Rajnandini Fashion India Ltd IPO
Trading
Price Band
₹59 – ₹63
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹252000
Issue Size
₹18.21Cr
Opens
2026-05-26
Closes
2026-05-29
Listing
03-06-2026
Subscription Status
Qualified Institutional Buyers
122.04 x
Non-Institutional Investor
291.27 x
Retail Individual Investor
168.63 x
Total
189.46 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1GM501015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Rajnandini Fashion India is engaged in the design, manufacturing, and sale of women’s apparel across ethnic wear and casual wear categories through online and offline channels. Its product portfolio includes unstitched dress materials, sarees, kurtis, kurta sets, tops, tunics, maternity gowns, dresses, co-ord sets, and plus-size apparel made using fabrics such as cotton, rayon, silk, and poly-cotton. The company operates through both business-to-consumer (B2C) and business-to-business (B2B) segments. Under the B2C segment, products are sold through its own website and e-commerce platforms such as Amazon, Flipkart, Myntra, Ajio, LimeRoad, and Nykaa. In the B2B segment, the company supplies fabrics and ready-to-wear garments to wholesalers, retailers, and garment processors. Rajnandini Fashion India operates manufacturing facilities at Surat and Jaipur, with in-house apparel production supported by sewing, cutting, stitching, quality checking, packaging, and dispatch operations. Use of proceeds: The net proceeds from the fresh issue will be utilised for the following purposes: Capital expenditure for setting up a new manufacturing facility — Rs 1.41 crore Repayment of a portion of certain borrowings availed by the company — Rs 5.50 crore Working capital requirements — Rs 9 crore General corporate purposes
Pros
- • The company offers a wide range of women’s apparel across ethnic, casual, and fusion wear categories. Its portfolio includes kurtas, sarees, tunics, maternity wear, dresses, co-ord sets, Patiala suits, fabrics, and unstitched dress materials, with products generally priced between Rs 250 and Rs 2,000, allowing it to cater to different customer segments.
- • The company has established a presence across multiple online sales channels, including Amazon, Flipkart, Myntra, AJIO, Nykaa, LimeRoad, and its own website. It has also received recognition from e-commerce platforms, including “Gold Seller” status from Flipkart in the Women’s Ethnic Wear category as of March 1, 2025, and “Star Seller” recognition on Shopsy as of May 20, 2024.
- • The company claims to operate integrated manufacturing facilities at Surat and Jaipur covering design, pattern making, embroidery, stitching, finishing, branding, and packaging. These facilities are equipped with more than 140 industrial sewing machines and have a daily production capacity of around 2,729 pieces.
Cons
- • The company operates in the women’s apparel segment, where demand is heavily influenced by changing fashion trends and consumer preferences. Its product portfolio, which includes sarees, kurtis, kurta sets, maternity wear, tops, tunics, fabrics, and unstitched dress materials, requires continuous updates in designs, colours, styles, and fabric choices to remain relevant in the market. Any failure to accurately anticipate changing consumer preferences or respond quickly to evolving fashion trends could adversely affect the company’s sales and inventory management. In addition, regional variations in fashion preferences and any slowdown in discretionary consumer spending could negatively impact the company’s business and financial condition.
- • The company derives a portion of its revenue from fabric and apparel trading activities under its B2B segment. Revenue from these trading activities stood at Rs 9.16 crore in FY25, Rs 3.46 crore in FY24, and Rs 1.04 crore in FY23. The trading business generally operates on lower margins compared to manufacturing and is exposed to intense competition from players with larger sourcing networks and stronger financial resources. Any adverse developments such as pricing pressure, decline in trading volumes, inability to source fabrics competitively, higher working capital requirements or customer defaults could negatively impact the company’s profitability, cash flows, and financial condition.
- • The company is heavily dependent on the sale of women’s casual and ethnic wear products. Revenue from these categories contributed 75.33%, 90.97%, and 97.72% of the company’s revenue from operations in FY25, FY24, and FY23, respectively. Any adverse changes in customer preferences, fashion trends, discretionary spending patterns, or demand for ethnic and casual wear could negatively impact the company’s sales and profitability. The segment also faces intense competition from organised retailers, unorganised players, and fast-fashion e-commerce platforms, which may affect the company’s market position if it fails to respond effectively to changing consumer expectations.
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