Kian-M Export Files DRHP For IPO

Textile manufacturer and exporter Kian-M Export Ltd has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company filed the preliminary documents on 25 September 2026.

The proposed IPO will include a fresh issue of shares worth up to ₹500 crore. It will also include an Offer for Sale (OFS) of up to 15 lakh equity shares by existing shareholders.

The company plans to use the fresh issue proceeds for working capital requirements. The funds will also support the acquisition of a 35.29% stake in Ultra Denim Ltd, machinery and equipment purchases, and capital expenditure at its material subsidiary, Usha Cotton Ltd. A portion of the proceeds will be allocated towards general corporate purposes.

Mirae Asset Capital Markets (India) Pvt Ltd is the book-running lead manager for the issue. MUFG Intime India Pvt Ltd will act as the registrar. The company's shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

About Kian-M Export

Rajkot-based Kian-M Export manufactures and exports processed fabrics. The company converts raw, unfinished or grey fabric through preparation, dyeing, printing and finishing processes.

Its product portfolio includes sarees sold under the Revelo brand and on a white-label basis. It also manufactures African print fabrics such as kitenge and kanga, modern apparel, South Asian ethnic wear and fabrics used for Middle Eastern-style garments.

The company also operates the Orcoss brand, which focuses on premium women's contemporary, ethnic and occasion wear. Its products are supplied to wholesalers, garment manufacturers and brands in India and overseas.

Financial Performance And Business Exposure

For the financial year ended 31 March 2026, Kian-M Export reported revenue of ₹383.01 crore. Its profit after tax stood at ₹42.19 crore.

Exports accounted for 52.43% of the company's revenue, while domestic sales contributed 47.57%.

African print fabrics represented the largest product category, accounting for around 52% of revenue in FY26.

According to the company's DRHP, revenue from operations, earnings before interest, tax, depreciation and amortisation (EBITDA) and profit for the year grew at compound annual growth rates (CAGRs) of 25.09%, 63.27% and 118.82%, respectively, between FY2024 and FY2026.

Kian-M Export operates two manufacturing facilities in Rajkot, Gujarat. The company says its facilities use modern digital and rotary printing machinery sourced from countries including Italy, Austria, Germany and China.

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