Silverstorm Parks IPO

Silverstorm Parks and Resorts Limitedsilverstorm.in

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹123 – ₹133
Issue size: ₹82.43 Cr
Lot size: 1000 sh
Bidding: 24 – 28 Jul
Grey market: —

Market data to 28 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Silverstorm Parks and Resorts runs amusement, water and snow parks, with its main site at Athirappilly Theme Park in Thrissur district, Kerala, and employed 375 people. Revenue rose from Rs 18.86 Cr in FY24 to Rs 31 Cr in FY25 and Rs 43.58 Cr in FY26, with profit after tax of Rs 0.97 Cr, Rs 9.71 Cr and Rs 19.10 Cr across the same three years, while total borrowings stood at Rs 28.36 Cr, Rs 29.95 Cr and Rs 65.07 Cr at the three year-ends. The Rs 82.43 Cr issue, entirely fresh, was subscribed 1.91 times overall on its final day, 28 July 2026 (QIB 1.81x, NII 3.19x, retail 1.41x). It listed on BSE SME at Rs 132.90 against a band top of Rs 133, closed day one at Rs 126.55 and last traded at Rs 118 on 22 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

81Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Silverstorm Parks, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1998 · Chalakudy, Thrissur, Kerala, India · 375 employees

Silverstorm Parks and Resorts runs amusement, water and snow parks in India. Its main site is Athirappilly Theme Park in Thrissur district, Kerala, which opened in 2000 and pairs an amusement-cum-water park with Snow Storm, an indoor snow park kept at -10°C that was added in 2017. The company also runs a snow park in Jamshedpur, Jharkhand, and an eight-room hotel on the Kerala site with a restaurant and conference rooms. Visitors are families, school and college groups and corporate parties, drawn from Kerala and nearby Tamil Nadu towns covered by a 46-person sales team. The park drew 6.71 lakh footfalls in FY26. A snow park and family entertainment centre in Lucknow and a 1.2 km ropeway at Athirappilly were under construction when the issue opened.

Revenue is per-visitor. Entry tickets brought in Rs 31.36 crore in FY26, 71.95% of Rs 43.58 crore revenue from operations; food and beverage added Rs 7.63 crore, with merchandise, photography and resort rooms making up the rest. Average revenue per user was Rs 649.70 across 6.71 lakh footfalls. Most costs do not move with attendance — employee benefits were 32.25% of total expenses in FY26 and power and fuel 5.83% — so incremental visitors drop largely through to profit, which is why EBITDA margin went from 34.59% in FY24 to 67.37% in FY26. The constraint is capital: rides and new parks are paid for upfront, and borrowings reached Rs 65.07 crore by March 2026, 2.21 times EBITDA.

The company on paper

Legal name: Silverstorm Parks and Resorts Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 7 Oct 1998
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U92199KL1998PLC012512
Sector: Consumer Discretionary · Amusement, water and snow parks with an on-site resort
Employees: 375
Registered office: Chalakudy, Thrissur, Kerala, India
Promoters: Shalimar Antharathara Ibrahim, Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel
Promoter holding, pre-issue: 70.2%
Promoter holding, post-issue: 51.0%
Website: silverstorm.in

The numbers

Financial performance

Revenue has compounded at 52.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹82.43 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹82.43 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,11,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.2% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.91×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹133.00
Listed at: ₹132.90
Listing gain: down 0.1%
Since listing: down 6.6%
Against the issue price: down 6.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹133.00
Amount blocked: ₹2,66,000

One lot is 1000 shares at ₹1,33,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,66,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~71%

chance of one lot, per application

Retail subscription: 1.41×
Applicants per share available: 1.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹132.90

listed at, −0.1% against the issue price

Issue price: ₹133.00
Premium said: —
If allotted 1000 shares: −₹100

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose in each year the record carries: Rs 18.86 Cr in FY24, Rs 31 Cr in FY25 and Rs 43.58 Cr in FY26. The increments were Rs 12.14 Cr and Rs 12.58 Cr, which is 64.37% and then 40.58% — a larger absolute step in FY26 off a smaller percentage one.
EBITDA margin was higher in each successive year on record: Rs 6.52 Cr of EBITDA on Rs 18.86 Cr of revenue in FY24 (34.57%), Rs 16.56 Cr on Rs 31 Cr in FY25 (53.42%), and Rs 29.36 Cr on Rs 43.58 Cr in FY26 (67.37%). The record's business-model note gives the FY24 and FY26 figures as 34.59% and 67.37%.
Profit after tax went from Rs 0.97 Cr in FY24 to Rs 9.71 Cr in FY25, 10.01 times, and then to Rs 19.10 Cr in FY26, a further rise of 96.70%. Net worth was Rs 23.26 Cr, Rs 50.47 Cr and Rs 72.84 Cr at the same three year-ends.
The issue was entirely fresh: fresh issue Rs 82.43 Cr, offer for sale Rs 0 at both ends of the band, total size Rs 82.43 Cr. Promoter holding is recorded at 70.15% before the issue and 50.98% after.

What to weigh against it

Total borrowings were Rs 28.36 Cr at March 2024, Rs 29.95 Cr at March 2025 and Rs 65.07 Cr at March 2026 — a rise of Rs 35.12 Cr, or 117.26%, in FY26 alone. Measured against EBITDA the ratio does not move in one direction across the three years: Rs 28.36 Cr on Rs 6.52 Cr is 4.35 times in FY24, Rs 29.95 Cr on Rs 16.56 Cr is 1.81 times in FY25, and Rs 65.07 Cr on Rs 29.36 Cr is 2.22 times in FY26 (the record's business-model note gives this last as 2.21 times).
FY26 revenue sat in two lines: the record states entry tickets brought in Rs 31.36 Cr of Rs 43.58 Cr revenue from operations (71.95%) and food and beverage Rs 7.63 Cr, which is 17.51% — the two together Rs 38.99 Cr, or 89.47%. The record names one main site, Athirappilly Theme Park, plus a snow park in Jamshedpur, Jharkhand and an eight-room hotel on the Kerala site, and puts FY26 at 6.71 lakh footfalls with average revenue per user of Rs 649.70.
The post-listing price path is in the record: listed at Rs 132.90 against the band top of Rs 133 (a listing gain of -0.08%), closed day one at Rs 126.55, and last traded at Rs 118 on 22 October 2026, which is 11.28% below the band top and also below the band floor of Rs 123.

Easy to miss in the prospectus

The record carries no valuation block and no post-issue share count (both null), and its peers array is empty, so no earnings multiple at the Rs 123-133 band can be computed from it.
Cash flow from operations is null for FY24, FY25 and FY26, as are total assets and total expenses for all three years, so the Rs 19.10 Cr FY26 profit cannot be traced to cash within this record.
The offerObjects array is empty: the record does not state what the Rs 82.43 Cr of fresh proceeds were to be applied to. Only one subscription row is present (day 3, 28 July 2026), so no day-by-day build-up of the book is on record either.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Silverstorm Parks — Red Herring Prospectus dated 2026-07-1818 Jul 2026The document the issue was bid on. Carries the price band and the dates.Opens on content.acesphere.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Vivro Financial Services Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Silverstorm Parks's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

BSE equity bhavcopy, 31 July 2026 (listing day) — scrip 544840, series MT · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 24 Jul 2026
Closes: 28 Jul 2026
Allotment: 29 Jul 2026
Lists: 31 Jul 2026
Revenue (FY26): ₹43.58 Cr
Profit (FY26): ₹19.10 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.