Silverstorm Parks & Resorts
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.14×
- Big non-institutionalbNII · above ₹10 lakh
- 3.62×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.30×
- Retail individualRII · up to ₹2 lakh
- 1.11×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 31 Jul 2026 | ₹5 | — | ₹3,800 | — | ₹5,000 |
| 30 Jul 2026 | ₹5 | — | ₹3,800 | — | ₹5,000 |
| 29 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 28 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 27 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 26 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 25 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Jul 2026 – 28 Jul 2026
- Listing date
- 31 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹123 – ₹133
- Issue price
- ₹133 per share
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹82.43 Cr
- Fresh issue
- ₹78.3 Cr 58,87,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹302 Cr
- Promoter holding
- 70.15% → 50.98% pre-issue → post-issue
- ISIN
- INE1EJ401023
- CIN
- U92199KL1998PLC012512
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Door No 1/77A Vettilapara P O, Chalakudy, Thrissur - 680721, Kerala
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 12,85,000 | 30.34% | 28.27% |
| Anchor investor · within QIB | 16,52,000 | — | 36.34% |
| NII (HNI) | 8,88,000 | 20.97% | 19.53% |
| bNII > ₹10L · within NII | 5,91,000 | — | 13.00% |
| sNII < ₹10L · within NII | 2,97,000 | — | 6.53% |
| Retail (RII) | 20,62,000 | 48.69% | 45.36% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,11,000 | — | 6.84% |
| Total issue | 45,46,000 | — | 100.00% |
Net offer to the public of 42,35,000 shares, out of a total issue of 45,46,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹133
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,33,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,66,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,31,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,64,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹133 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.59 | 8.42 |
| P/E (×) | 11.48 | 15.80 |
| Price to book (×) | 3.01 | — |
| Market cap | — | ₹302 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 30.98%
- ROCE
- 25.22%
- Debt / equity
- 0.89
- PAT margin
- 42.59%
- EBITDA margin
- 67.37%
- NAV per share
- ₹44.2
- Price to book
- 3.01
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 44.85 | 31.64 | 19.11 |
| Revenue from operations | 43.58 | 31 | 18.86 |
| Other income | 1.27 | 0.64 | 0.25 |
| Total expenses | 18.25 | 18.1 | 16.75 |
| Operating profit | 26.6 | 13.54 | 2.36 |
| Operating margin | 59.31% | 42.79% | 12.35% |
| Profit before tax | 26.6 | 13.54 | 2.36 |
| Profit after tax | 19.1 | 9.71 | 0.97 |
| PAT margin | 42.59% | 30.69% | 5.08% |
| Balance sheet | |||
| Total assets | 214.09 | 151.6 | 112.02 |
| Current assets | 14.47 | 12.67 | 6.27 |
| Current liabilities | 26.11 | 13.5 | 9.66 |
| Total liabilities | 80.61 | 39.67 | 34.3 |
| Net worth | 133.48 | 111.93 | 77.73 |
| Current ratio | 0.55× | 0.94× | 0.65× |
| Return on equity | 14.31% | 8.68% | 1.25% |
| Cash flow | |||
| Operating cash flow | 25.29 | 6.42 | 4.94 |
| Investing cash flow | -62.84 | -23.63 | -10.12 |
| Financing cash flow | 37.16 | 17.55 | 2.99 |
| Net cash flow | -0.4 | 0.34 | -2.19 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure in relation to setting up Lucknow Snow Park and FEC ₹26.12 Cr
The company intends to expand its presence beyond current operations by establishing a new indoor snow park and Family Entertainment Centre at Omaxe Hazratganj mall in Lucknow, Uttar Pradesh. This project is part of the company's strategy to expand into new geographies and capture growing demand for recreational facilities in tier-II cities.
2 Funding capital expenditure in relation to the expansion and upgradation of existing Athirappilly Theme Park, Kerala ₹15.14 Cr
The company proposes to utilize funds for expansion and upgradation of existing attractions at Athirappilly Theme Park to enhance visitor experience and drive repeat footfalls. The expansion includes upgrading the existing Snow Storm park, setting up a new restaurant, and constructing a new banquet hall with dining area.
3 Repayment and/or prepayment, in full or part, of certain borrowings availed by the Company ₹24 Cr
The company proposes to utilize funds towards repayment/prepayment of certain borrowings to help reduce outstanding indebtedness and finance costs, assist in maintaining favorable debt-to-equity ratio, and enable utilization of internal accruals for further investment in business growth and expansion.
4 General Corporate Purposes —
The company intends to deploy balance funds towards general corporate purposes including upgradation of existing rides, brand building, marketing expenses, salaries, administration expenses, IT infrastructure upgradation, insurance expenses, payment of taxes, and other expenses incurred in ordinary course of business.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Silverstorm Parks & Resorts
The company operates as an ISO 9001:2015 certified integrated amusement destination with an amusement cum water park, snow park, integrated resort and upcoming aerial cable car project near Athirappilly waterfalls in Thrissur, Kerala. The company is positioned as one of the renowned and established players in the region and is set to become the first amusement park in the region to offer a cable car for tourists. Spread across approximately 17.38 acres, the park integrates multiple entertainment facilities offering a comprehensive entertainment destination for families, students, tourists, corporate groups, and institutional visitors. The company also owns and operates a snow park at Jamshedpur, Jharkhand, and is setting up a new snow park and family entertainment center at Lucknow, Uttar Pradesh.
