Sihora Industries Ltd IPO
Status: Closed
Overview
IPO date
10 Oct 2025 to 14 Oct 2025
Face value
₹ 0 per share
Price
₹ 66 to ₹66 per share
Issue Size
1,600,000 shares
(aggregating up to ₹ 10.56 Cr)
(aggregating up to ₹ 10.56 Cr)
Allotment Date
15 Oct 2025
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Textiles
Objectives of Sihora Industries Ltd IPO
Sihora Industries Ltd IPO Strategy
About Sihora Industries Ltd
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T&C*
Strengths vs Risks of Sihora Industries Ltd
Know the pros & cons
Strengths
Experienced Promoters and Management Team.- End-to-end execution capabilities.
- Long term Relationship with the Clients.
- Visible growth through a robust order book.
- Scalable Business Model.
Risks
- The company's manufacturing and operational facilities are concentrated in a single geographical region, and any adverse developments in this region could materially impact its business operations and financial performance.
- The company has only one Manufacturing facility, continued operation of its manufacturing facility is critical to the company's business and any disruption in the operation of its manufacturing facility may have a material adverse effect on the company's business, results of operations and financial condition.
- A significant portion of its revenue is derived from a limited number of customers. The company's top five customers contributed 49.68%, 57%, 56.82%, 48.57%, and 43.93% of its total revenue during the period April 1, 2025 to August 31, 2025, Fiscal 2025, the period October 18, 2023 to March 31, 2024, the period April 1, 2023 to October 17, 2023, and Fiscal 2023, respectively, based on our Restated Financial Statements. Any loss of such major customers or a significant reduction in their demand could materially and adversely affect the company's business, financial condition, cash flows, and results of operations.
- The company relies on its top five suppliers for a significant portion of the company's revenues and raw material sourcing, and lack of long-term agreements with them may adversely affect its business.
- The company's operations are conducted from premises not owned by the company, and any disruption in the company's current arrangements may affect its business.
- The company's manufacturing operations are subject to risks including equipment failures, accidents, and natural disasters which could disrupt production.
- Any failures on the company's part to effectively manage its inventory may result in an adverse effect on the company's business, revenue from manufacturing operations and financial condition.
- Any failures in the company's quality control processes may adversely affect its business, results of operations and financial condition.
- The Company has negative cash flows from its operating, investing and financing activities in the past years, details of which are given below. Sustained negative cash flow could impact on its growth and business.
- Fluctuations, customer purchasing patterns, and broader macroeconomic trends, which may impact its revenue and capacity utilization.
- the company is subjects to fluctuations in the prices and availability of raw materials.
- Increased revenue may not necessarily lead to higher margins, as they are affected by raw material costs, finance expenses, and other operational costs.
- The company's operations and business information may be vulnerable to cyber security threats, data breaches, or technology disruptions, which may adversely affect its operations and reputation.
- The company's business is working capital intensive. Any inability to secure adequate working capital or efficiently manage its working capital cycle may adversely affect the company's business, financial condition, results of operations and cash flows.
- The Company was incorporated on August 10, 2023, and has therefore not been in existence for a period of five years. Accordingly, disclosures relating to statutory filings with the Registrar of Companies are limited to the period since incorporation. During the last on year, certain discrepancies/errors were noticed in our corporate records relating to forms filed with the Registrar of Companies and compliance with certain provisions of the Companies Act, 2013. While such discrepancies have been regularized with payment of additional fees, the company cannot assure that no penalty or regulatory action will be taken in the future in relation to these or any other instances of non-compliance. Any such action, if initiated, may have an adverse impact on the financial position of the Company to that extent.
- In addition to regular remuneration and lease rent the company's Promoters and Directors hold a vested interest in the Company; to the extent of their shareholding and associated dividend entitlements. They also have a stake in transactions involving the company, whether with themselves individually or with the company's group companies/entities. The company's Company in the future may enter in related party transactions subject to necessary compliances.
- The company's operations are heavily dependent on the procurement of polyester yarn, which constitutes approximately 52.12% and 60.16% for FY 2024-25 and period from April 1, 2025 to March 31, 2025 respectively of its total raw material cost. Any disruption in the availability, quality, or price of this raw material could adversely impact the company's business operations, profitability, and financial condition.
