Divya Agarwal
Ludhiana (Punjab) [India], October 9: Gleaming Apparels Limited, a Ludhiana-based integrated knitwear manufacturer with operations spanning yarn procurement and trading, fabric manufacturing and trading, and garment manufacturing, has filed its Draft Red Herring Prospectus with the SME Platform of BSE Limited (BSE SME) in preparation for its Initial Public Offering.
The IPO will comprise a Fresh Issue of up to 25,00,000 equity shares with a face value of ₹ 10 each, with no Offer for Sale component. The equity shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME).
The company proposes to utilise the net proceeds towards funding its working capital requirements of up to ₹ 850.00 Lakhs, repayment or prepayment, in full or in part, of all or certain borrowings of up to ₹ 699.26 Lakhs, and general corporate purposes.
The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited & Maashitla Securities Private Limited is Registrar to the Issue.
About Gleaming Apparels Limited
Originally incorporated as Gleaming Apparels (OPC) Private Limited on November 25, 2021 and converted into a public limited company on December 16, 2024, Gleaming Apparels Limited operates from Ludhiana, Punjab, a prominent textile manufacturing hub. The company manufactures knitted apparel including polo T-shirts, crew-neck T-shirts, sweatshirts, hoodies, joggers, shorts, tank tops and jackets, along with knitted and value-added fabrics such as single jersey, interlock, waffle knit, honeycomb, jacquard, fleece, feeder stripe and yarn-dyed fabrics. It serves customers in India and exports to the United States of America, South Africa, Panama and Nigeria. The company is led by Ms. Ritu Bansal, Promoter, Managing Director and Chairman, who has over 26 years of experience in the readymade garments and apparel sector, along with Mr. Amit Bansal, Promoter, Whole-Time Director and Chief Financial Officer, who has over 10 years of experience in apparel manufacturing and trading.
In Fiscal 2026, the company recorded export sales of ₹ 1,518.98 Lakhs, representing 28.35% of product sales. As of September 15, 2026, its total order value stood at ₹ 1,985.56 Lakhs, of which the unexecuted order book was ₹ 1,837.38 Lakhs. The order book comprised knitted fabrics and garments for domestic and international customers and supports advance production planning, procurement and utilisation of installed manufacturing capacity.
The company operates one integrated manufacturing facility at Focal Point, Ludhiana, comprising garment manufacturing and knitting and fabric manufacturing units. The facility has more than 100 sewing and single-needle machines, stitching capacity of up to 2,750 pieces per day, combined knitting capacity of 2,400 kg per day and automatic flat collar machines capable of producing up to 5,000 collars per day. In Fiscal 2026, the Apparel & Garmenting Division produced 6.98 lakh pieces against installed capacity of 8.25 lakh pieces, recording 84.63% capacity utilisation. The company holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
For the period ended 31st March 2026, the company reported Revenue from Operations of ₹ 5,454.70 Lakhs, EBITDA of ₹ 1,357.94 Lakhs & PAT of ₹ 987.56 Lakhs. Revenue from Operations grew from ₹ 2,457.15 Lakhs in Fiscal 2024 to ₹ 5,454.70 Lakhs in Fiscal 2026, while PAT rose from ₹ 288.83 Lakhs to ₹ 987.56 Lakhs.
