Game Changers Texfab shares debut today. Check GMP before listing

Game Changers Texfab’s SME IPO is set to debut on the BSE SME platform on November 4, but market sentiment seems cautious. The gray market premium (GMP) for the issue is currently zero, indicating that the stock could trade right around the issue price of Rs 102 per share.The public issue of Rs 54.84 crore, which was subscribed between October 28 and 30, received a muted response from investors. A total of 1.17 times were subscribed, with the retail investor section being booked 1.18 times, the non-institutional investor (NII) category subscribing 1.48 times and the qualified institutional buyers (QIB) section receiving bids 1.01 times.

Ahead of the IPO, Game Changers Texfab raised Rs 9.13 crore from major investors on October 27, with 8.95 lakh shares allotted to the higher price band.

About the company

Game Changers Texfab operates a hybrid B2B and B2C fabric marketplace under the brand TradeUNO, connecting fabric manufacturers, retailers and designers across both physical and digital channels. The company specializes in the sourcing and supply of a wide range of fabrics, including cotton, silk, satin and printed textiles, largely intended for women’s clothing and technical textiles.

It also sells directly to customers through its e-commerce platform tradeuno.comwhich offers custom fabric selections and tailor-made garments under the “Fall in Love” label.

Game Changers Texfab currently operates over 10 buying offices across India and maintains a product portfolio of over 10,000 fabric designs, organized by fabric type, pattern and occasion. The company has also developed strong ties with designers, boutiques and export houses, offering them consistent supply and customization options. Financially, the company has shown sharp improvement over the past two years. Revenue for FY25 rose 18% to Rs 115.6 crore, compared to Rs 97.9 crore in FY24. Net profit more than doubled to Rs 12.07 crore from Rs 4.27 crore a year earlier, while EBITDA nearly tripled to Rs 18.6 crore. The company plans to use the proceeds from the IPO to fund its capital expenditures and working capital needs, along with other general corporate purposes, including potential acquisitions. About Rs 15 crore will be used for capital expenditure, Rs 25.5 crore for working capital and Rs 8.85 crore for general corporate needs.With total subscription just above the one-time trend and muted GMP trends, the quote could remain flat unless there is a broader rally in the SME counters. Still, the company’s asset-light sourcing model, growing e-commerce business and strong return ratios could attract long-term investors once the market stabilizes.

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