GAME CHANGERS TEXFAB LIMITED IPO Explain

Tech-enabled fabric sourcing & textile solutions provider raising ₹54.84 cr fresh issue of 53.76L shares. Price: ₹96-102/share. Min lot: 1,200 shares (₹1.22L). Funds for capex, working capital & expansion. Listing: BSE SME Nov 4. Lead: Corpwis Advisors. Specializes women’s wear & technical textiles.

IPO DETAILED INFORMATION

Issue Details

Parameter	Details
IPO Type	SME
IPO Open Date	28 October 2025 (Tuesday)
IPO Close Date	30 October 2025 (Thursday)
Anchor Investor Bidding	27 October 2025 (Monday)
Allotment Date	31 October 2025 (Friday) – Expected
Credit to Demat	3 November 2025 (Monday) – Expected
Listing Date	4 November 2025 (Tuesday) – Tentative
Price Band	₹96 – ₹102 per share
Face Value	₹10 per share
Lot Size	1,200 shares
Min Investment (Retail)	₹1,22,400 (1,200 shares at upper band)
Application Requirement	Minimum 2 lots (2,400 shares for ₹2,44,800)
Min Investment (HNI)	₹3,66,000 (3,000 shares / 3 lots)
Issue Size	₹54.84 crore total
Fresh Issue	₹54.84 crore (100% fresh issue)
Offer for Sale (OFS)	NIL (No OFS component)
Total Shares Offered	53,76,000 shares
Listing	BSE SME (Emerge Platform)
Market Capitalization	₹182.51 crore (at issue price)

Issue Break-up

Category	Allocation	Shares
QIB (Qualified Institutional Buyers)	Up to 50% of Net Issue	10,21,200 shares
Anchor Portion (within QIB)	Up to 15,30,000 shares	–
NII (Non-Institutional Investors)	Not less than 15% of Net Issue	7,66,800 shares
Retail Individual Investors	Not less than 35% of Net Issue	17,88,000 shares
Market Maker	As per SEBI regulations	2,70,000 shares

Objects of the Issue (Fund Utilization)

Fresh Issue Proceeds (₹54.84 crore) will be used for:

1. Capital Expenditure – Investment in infrastructure and operational capabilities
2. Expansion of Retail Stores – Launch of 6 new stores in Tier-1 & Tier-2 cities (Noida, Chandigarh, Delhi, Ahmedabad, Lucknow, Pune) with experience centers, sampling offices, tailoring areas, and designer rooms
3. Working Capital Requirements – For inventory, operational expenses, and business growth
4. General Corporate Purposes – Including unidentified inorganic acquisitions and strategic initiatives

Strategic Focus:

• Achieve PAN-India brand presence
• Partner with domestic and global fashion labels
• Strengthen sourcing operations
• Broaden product portfolio
• Scale operations in response to market demands

Note: This is a 100% fresh issue with no OFS component. All proceeds will be utilized by the company for growth initiatives.

Lead Managers & Registrar

Book Running Lead Manager (BRLM):

• Corpwis Advisors Private Limited
• Address: 510, 5th Floor, Dilkap Chambers, Plot A/7, Veera Desai Road, Andheri (West), Mumbai – 400053
• Phone: +91-22-4972 9990
• Email: [email protected]
• Website: www.corpwis.com

Registrar:

• Skyline Financial Services Private Limited
• Address: D-153 A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi – 110020
• Phone: +91-11-40450193-97
• Email: [email protected]
• Website: www.skylinerta.com

Market Maker:

• To be confirmed

Promoters & Management

Key Promoters:

• Mr. Sanjeev Goel (Managing Director)
• Mr. Ankur Aggarwal (Executive Director & CFO)
• Force Multiplier E-Commerce Private Limited (Corporate Promoter – CIN: U14101DL2015PLC278723)

Company Contact:

• Address: 3656-P No-21, Hathi Khanna, Bahadur Garh Road, Delhi – 110006
• Phone: +91 8377936803
• Email: [email protected]
• Website: www.tradeuno.com

GAME CHANGERS TEXFAB LIMITED – COMPANY OVERVIEW

Establishment & Background:

