Sonaselection India

ListedListed 24 Sep 2026MainboardNSE: SONACheck allotment

Current price₹ 97.98−1.03% since issue

Listing day+3.34%

Issue price: ₹ 99
Issue size: ₹ 141.57 Cr.
Min. investment: ₹ 14,850
Listing price: ₹ 102.31
Subscribed: 2.01x
Lot size: 150 shares
P/E: 16.53
RoNW: 39.05%
RoCE: 19.69%
Debt / Equity: 2.48
PAT margin: 6.58%
EBITDA margin: 16.40%
RoE: 39.05%
EPS: ₹ 5.99
NAV: ₹ 24.78
Promoter stake: 64.52%

About

Sonaselection India Limited was set up in February 2022. It is an integrated fabric manufacturing and processing company, which means it both makes fabric and does the finishing work that turns raw cloth into a saleable product. It manufactures 100% cotton fabric, cotton lycra or stretch fabric, cotton blends and polyester blends. It also processes fabric for others, covering 100% cotton, cotton blends, polyester viscose and polyester fabrics. The company started as a job work processor, that is doing finishing work on other people's cloth for a fee, and moved to a manufacturing led model after buying an established textile processing unit in 2022. It then commissioned its own cotton fabric processing plant in July 2024. Its facility is at Bhilwara in Rajasthan, spread over about 49,540 square metres, with an installed processing capacity of 82.44 million metres a year. The main processes carried out there are bleaching, dyeing and finishing. It runs a mixed model of its own manufacturing along with job work processing, and handles quality control, grading, packing and outbound logistics to each customer's specification.

Timeline

Opens
17 Sep
done
Closes
21 Sep
done
Allotment
22 Sep
done
Refunds
23 Sep
done
Demat credit
23 Sep
done
Listing
24 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 8 on 15 Sep 2026
Lowest: ₹ 0 on 20 Sep 2026
First quoted: ₹ 8 on 15 Sep 2026

Subscription

How many times each investor group bid for its share, as of 24 Sep 2026, 09:00 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	150	₹ 14,850
Retail (Max)	13	1,950	₹ 1,93,050
S-HNI (Min)	14	2,100	₹ 2,07,900
B-HNI (Min)	68	10,200	₹ 10,09,800

Company overview

Financials

Financials by year

Assets	474.99	374.77	203.5
Total Income	517.6	316.47	121.31
Profit After Tax	34.02	18.56	13.1
EBITDA	84.77	58.12	28.49
NET Worth	104.16	70.07	38.88
Reserves and Surplus	61.63	47.1	35.78
Total Borrowing	258.24	207.4	144.6

Strengths

Sales have grown more than four times in two years, from Rs 121.31 crore in FY2024 to Rs 316.47 crore in FY2025 and Rs 517.60 crore in FY2026.
Profit has grown strongly, from Rs 13.10 crore in FY2024 to Rs 18.56 crore in FY2025 and Rs 34.02 crore in FY2026.
EBITDA has tripled over the same period, from Rs 28.49 crore to Rs 84.77 crore.
Return on net worth is high at 39.05%, with RoCE of 19.69%.
The issue is priced moderately at about 16.53 times earnings on an EPS of Rs 5.99.
The installed processing capacity of 82.44 million metres a year is substantial for a company of this size.
Running both its own manufacturing and job work processing means the plant can be kept busy even when its own order book is light.
The whole issue is fresh capital, with Rs 80 crore repaying borrowings and the rest going into plant and machinery at the Bhilwara facility.

Risks

Debt is very high. Total borrowing was Rs 258.24 crore against a net worth of Rs 104.16 crore as on 31 March 2026, a debt to equity ratio of 2.48, and it has risen every year from Rs 144.60 crore in FY2024.
The company is very young. It was set up only in February 2022, so it has under five years of history and has not been tested through a textile downturn.
The profit margin is thin at 6.58%.
Even after using Rs 80 crore of the issue to repay borrowings, a large loan will remain on the books.
Dyeing and finishing uses a lot of water and produces effluent, so the company carries pollution control and environmental compliance risk.
The entire operation is at one facility in Bhilwara, so there is single location risk.
Cotton and yarn prices move sharply and cannot always be passed on to fabric buyers.
Promoter holding will come down from 86.21% to 64.52% after the issue.

What the money is for

Objects of the issue

Repayment and/or pre-payment, in full or part, of certain borrowings	80
Funding of capital expenditure towards purchase of plant and machineries at the existing Manufacturing Facility situated at 18th K M Stone, Chittorgarh Road, Hamirgarh, Bhilwara- 311025 Rajasthan, India	50.61
General Corporate Purposes	—

Promoters

Harshil Nuwal
Subhash Chandra Nuwal
Uma Nuwal
Deepank Bhandari
Sona Polyspin Pvt.Ltd

Promoter holding86.21%→64.52%before → after the issue · down 21.69 points

Anchor investors

3 anchors put in ₹ 42.47 Cr..

Anchor investors

ASTORNE CAPITAL VCC-ARVEN	22,96,350	22.73	53.53%
INDIA MAX INVESTMENT FUND LTD.	9,96,900	9.87	23.24%
LORDS MULTIGROWTH FUND	9,96,750	9.87	23.23%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: KFin Technologies Limited
Lead managers: Choice Capital Advisors Pvt.Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.