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Forcas Studio IPO
Price Band
₹77.0–80.0
Issue Size
₹37.44 Cr
Lot Size
1,600 shares
Min Investment
₹128,000
GMP
+₹86.0 (107.5%)
Issue Price
₹80.0
Subject to Sauda
₹104600
Paid only if allotted
Forcas Studio IPO AI Summary
- Forcas Studio IPO is listed on NSE SME in the Garments & Apparels sector.
- Price band: ₹77.0–₹80.0 per share, lot size 1,600 shares (min. investment ₹128,000).
- Subscription window: 19 Aug–21 Aug 2024, listing on 26 Aug 2024.
- Current GMP is +₹86.0 (107.5%), an estimated listing price of ₹166 — unofficial and can change daily.
Forcas Studio Limited is an emerging player in the men's apparel market, with a robust online and offline presence. The company has shown consistent revenue and profit growth, making it an interesting option for investors looking at the SME segment.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Forcas Studio IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 21 Aug 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Forcas Studio IPO Grey Market Premium (GMP) Today
GMP
+₹86.0
GMP %
+107.5%
Est. Listing
₹166.0
Updated: 25 Jul 2026 14:04
About the Company
Incorporated in April 2010, Forcas Studio Limited sells men's clothing, including shirts, jeans, t-shirts, trousers, cotton pants, sportswear, party wear, fashion wear, and boxers. The company provides these products online and in bulk to customers all over India. It also offers white-labelling services for other brands, such as Landmark Group, V-Mart Retail, V2 Retail, Highlander, Cobb, Kontail, and more. The company offers a wide range of products, including shirts, denims, t-shirts, trousers, cotton pants, sportswear, party wear, fashion wear, and boxers for the Indian menswear segment. The company sells its products through online platform under the brand name of ‘FTX’, ‘Tribe’ and ‘Conteno. The company has established a presence on all major online platforms, including Flipkart, Myntra, Meesho, Amazon, Ajio, Jio Mart, Glowroad, Limeroad, Solvd, and Shopsy. Additionally, the company has also sold products through various large-format stores, including V-Mart Retail, V2 Retail, City Kart, Metro Bazar, Kothari Retail, and Sarvana Retail. The company has served more than 15000 pin codes in India. The company has a strong offline presence, with a presence on major online marketplaces and in over 500 large-format stores. They offer a wide range of products with a catalogue of over 1200 SKUs. The company has four warehouses in Kolkata for the purpose of supply chain management. As of February 29, 2024, the company has 68 employees, including its directors. They are responsible for business operations, factory management, administration, secretarial work, marketing, and accounting functions as per their designated goals.
Company Financials (₹ Cr)
As of 2024-02-29
| Period Ended | 29 Feb 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 123.79 | 39.24 | 43.33 | 48.91 |
| Total Income | 96.49 | 71.62 | 53.80 | 51.13 |
| Profit After Tax | 5.53 | 1.15 | 0.78 | 0.56 |
| NET Worth | 19.02 | 8.60 | 8.31 | 7.12 |
| Reserves and Surplus | 6.12 | |||
| Total Borrowing | 28.61 | 23.25 | 24.20 | 24.38 |
Key Ratios
EPS
₹0.89
NAV
₹14.74
ROE
27.06%
ROCE
18.54%
RoNW
27.06%
P/B Value
5.43
P/E Ratio
90.09
Market Cap
₹140.64 Cr
PAT Margin
5.36%
Debt/Equity
1.50
Peer Comparison
| Company | NAV | RoNW | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| Aditya Birla Fashion And Retail Ltd | 35.2 | -1.7% | -0.38 | -0.38 |
| Forcas Studio Limited This IPO | 10 | 9.71% | 1.36 | 1.36 |
Promoters
Sailesh Agarwal and Sourav Agarwal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of upgradation of warehouse 1.66 2 Prepayment or repayment of certain secured loans availed by the Company 13.00 3 Funding of working capital requirements of the Company; 12.00 4 General Corporate Purposes 8.43
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹53.80 Cr in the year ending 31 Mar 2022, rising to ₹71.62 Cr by 31 Mar 2023, and further increasing to ₹96.49 Cr by 29 Feb 2024. This indicates a consistent growth in revenue over the periods analyzed.
Profit Trend
Profit after tax was ₹0.56 Cr in the year ending 31 Mar 2021, increasing to ₹0.78 Cr by 31 Mar 2022, and further rising to ₹1.15 Cr by 31 Mar 2023. By 29 Feb 2024, profit after tax reached ₹5.53 Cr. This shows a significant upward trend in profitability over the analyzed periods.
Valuation
Forcas Studio Limited has an EPS of ₹1.36 and is priced at ₹80.0 per share, implying a P/E ratio of approximately 90.09. In comparison, peers like Aditya Birla Fashion and Retail Ltd have a NAV of ₹35.2 and a negative RoNW of -1.7%.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium of an IPO's listing price over its issue price in the grey market. A higher GMP suggests strong demand for the shares before they officially list on the stock exchange.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy, considering factors such as market conditions and company fundamentals.
Who May Want to Wait
Investors who prefer stable and established companies with predictable earnings may find this IPO less appealing, especially given the inherent risks associated with investing in smaller or emerging companies.
IPO Timeline, Explained
The IPO opens for subscription on August 19, 2024, and closes on August 21, 2024. Allotment of shares will be finalized by August 22, 2024, with the listing expected on August 26, 2024.
Listing Gains — The Risk
Listing-day gains can be unpredictable and are influenced by market sentiment, demand for the shares, and overall market conditions. Investors should be aware that while some IPOs may see significant gains on listing, others may not perform as expected.
This evaluation is generated from Forcas Studio's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Forcas Studio IPO GMP today?
Forcas Studio IPO GMP today is +₹86.0 (107.5%), indicating an estimated listing price of ₹166. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Forcas Studio IPO?
The price band of Forcas Studio IPO is ₹77.0–₹80.0 per share.
When does Forcas Studio IPO open and close?
Forcas Studio IPO opens on 19 August 2024 and closes on 21 August 2024.
When does Forcas Studio IPO list on the stock exchange?
Forcas Studio IPO listed on 26 August 2024 at ₹166.0.
What is the lot size for Forcas Studio IPO?
The lot size for Forcas Studio IPO is 1600 shares, requiring a minimum investment of ₹128,000.
What is the price band for the Forcas Studio IPO?
The price band for the Forcas Studio IPO is between ₹77.0 and ₹80.0.
What is the minimum investment required?
The minimum investment required is ₹1,28,000, which corresponds to a lot size of 1600 shares.
When does the IPO open and close?
The IPO opens on August 19, 2024, and closes on August 21, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of an IPO's listing price over its issue price before it officially lists.
When is the listing date for the shares?
The shares are expected to be listed on August 26, 2024.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
19 Aug 2024
Close
21 Aug 2024
Allotment
22 Aug 2024
Listing
26 Aug 2024
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