• Incorporated on April 6, 2015 (originally as Game Changers Texfab Private Limited)
• Industry: Textile Sourcing, Fabric Distribution & Supply Chain Orchestration
• Headquarters: Delhi, India (Operations in Gurugram as well)
• Over 10 years of operational experience in fabric sourcing and textile solutions

Business Model:

• Technology-enabled fabric sourcing and supply chain orchestration company specializing in women’s wear and technical textiles
• Operates through an asset-light “deemed manufacturing” model leveraging partner manufacturing units
• Offers comprehensive textile solutions including fabric sourcing, customized garments, and ready-made apparel
• B2B and B2C business model serving boutiques, export houses, garment manufacturers, designers, and retail customers
• Powered by proprietary technology platform integrating visual fabric search, virtual try-on, and AI-driven inventory planning

Market Position:

• Prominent player in India’s fabric sourcing and textile distribution sector
• Specializes in premium women’s wear fabrics and technical textiles (outdoor, PVC-coated fabrics)
• Operates two brand verticals: TradeUNO (established 2015) for premium fabrics and Fall in Love (launched 2024) for customized garments
• Positioned in the growing premium textile segment catering to evolving customer preferences

Operations:

• Network of 10+ sourcing offices across India
• Partnerships with 500+ suppliers ensuring diverse fabric availability
• Portfolio of 10,000+ fabric designs organized by type, print, pattern, color, and occasion
• 6 deemed manufacturing units in Delhi, Maharashtra, Bihar, and Uttar Pradesh
• 2 retail sampling stores in Gurugram serving as experience centers
• E-commerce presence through tradeuno.com platform
• 30 employees as of December 2024

Company Strengths

1. Asset-Light Scalable Business Model:
   • Operates through deemed manufacturing model with 6 partner units
   • No requirement for capital-intensive manufacturing infrastructure
   • Enables rapid scaling without heavy fixed asset investments
   • Lower debt burden (Debt-to-Equity of 0.27x in FY25)
   • Higher return ratios – ROE of 80% in FY25
2. Technology-Driven Operations:
   • Proprietary technology platform with visual fabric search capabilities
   • Virtual try-on features enhancing customer experience
   • AI-driven inventory planning and demand forecasting
   • Digital integration improves operational efficiency and customer engagement
   • E-commerce channel (tradeuno.com) for wider market reach
3. Diversified Product Portfolio & Strong Network:
   • 10,000+ fabric designs covering 300+ fabric categories (cotton, silk, satin, muslin, etc.)
   • Specialization in women’s wear and technical textiles (outdoor, PVC-coated for awnings, upholstery, tarpaulins, sports goods)
   • Network of 500+ suppliers ensuring competitive pricing and material availability
   • 10+ sourcing offices providing pan-India presence
   • Two brand identities catering to different market segments
4. Customization and Value Addition:
   • “Made-to-Measure” customized garment offerings under Fall in Love brand
   • Embroidery and embellishment capabilities adding premium value
   • Designer onboarding program expanding product range
   • Boutique partnerships and collaboration with fashion labels
   • Customer-centric approach with sampling offices and experience centers
5. International Strategic Tie-ups:
   • Partnerships with Suzhou Pinzheng and Haining Hongliang (China) for technical textiles
   • Access to international quality standards and specialized fabrics
   • PVC-coated textile sourcing capabilities for industrial applications
   • Global supplier network enhancing product diversity
6. Experienced Leadership with IT & Textile Expertise:
   • Promoters bring extensive experience in IT leadership and textile sector
   • Mr. Sanjeev Goel (Managing Director) and Mr. Ankur Aggarwal (Executive Director & CFO)
   • Management’s technology background driving digital transformation
   • Force Multiplier E-Commerce Private Limited as promoter entity
7. Strong Financial Performance & Growth Trajectory:
   • Revenue increased 18% from FY24 to FY25 (₹97.86 cr to ₹115.59 cr)
   • Exceptional PAT growth of 183% from FY24 to FY25 (₹4.27 cr to ₹12.07 cr)
   • Improved profitability margins demonstrating operational efficiency
   • 20x margin growth over 3-year period
   • PAT margin of 10.65% for nine months ended December 2024

