Madhur Knit IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1.01x |
| NII | 0.74x |
| sNII (₹2L–₹10L) | 0.8x |
| bNII (above ₹10L) | 0.86x |
| Retail (RII) | 2.3x |
| Total | 1.5x |
Bidding day 4 · final figures at close of bidding: 1 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 24 Aug 2026
- Close Date
- 27 Aug 2026
- Listing Date
- 1 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹50.6 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE
- Registrar
- Skyline Financial Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,40,000 |
| HNI (Min) | 3 | 3,600 | ₹3,60,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 3,02,400 | 5.98% |
| QIB (ex-anchor) | 2,02,800 | 4.01% |
| NII | 22,77,600 | 45.01% |
| — sNII (< ₹10L) | 7,59,600 | 15.01% |
| — bNII (> ₹10L) | 15,18,000 | 30% |
| Retail | 22,77,600 | 45.01% |
| Total | 50,60,400 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 108.41 | 1.7 | 8.04 | 16.24 | 90.6 | 57.79 | — |
| FY 2025 | 171.76 | 11.03 | 23.28 | 29.49 | 122.59 | 67.2 | — |
| Feb 2026 (interim) | 194.79 | 12.35 | 25.67 | 43.61 | 159.97 | 73.54 | 8.23 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 12.15x
- P/E (post-issue)
- 13.91x
- RoNW
- 28.33%
- RoE
- 28.33%
- RoCE
- 31.11%
- Debt / Equity
- 1.69
- EPS (pre-issue)
- ₹8.23
- EPS (post-issue)
- ₹7.19
- EBITDA Margin
- 13.19%
- PAT Margin
- 6.34%
- P/BV
- 3.08x
- NAV / share
- ₹32.47
- Market Cap
- ₹187.37 Cr
As of 28 Feb 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding capital expenditure for the purchase of Solar panel. | ₹3.68 Cr |
| Working Capital Requirement of the Company. | ₹15.92 Cr |
| Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company | ₹20.85 Cr |
| General Corporate Purposes | ₹7.9 Cr |
| Issue Expenses | ₹4.93 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Lead manager(s) fees including underwriting commission, advisors and other experts | ₹4.21 Cr |
| Brokerage, selling commission and upload fees | ₹0.05 Cr |
| Registrars to the Issue | ₹0.01 Cr |
| Legal Advisors | ₹0.12 Cr |
| Peer Review Auditor | ₹0.2 Cr |
| Advertising and marketing expenses | ₹0.08 Cr |
| Regulators including stock exchanges | ₹0.08 Cr |
| Printing and distribution of issue stationary | ₹0.01 Cr |
| Others, if any include Bankers to the Issue, Depository, certifications, miscellaneous, etc | ₹0.15 Cr |
Promoters & Shareholding
Promoters: <p>Arun Gupta, Piyush Gupta, Chirag Gupta</p>
- Holding (pre-issue)
- 98.01%
- Holding (post-issue)
- 70.55%
- Dilution
- 27.46%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| SUNRISE INVESTMENT TRUST-SUNRISE INVESTMENT OPPORTUNITIES FUND | Other | 2,00,400 | ₹100 | 2 | 66.27% |
| CRAFT EMERGING MARKET FUND PCC-CITADEL CAPITAL FUND | Other | 1,02,000 | ₹100 | 1.02 | 33.73% |
Anchor bidding took place on 21 Aug 2026. Anchor lock-in: 50% of shares unlock on 27 Sept 2026, the remainder on 26 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Madhur Knit | 8.51 | 22.31 | — | 37.42% | — | Restated |
| Kaytex Fabrics Limited | 12.79 | 79.27 | 4.69x | 14.96% | 0.76x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Madhur Knit IPO
The Madhur Knit SME IPO opens for subscription on 24 Aug 2026 and closes on 27 Aug 2026, offered at a price band of ₹95–100 per share, and is set to list on NSE. In total, the issue aims to mobilise ₹53.27 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,40,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹50.6 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment or repayment of a portion of certain outstanding borrowings availed by the company (₹20.85 crore), alongside working capital requirement of the company. (₹15.92 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Madhur Knit reported revenue of ₹194.79 crore and a net profit of ₹12.35 crore. Revenue grew from ₹108.41 crore in FY2024 to ₹194.79 crore in FY2026 (+80.0%). Net worth stood at ₹43.61 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 13.91× post-issue earnings and 3.08× book value, against a return on net worth of 28.33% and a debt-to-equity ratio of 1.69. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Arun Gupta, Piyush Gupta, Chirag Gupta</p>. Promoter holding stands at 98.01% before the issue and comes down to 70.55% after listing.