- The company's plans for international expansion expose the company to various cross-border risks that could adversely impact its financial performance and strategic objectives.
- The company's business is susceptible to adverse changes in general economic conditions, which may result in reduced demand for its products and adversely affect the company's results of operations.
- If the company is unable to collect the company's receivables from its clients, the company's results of operations and cash flows could be adversely affected.
- The Company has not entered into any agreements/contracts with the Suppliers and Customers.
- The company may not be able to accurately manage its inventory, which may adversely affect the company's goodwill, business, financial condition, and results of operations.
- The company may be subject to potential conflicts of interest arising from its promoters' interests in group entities, which could adversely affect the company's business and the decisions made by its management.
- The Company is engaged in the business of limited variety of production in textiles being Narrow Fabrics, Laces, Borders, Labels, Elastic and Zippers.
- Any delay in payment of statutory dues or non- payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.
- The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect the company's operations, results of operations and financial condition.
- The Company has applied for registration of the trademarks in its name. Until such registration is granted, the company may not be able to prevent unauthorized use of such trademarks by third parties, which may lead to the dilution of its goodwill.
- The company's operations need timely and cost-efficient transportation and other logistic facilities and any prolonged disruption may adversely affect its business, results of operations, cash flows and financial conditions.
- If the company is not able to successfully manage the company's growth, the company's business and results of operations may be adversely affected.
- If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of the company's financing agreements, it may adversely affect its business, prospects, results of operations and financial condition.
- The company's lenders have charge over its movable properties in respect of finance availed by the company.
- The company's Promoters / Directors / Promoter Group entities / Promoter Group members have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as the company's Promoters/ Directors and thereby, impact our business and operations.
- The Company, its Directors and its Promoters are party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various forums and regulatory authorities. Any adverse decision may make the company liable to liabilities/penalties and may adversely affect its reputation, business and financial status.
- The company is dependents on its Promoters, the company's senior management and other key personnel, and the loss of, or the company's inability to attract or retain, such persons could affect its business, results of operations, financial condition and cash flows.
- The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- Changes in technology may affect its business by making the company's equipment or products less competitive or obsolete.
- Significant disruptions of information technology systems or breaches of data security could adversely affect its business.
- The average cost of acquisition of Equity shares by the company's Promoters is lower than the Issue price.
- The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect the company's financial condition, results of operations and reputation.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The Objects of the Issue for which funds are being raised, are based on the company's management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titled as "Objects of the Issue".
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- The company may not be adequately insured for certain risks associated with its business operations, and any uninsured losses or claims could materially and adversely affect the company's financial condition.
- The company's ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures. Moreover, the company mights not sustain historical dividend levels moving forward.
- The company's Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Any future issuance of the company's Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- Certain data mentioned in this Prospectus has not been independently verified.
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- The requirements of being a public listed company may strain the company's resources and impose additional requirements.
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The IPO opens on 10 Oct 2025 & closes on 14 Oct 2025.
Sihora Industries Limited was incorporated as private limited Company dated August 10, 2023, issued by Registrar of Companies, Central Registration Centre. Thereafter, it converted the status from a private Company to public Company and the name of Company was changed to 'Sihora Industries Limited' via fresh Certificate of Incorporation dated July 17, 2024 issued by the Registrar of Companies, Ahmedabad.
The Company acquired the running business of 'Sihora Narrow Fabrics', a Proprietary Firm of Promoter Mr. Gautam Vallabhbhai Sihora in October, 2023.
Sihora Industries operates as one of India's most vibrant textile manufacturing hubs in Surat, Gujarat, which undertakes end-to-end
textile manufacturing processes, including yarn processing, weaving, digital printing, embroidery, dyeing, and finishing. Presently, Company is engaged in the business of manufacturing and sale of woven fabrics, woven labels, fancy lace, zippers and elastics. It sell products in domestic markets. The products are used by Fashion industry, packaging industry and also are put to use in other variety of industrial uses.
Company's manufacturing facility is located at Mangrol, in Surat district of Gujarat, India. It provides access to transportation networks, local suppliers, and workforce availability. For the period from April 01, 2024 to March 31, 2025, the installed capacity for narrow woven fabric (including label, woven lace and border, suit and dupatta) was 7,86,240 meters, with a capacity utilisation of 6,55,200 meters..
