, forecasting modest initial listing gains for allottees when it debuts on the bourses.

Corporate Profile and Utilization of Funds

Founded in 2016, Alpine Texworld specializes in fabric dyeing, processing, and high-speed loom manufacturing for denim, suiting, shirting, and ready-for-dyeing (RFD) fabrics. The textile player operates with an annual capacity of 6,000 MT of yarn.

The public offering is structured entirely as a 100% fresh issue of 1.20 crore equity shares, with the price band fixed at ₹100 to ₹105 per equity share. For retail investors, the entry barrier is set at a minimum lot size of 142 shares, demanding an initial capital investment of ₹14,910 at the upper price cap.

The net proceeds from the fresh capital raise are earmarked to directly fund the setup of a new advanced weaving unit at Manufacturing Unit 3 in Ahmedabad, Gujarat, alongside corporate debt prepayment and general administrative purposes.

Robust Financial Foundation

Despite the slow momentum observed on the subscription portal, Alpine Texworld's underlying financial scorecard for the fiscal year 2026 highlights a high-growth growth trajectory:

The company's capability to deliver a 152% surge in Profit After Tax (PAT) highlights solid operational leverage, driven by optimized processing capacities.

D&A Financial Services Private Limited is managing the book-building process as the sole lead manager, while KFin Technologies Limited is acting as the official registrar to the issue. The public subscription window will close permanently this evening, with the basis of allotment finalisation scheduled for Friday, July 17, 2026, followed by a tentative listing date on the BSE and NSE on Tuesday, July 21, 2026.