Management
Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel
MD
Shalimar Antharathara Ibrahim
CEO
Strengths
As stated in the offer document
India's first integrated fun destination offering amusement cum water park, snow park, cable car and resort at a strategic tourist location
The company is positioned to be the first fully integrated amusement destination in India, combining an amusement cum water theme park, indoor snow park, ropeway cable car, and resort accommodation within a single property. The park draws from a vast urban catchment across Kerala and nearby urban centers of Tamil Nadu, representing a total catchment population of over 50 million people.
Established track record with over two and a half decades of market presence and brand recognition
The company commenced operations in 2000 and has built its presence in the regional leisure industry by continuously expanding and upgrading its offerings. The company recorded total footfalls of 6.71 lakhs, 5.14 lakhs, and 4.24 lakhs for fiscal years 2026, 2025, and 2024 respectively, with revenue from operations growing at a CAGR of 52.02% during the last three financial years from ₹ 1,885.84 lakhs in Fiscal 2024 to ₹ 4,358.00 lakhs in Fiscal 2026.
Experienced promoters and dedicated senior management team with industry knowledge
The company's promoters, Shalimar A. I. and P. K. Abdul Jaleel, have more than two and a half decades of experience in the amusement park industry. Through their growth-focused approach combined with industry expertise, the promoters have helped grow the business over two and a half decades, achieving revenue growth at a CAGR of 52.02% during the last three financial years from ₹ 1,885.84 lakhs in Fiscal 2024 to ₹ 4,358.00 lakhs in Fiscal 2026.
Strong institutional marketing and regional sales network
The company has developed a well-structured institutional marketing network with a dedicated in-house sales and marketing team comprising 46 personnel who regularly cover all major districts in Kerala and nearby urban centers of Tamil Nadu. This regional presence enables targeted outreach and direct engagement with various visitor segments such as schools, colleges, corporates, travel agencies, and event organizers.
High safety and hygiene standards
The company's Athirappilly Theme Park has been certified with ISO 9001:2015 by ARS Assessment Private Limited for amusement rides, water slides, snow park and resort. The company uses reverse osmosis technology for water-based attractions, has extensive water filtering and recycling systems, quality control laboratory, lightning arrestors, and diesel electricity generators with a combined capacity of 910 kVAh.
Prudent capital allocation and consistent financial performance
The company's strength lies in its ability to continuously identify and add new attractions while managing capital expenditure within budget in a cost-effective manner. The company achieved revenue from operations of ₹ 4,358.00 lakhs, ₹ 3,100.12 lakhs, and ₹ 1,885.84 lakhs for Fiscal 2026, Fiscal 2025, and Fiscal 2024, representing a CAGR of 52.02%.
Risk factors
As stated in the offer document
Lack of Annual Maintenance Contracts for Critical Equipment
The company has not entered into annual maintenance contracts for machinery, building, and other equipment used at its parks, except for the Diesel Generator set. Any unexpected accident, malfunction or mechanical breakdown could disrupt operations, result in increased maintenance costs, and adversely affect business operations and financial condition.
Seasonal and Cyclical Revenue Variations
The company's business is subject to seasonal variations with higher revenues in Q3 and Q4 due to school tours and festive seasons. Fixed costs remain constant throughout the year, making the business vulnerable to disproportionate impacts from lower-than-expected footfalls during certain quarters.
High Fixed and Recurring Operating Expenses
A significant portion of operational expenses including power and fuel costs (₹164.65 lakhs in FY2024), employee expenses (₹571.52 lakhs in FY2024), and maintenance costs are fixed and recurring. The company may not be able to scale down these costs promptly during periods of reduced demand.
Dependence on Large Workforce and Associated Risks
The company employs 375 permanent employees as of March 31, 2026, with employee benefit expenses representing 34.40% of total expenses in FY2024. The business faces risks from potential claims relating to employee actions, service deficiencies, and possible labor disruptions.
Geographic Revenue Concentration Risk
The company historically derived 95.70% of revenue from its Athirappilly Theme Park in FY2026. This concentration makes the business vulnerable to local disturbances, natural disasters, or operational disruptions affecting this single location.
Regulatory Non-Compliance and Missing Corporate Records
The company has instances of non-compliance including missing bank statements for historical share allotments, non-appointment of Company Secretary during required periods, and untraceable statutory forms. These issues expose the company to potential regulatory penalties and adverse actions.
Safety and Accident Liability Exposure
Operation of water park rides and snow-based activities involves inherent risks of personal injury and property damage. Any accidents could lead to financial liabilities, legal proceedings, adverse publicity, and reputational damage affecting business operations and expansion plans.
Dependence on Discretionary Consumer Spending
The company's business depends on factors beyond its control including consumer discretionary spending, economic conditions, and footfall patterns. Economic uncertainty or reduced consumer spending on leisure activities could significantly impact revenues and business performance.