Company is planning the IPO of 16,00,000 equity shares of face value Rs 10 per share through fresh issue.
Sihora Industries Ltd IPO will close on 14 Oct 2025.
- Experienced Promoters and Management Team.
- End-to-end execution capabilities.
- Long term Relationship with the Clients.
- Visible growth through a robust order book.
- Scalable Business Model.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Gautam Vallabhbhai Sihora | 3132900 | 84.05 | 3132900 | 58.81 |
| 2 | Priyal Gautamkumar Sihora | 588225 | 15.78 | 588225 | 11.04 |
| 3 | Minakshi Vipul Vaghani | 2055 | 0.06 | 2055 | 0.04 |
| 4 | Gautam Vallabhbhai Sihora HUF | 55 | --- | 55 | --- |
| 5 | Vasantben Vallabhbhai Sihora | 55 | --- | 55 | --- |
| 6 | Saritabahen Rajeshkumar Manguk | 2055 | 0.06 | 2055 | 0.04 |
| 7 | Pinal Pragnesh Patel | 2055 | 0.06 | 2055 | 0.04 |
- The company's manufacturing and operational facilities are concentrated in a single geographical region, and any adverse developments in this region could materially impact its business operations and financial performance.
- The company has only one Manufacturing facility, continued operation of its manufacturing facility is critical to the company's business and any disruption in the operation of its manufacturing facility may have a material adverse effect on the company's business, results of operations and financial condition.
- A significant portion of its revenue is derived from a limited number of customers. The company's top five customers contributed 49.68%, 57%, 56.82%, 48.57%, and 43.93% of its total revenue during the period April 1, 2025 to August 31, 2025, Fiscal 2025, the period October 18, 2023 to March 31, 2024, the period April 1, 2023 to October 17, 2023, and Fiscal 2023, respectively, based on our Restated Financial Statements. Any loss of such major customers or a significant reduction in their demand could materially and adversely affect the company's business, financial condition, cash flows, and results of operations.
- The company relies on its top five suppliers for a significant portion of the company's revenues and raw material sourcing, and lack of long-term agreements with them may adversely affect its business.
- The company's operations are conducted from premises not owned by the company, and any disruption in the company's current arrangements may affect its business.
- The company's manufacturing operations are subject to risks including equipment failures, accidents, and natural disasters which could disrupt production.
- Any failures on the company's part to effectively manage its inventory may result in an adverse effect on the company's business, revenue from manufacturing operations and financial condition.
- Any failures in the company's quality control processes may adversely affect its business, results of operations and financial condition.
- The Company has negative cash flows from its operating, investing and financing activities in the past years, details of which are given below. Sustained negative cash flow could impact on its growth and business.
- Fluctuations, customer purchasing patterns, and broader macroeconomic trends, which may impact its revenue and capacity utilization.
- the company is subjects to fluctuations in the prices and availability of raw materials.
- Increased revenue may not necessarily lead to higher margins, as they are affected by raw material costs, finance expenses, and other operational costs.
- The company's operations and business information may be vulnerable to cyber security threats, data breaches, or technology disruptions, which may adversely affect its operations and reputation.
- The company's business is working capital intensive. Any inability to secure adequate working capital or efficiently manage its working capital cycle may adversely affect the company's business, financial condition, results of operations and cash flows.
- The Company was incorporated on August 10, 2023, and has therefore not been in existence for a period of five years. Accordingly, disclosures relating to statutory filings with the Registrar of Companies are limited to the period since incorporation. During the last on year, certain discrepancies/errors were noticed in our corporate records relating to forms filed with the Registrar of Companies and compliance with certain provisions of the Companies Act, 2013. While such discrepancies have been regularized with payment of additional fees, the company cannot assure that no penalty or regulatory action will be taken in the future in relation to these or any other instances of non-compliance. Any such action, if initiated, may have an adverse impact on the financial position of the Company to that extent.
- In addition to regular remuneration and lease rent the company's Promoters and Directors hold a vested interest in the Company; to the extent of their shareholding and associated dividend entitlements. They also have a stake in transactions involving the company, whether with themselves individually or with the company's group companies/entities. The company's Company in the future may enter in related party transactions subject to necessary compliances.