Key Risks & Challenges

1. High Customer Concentration Risk:
   • Top 5 clients contributed approximately ₹54.45 crore (nearly 50% of FY25 revenue)
   • Top 10 customers represent 71% of total sales
   • Loss of or delay in orders from major buyers could materially impact cash flows and profitability
   • Heavy dependency on limited client base increases business vulnerability
2. Supplier Concentration & Dependency:
   • Top 10 suppliers contributed 60.84% of purchases as of March 31, 2024
   • Adverse changes in relationships with key suppliers could disrupt operations
   • No long-term supply agreements – operates on purchase order basis
   • Dependency on continuous order flow creates uncertainty
3. No Long-Term Contractual Agreements:
   • Business operates based on purchase orders without long-term commitments
   • Relies on continuous order inflow from customers
   • Lack of visibility on future revenue streams
   • Relationship-based model vulnerable to market dynamics
4. Working Capital Dependency & External Financing:
   • Reliance on short-term bank borrowings (₹9.88 crore outstanding)
   • Failure to meet loan covenants or refinance debt could strain liquidity
   • Working capital volatility in textile business due to inventory and receivables cycles
   • Delay in expansion plans possible if financing issues arise
5. Deemed Manufacturing Unit Risks:
   • Operates through 6 partner manufacturing units in different states
   • Any operational slowdown or issues with deemed manufacturing units could impact delivery
   • Dependency on third-party manufacturers for production execution
   • Quality control challenges across multiple partner facilities
   • Partner unit compliance and reliability risks
6. Conflict of Interest within Promoter Group:
   • Two promoter group entities (Shree Balaji Tirpal and Capitol Enterprises) operate in similar fabric business
   • Absence of non-compete agreements poses potential conflict risk
   • Priorities could diverge impacting company’s strategic focus
   • Related party transaction concerns
7. Limited Digital Revenue Contribution:
   • Online sales contribute less than 1% of total revenue
   • Digital lag limits scalability in increasingly e-commerce-driven textile market
   • Weak brand visibility among younger, tech-savvy consumers
   • Significant gap compared to emerging digital-first textile players
8. Intense Competition in Fragmented Market:
   • Operates in highly fragmented and competitive textile sourcing sector
   • Competition from established players and new digital-first entrants
   • Price pressure in commodity fabric segments
   • Difficulty in maintaining margins in competitive environment
9. Fashion Trend & Seasonal Variability:
   • Product demand affected by changing fashion trends and consumer preferences
   • Seasonal variations in textile consumption
   • Inventory obsolescence risk if trends shift rapidly
   • Need for constant product innovation and design refresh
10. Past Regulatory Non-Compliances:

• Company reported past lapses in Companies Act filings (Sections 42, 62, 134)
• Compounding applications filed and under review
• Regulatory compliance history raises governance concerns
• Potential reputational impact

11. SME Listing Challenges:

• Lower liquidity compared to mainboard listings
• Limited analyst coverage and institutional interest
• Higher volatility and price discovery challenges
• Smaller investor base

Financial Performance Overview (₹ in Crore)

Particulars	FY 2023	FY 2024	FY 2025
Revenue (₹ crore)	100.58	97.86	115.59
Profit (₹ crore)	0.53	4.27	12.07
Total Assets (₹ crore)	21.82	41.37	51.32

Revenue

• FY 2025: ₹115.59 crore
• FY 2024: ₹97.86 crore
• FY 2023: ₹100.58 crore

Analysis:
The company’s revenue has shown consistent improvement over the three years. After a slight dip in FY 2024, revenue rose sharply by around 18% in FY 2025. This indicates better production efficiency, product diversification, and increased market reach.

Profit (PAT)

• FY 2025: ₹12.07 crore
• FY 2024: ₹4.27 crore
• FY 2023: ₹0.53 crore

Analysis:
Profit growth has been exceptional. PAT jumped from ₹0.53 crore in FY 2023 to ₹12.07 crore in FY 2025 — an almost 22-fold increase. This rise highlights strong cost management and improved operating margins. The company’s profitability ratios have significantly strengthened over this period.

Total Assets

• FY 2025: ₹51.32 crore
• FY 2024: ₹41.37 crore
• FY 2023: ₹21.82 crore

Analysis:
Total assets have more than doubled in three years, showing capital expansion and business growth. The increase in asset base indicates the company is investing in capacity enhancement and long-term infrastructure to support future growth.