Introduction
Game Changers Texfab Limited (hereafter “the Company”) entered the primary market with an SME-IPO offering, aiming to raise fresh equity. The issue generated interest in a busy IPO environment, and on the final day of bidding the company managed to secure sufficient subscriptions, thereby allowing the allotment process to proceed. This report chronicles the journey: from opening and closing of subscription, final day performance, through to allotment schedule and planned listing.
IPO Basics & Final Day Performance
The company launched its IPO with a view to raising approximately ₹ 54.84 crore, comprised entirely of fresh equity shares (53.76 lakh shares) at a price band of ₹ 96 to ₹ 102 per share. The issue opened for bidding on 28 October 2025 and closed on 30 October 2025.
On the final day of subscription (30 October), the IPO managed to attract subscription across categories and ended up being subscribed ~1.16× overall. Breaking this down: Non-Institutional Investors (NIIs) were subscribed ~1.35×; Retail Investors ~1.18×; and Qualified Institutional Buyers (QIBs) ~1.01×. The smooth closing and moderate oversubscription indicate that the issue had enough investor interest to proceed to the allocation phase without any significant shortfall.
Allotment and Listing Schedule
Following the successful close, the Company set the following key milestones:
- Basis of Allotment: Expected to be finalized on 31 October 2025.
- Refunds and crediting of shares: Refunds are expected to be initiated on 3 November 2025, with share credit to demat accounts also on that date.
- Listing Date: The IPO is slated to list on the BSE SME platform on 4 November 2025.
Thus, investors who applied will be able to check their allotment status on or after 31 October, with listing on 4 November providing liquidity through trading.
Use of Proceeds & Business Context
While the schedule and subscription detail is important, a brief note on the business and proceeds is also worthwhile. The company focuses on the supply chain of fabrics and technical textiles (including outdoor and PVC-coated fabrics) and women’s wear fabrics. According to its prospectus, the proceeds from the IPO are intended for working capital requirements (≈ ₹ 25.50 crore), capital expenditure (≈ ₹ 15.00 crore) and general corporate purposes. In short: the IPO is positioned to support growth rather than to provide an exit to promoters.
Investor Takeaways & Risks
From an investor standpoint the moderate oversubscription suggests interest, but not exuberance. The listing date of 4 November provides a near-term liquidity event. That said, investors should note:
- The allotment date (31 October) is critical: check your demat account or the registrar site post that date to see if shares have been allotted.
- Being an SME listing, liquidity may be limited initially—investors should factor that in.
- As with all IPOs, market conditions at listing time will influence whether there is a listing gain or not. Currently, the grey market premium (GMP) is reported at ₹ 0, which suggests little implicit upside priced in.
- While the company has growth potential, risks remain: supply-chain dependencies, competitive pressures in textiles, and the fact that this is a relatively new public company structure.
Conclusion
In summary, Game Changers Texfab’s IPO has successfully navigated the final bidding day, achieving an oversubscription of around 1.16×, thereby setting the stage for allotment on 31 October and listing on 4 November 2025. Investors who applied should ensure they check their allotment status promptly, and prepare for the listing. While the business offers exciting growth prospects in the textile-technical apparel space, the moderate level of oversubscription and zero GMP indicate tempered investor expectations. As always, individual investment decisions should reflect one’s risk appetite and the liquidity considerations associated with SME listings.