- The company's operations are heavily dependent on the procurement of polyester yarn, which constitutes approximately 52.12% and 60.16% for FY 2024-25 and period from April 1, 2025 to March 31, 2025 respectively of its total raw material cost. Any disruption in the availability, quality, or price of this raw material could adversely impact the company's business operations, profitability, and financial condition.
- The company's plans for international expansion expose the company to various cross-border risks that could adversely impact its financial performance and strategic objectives.
- The company's business is susceptible to adverse changes in general economic conditions, which may result in reduced demand for its products and adversely affect the company's results of operations.
- If the company is unable to collect the company's receivables from its clients, the company's results of operations and cash flows could be adversely affected.
- The Company has not entered into any agreements/contracts with the Suppliers and Customers.
- The company may not be able to accurately manage its inventory, which may adversely affect the company's goodwill, business, financial condition, and results of operations.
- The company may be subject to potential conflicts of interest arising from its promoters' interests in group entities, which could adversely affect the company's business and the decisions made by its management.
- The Company is engaged in the business of limited variety of production in textiles being Narrow Fabrics, Laces, Borders, Labels, Elastic and Zippers.
- Any delay in payment of statutory dues or non- payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.
- The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect the company's operations, results of operations and financial condition.
- The Company has applied for registration of the trademarks in its name. Until such registration is granted, the company may not be able to prevent unauthorized use of such trademarks by third parties, which may lead to the dilution of its goodwill.
- The company's operations need timely and cost-efficient transportation and other logistic facilities and any prolonged disruption may adversely affect its business, results of operations, cash flows and financial conditions.
- If the company is not able to successfully manage the company's growth, the company's business and results of operations may be adversely affected.
- If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of the company's financing agreements, it may adversely affect its business, prospects, results of operations and financial condition.
- The company's lenders have charge over its movable properties in respect of finance availed by the company.
- The company's Promoters / Directors / Promoter Group entities / Promoter Group members have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as the company's Promoters/ Directors and thereby, impact our business and operations.
- The Company, its Directors and its Promoters are party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various forums and regulatory authorities. Any adverse decision may make the company liable to liabilities/penalties and may adversely affect its reputation, business and financial status.
- The company is dependents on its Promoters, the company's senior management and other key personnel, and the loss of, or the company's inability to attract or retain, such persons could affect its business, results of operations, financial condition and cash flows.
- The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- Changes in technology may affect its business by making the company's equipment or products less competitive or obsolete.
- Significant disruptions of information technology systems or breaches of data security could adversely affect its business.
- The average cost of acquisition of Equity shares by the company's Promoters is lower than the Issue price.
- The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect the company's financial condition, results of operations and reputation.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The Objects of the Issue for which funds are being raised, are based on the company's management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titled as "Objects of the Issue".
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- The company may not be adequately insured for certain risks associated with its business operations, and any uninsured losses or claims could materially and adversely affect the company's financial condition.
- The company's ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures. Moreover, the company mights not sustain historical dividend levels moving forward.
- The company's Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Any future issuance of the company's Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- Certain data mentioned in this Prospectus has not been independently verified.
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- The requirements of being a public listed company may strain the company's resources and impose additional requirements.
The Issue type of Sihora Industries Ltd is Fixed Price - SME.
The minimum application for shares of Sihora Industries Ltd is 4000.
The total shares issue of Sihora Industries Ltd is 1600000.
Initial public issue of 16,00,000 equity shares of face value of Rs.10/- each of Sihora Industries Limited ("SIL") or the "company" or the "issuer") for cash at a price of Rs. 66/- per equity share including a share premium of Rs. 56/- per equity share (the "Issue Price") aggregating to Rs. 10.56 Crore ("the Issue"), of which 80,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 66/- per equity share including a share premium of Rs. 56/- per equity share aggregating to Rs. 0.53 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 15,20,000 equity shares of face value of Rs. 10/- each at a price of Rs. 66/- per equity share including a share premium of Rs. 56/- per equity share aggregating to Rs. 10.03 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 30.03% and 28.53% respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 66/- for equity share of face value of Rs. 10 each.
The floor price is 6.6 times times the face value of the face value of the equity shares.
Bids can made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.