Game Changers Texfab files DRHP for IPO
By Ankur Chandra | Updated at: Jun 23, 2025 12:20 PM IST
New Delhi, June 23, 2025: Game Changers Texfab Limited has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company has proposed an Initial Public Offering (IPO) of up to 53.76 lakh equity shares, entirely as a fresh issue. The company plans to list the shares on the BSE SME platform.
IPO Snapshot
| Detail | Info |
|---|---|
| Issue Type | 100% Book Built Fresh Issue |
| Issue Size | Up to 53,76,000 Equity Shares |
| Offer for Sale | Not Applicable |
| Listing Exchange | BSE SME |
| Face Value | ₹10 per share |
| BRLM | Corpwis Advisors Pvt Ltd |
| Registrar | Skyline Financial Services Pvt Ltd |
| Promoters | Mr. Ankur Aggarwal, Mr. Sanjeev Goel, Force Multiplier Ecommerce Pvt Ltd |
About The Company
Incorporated in 2015, Game Changers Texfab Limited is engaged in sourcing and value-added distribution of women’s wear and technical textiles, including outdoor and PVC-coated fabrics used in awnings, upholstery, tarpaulins, and sports goods.
The company operates via a network of deemed manufacturing units in Delhi, Maharashtra, Bihar, and Uttar Pradesh, and maintains key retail and corporate infrastructure in Gurugram and Delhi.
Financial Performance (as of December 31, 2024)
The company has demonstrated strong financial performance, significantly expanding its profitability (PAT margin of 10.65%) and EBITDA for the nine months ended December 2024, compared to previous years.
| Metric | Value (₹ Lakhs) |
|---|---|
| Revenue from Operations | 8,586.77 |
| EBITDA | 1,401.22 |
| EBITDA Margin | 16.32% |
| Net Profit (PAT) | 914.23 |
| EPS (adjusted for bonus) | ₹7.30 |
| Net Worth | 1,807.97 |
| Total Borrowings | 964.91 |
| ROE (approx.) | 50.56% (based on PAT/Net Worth) |
IPO Objectives
The net proceeds from the IPO will be used for:
- ₹2,550 lakh for working capital requirements
- ₹1,500 lakh for setting up new stores
- Remainder for general corporate purposes and possible acquisitions
Promoter Holding
| Promoter | Pre-Issue Holding |
|---|---|
| Force Multiplier Ecommerce Pvt Ltd | 98.66% |
| Mr. Sanjeev Goel | 0.0032% |
| Mr. Ankur Aggarwal | 0.0032% |
Risk Factors Highlighted in DRHP
- High Customer and Supplier Concentration: The top five customers contribute over 52% of the company’s revenues, indicating a concentration risk.
- Past Regulatory Non-Compliances: The company has reported past lapses in Companies Act filings (Sections 42, 62, 134), for which compounding applications have been filed and are under review.
- Geographic Reliance: Heavy reliance on a few Indian states (primarily Haryana, Rajasthan, Uttar Pradesh, and Delhi) for revenue.
- Limited Digital Presence: Online sales constitute less than 1% of total revenue.
- Ongoing Litigations: Unresolved income tax demand of ₹394.24 lakh is pending.
The company has filed applications for compounding past statutory lapses, which are currently under review by the ROC.
Lead Manager & Registrar
- Book Running Lead Manager: Corpwis Advisors Pvt Ltd
(Email: ipo.gamechangers@corpwis.com | Phone: +91-22-4972-9990) - Registrar to the Issue: Skyline Financial Services Pvt Ltd
(Email: ipo@skylinerta.com | Phone: 011-40450193-97)
What To Watch As An Investor
- Final price band and bid dates (yet to be disclosed)
- Allotment and listing timelines on BSE SME
- Impact of ongoing regulatory filings and tax litigations
- Grey Market Premium (GMP) trends post-RHP filing
Next Steps
The company awaits SEBI clearance for its IPO. Upon approval, Game Changers Texfab Limited will announce the specific dates for the issue, including the price band, allotment date, and listing date on the BSE SME platform. Investors will need to watch for these announcements and further details regarding the offer.
REF: https://www.bsesme.com/download/349939/SME_IPO InPrinciple/DRHP_GameChangers_20250620164606.pdf
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