Grey market premium (GMP)
In the unofficial grey market, Madhur Knit shares are quoted at a premium of ₹2 implying an expected listing around ₹102, about +2.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Madhur Knit IPO was subscribed 1.5 times overall. The strongest demand came from retail investors at 2.3 times, with qualified institutional buyers (QIB) at 1.01× and non-institutional investors (NII) at 0.74×.
Listing performance
Madhur Knit listed on 1 Sept 2026 at ₹100, a premium of +0.0% over the issue price of ₹100.
What to weigh
When evaluating the Madhur Knit IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Madhur Knit
Incorporated on August 21, 1997, Madhur Knit Crafts Limited operates in the textile space, principally manufacturing home-furnishing products and knitted & crocheted fabrics. The company’s product portfolio includes blankets (acrylic, woollen, printed, designer), mink blankets, and related home-textile offerings. It services domestic markets through dealer networks and engages in export too. The Company operates from a state-of-the-art manufacturing facility equipped with textile machinery imported from Korea, Taiwan, and China, supporting a wide range of processes including knitting, dyeing, printing, brushing, polishing, sueding, and stentering. Products: Anti-pilling fabric is a type of textile that has been treated or engineered to resist the formation of small fibre balls (pills) on the surface caused by friction or washing. Knitted fabrics are flexible, breathable textiles made by interlooping yarns using circular or flat knitting machines. Sherpa Fabric is a type of textile designed to mimic the texture and insulating properties of natural sheepskin. Blankets were the inaugural product line of the Company, marking the commencement of its commercial manufacturing operations. As on August 31, 2025, the compamy had 174 employees. Competitive Strengths: Vertically Integrated Manufacturing Operations Advanced Machinery and Infrastructure Strategic Location Advantage Diversified Product Portfolio Order-Based and Demand-Driven Production Model
Madhur Knit — Contact Details
- Registered office
- Village - Seera,, Sattowal Road, Rahon Road,, Eros Bajra Road, Ludhiana, Punjab, 141007
- Phone
- 9878009690
- ipo@mkcpl.in
- Website
- www.mkcpl.in/
- Registrar (IPO queries)
- ipo@skylinerta.com
Frequently asked questions
- What is the Madhur Knit IPO price band?
- The Madhur Knit IPO price band is ₹95 to ₹100 per share, with a lot size of 1200 shares.
- What was the Madhur Knit IPO GMP before listing?
- The final grey market premium recorded before the Madhur Knit IPO listed was ₹2. The IPO listed on 1 Sept 2026 at ₹100, +0.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Madhur Knit IPO open and close?
- The Madhur Knit IPO opens on 24 Aug 2026 and closes on 27 Aug 2026.
- When is the Madhur Knit IPO allotment and listing date?
- Allotment is expected on 28 Aug 2026. The shares are scheduled to list on 1 Sept 2026 on NSE.
- How many times was the Madhur Knit IPO subscribed?
- The Madhur Knit IPO was subscribed 1.5 times in total across all investor categories.
- What is the reservation split in the Madhur Knit IPO?
- Of the total shares offered, retail investors get 45.01%, QIBs 4.01% (plus 5.98% anchor), non-institutional investors 45.01%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Madhur Knit and what is their holding?
- The promoters are <p>Arun Gupta, Piyush Gupta, Chirag Gupta</p>. Promoter holding is 98.01% before the issue and 70.55% after listing.
- What is the P/E ratio of the Madhur Knit IPO?
- At the upper price band, the Madhur Knit IPO is valued at 12.15× pre-issue earnings and 13.91× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Madhur Knit IPO?
- The net proceeds go primarily toward prepayment or repayment of a portion of certain outstanding borrowings availed by the company, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Madhur Knit IPO?
- The book-running lead manager is SKI Capital Services Ltd.. Skyline Financial Services is the registrar to the issue.
- Is Madhur Knit a Mainboard or SME IPO?
- Madhur Knit is an SME IPO, listing on NSE (SME platform).