Sollfege Smart Electronics IPO

Sollfege Smart Electronics Limitedsollfege.com

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹55
Issue size: ₹21.78 Cr
Lot size: 2000 sh
Bidding: 30 Sep – 5 Oct
Grey market: —

Market data to 30 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

Sollfege Smart Electronics is a Kolkata-headquartered reseller and installer of premium home-entertainment and home-automation equipment, with 32 employees in August 2026 and three showrooms — Kolkata, Gurgaon and Bhubaneswar — at the time of the issue. The record states the company manufactures nothing: purchases of stock-in-trade were Rs 1,914.63 lakhs in FY26, 86.15% of total income, against revenue from operations of Rs 2,220.93 lakhs. The Rs 21.78 Cr issue was a fixed-price offer at Rs 55 and entirely fresh, with no offer-for-sale component, and promoter holding moved from 99.97% before the issue to 60.38% after it. The book closed 2.14 times subscribed overall on 5 October 2026; the shares listed on BSE SME at Rs 104.40 on 8 October and last traded at Rs 56.29 on 23 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.

60Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Sollfege Smart Electronics, 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 2012 · Kolkata, West Bengal, India · 32 employees

Sollfege Smart Electronics sells premium home-entertainment and home-automation equipment in India. It does not manufacture anything: it buys finished products from global OEM brands including Bose, Yamaha, Panasonic, Sonos and LG, and from national distributors, then resells and installs them. The range covers high-end speakers, home theatres, soundbars, projectors and large displays, plus lighting and climate controls, motorised shades, smart locks, video door phones and CCTV. Buyers are owners of high-end homes, and commercial and institutional projects, usually reached through architects, interior designers and developers. The company ran three showrooms at the time of the issue — Kolkata, Gurgaon and Bhubaneswar — with Experience Centres in Kolkata and Gurgaon where customers test systems before buying. It also does site assessment, system design, installation and after-sales support. Headcount was 32 in August 2026.

Revenue is the retail and project-sale margin on bought-in equipment. Because nothing is made in-house, purchases of stock-in-trade are the dominant cost: ₹1,914.63 lakhs in FY26, 86.15% of total income, against revenue from operations of ₹2,220.93 lakhs. That left an EBITDA margin of 18.02% and PAT of ₹219.13 lakhs in FY26. The structural constraints are concentration and working capital. The top ten customers were 67.32% of FY26 revenue and the single largest supplier 59.01% of purchases. Stocking showrooms ties up cash — inventories rose by ₹429.60 lakhs in FY26 and borrowings reached ₹698.15 lakhs against net worth of ₹1,161.85 lakhs. ₹967.47 lakhs of the issue was earmarked for working capital and ₹854.28 lakhs for 12 new showrooms.

The company on paper

Legal name: Sollfege Smart Electronics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 9 Nov 2012
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U52100WB2012PLC188130
Sector: Consumer Discretionary · Retail distribution and installation of premium audio-video and home-automation systems
Employees: 32
Registered office: Kolkata, West Bengal, India
Promoters: Umesh Kumar Agarwal
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 60.4%
Website: sollfege.com

The numbers

Financial performance

Revenue has compounded at 9.5% 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: ₹21.78 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹21.78 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: 2,00,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 39.6% 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 4. Anchor allocations are excluded.

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

Total subscription2.14×

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: ₹55.00
Listed at: ₹104.40
Listing gain: up 89.8%
Since listing: down 48.3%
Against the issue price: down 1.8%

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: 4,000
At cut-off price: ₹55.00
Amount blocked: ₹2,20,000

One lot is 2000 shares at ₹1,10,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,20,000. 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.

~50%

chance of one lot, per application

Retail subscription: 2.00×
Applicants per share available: 2.0× 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.

₹104.40

listed at, 89.8% against the issue price

Issue price: ₹55.00
Premium said: —
If allotted 2000 shares: ₹98,800

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 was Rs 18.53 Cr in FY24, Rs 21.01 Cr in FY25 and Rs 22.21 Cr in FY26 — rises of 13.38% and 5.71% respectively.
EBITDA margin widened in both movements the record carries: EBITDA of Rs 1.73 Cr on revenue of Rs 18.53 Cr in FY24 is 9.34%, Rs 3.24 Cr on Rs 21.01 Cr in FY25 is 15.42%, and Rs 4.00 Cr on Rs 22.21 Cr in FY26 is 18.01% (the record's own business-model note gives the FY26 figure as 18.02%).
Net worth was Rs 3.75 Cr in FY24, Rs 9.43 Cr in FY25 and Rs 11.62 Cr in FY26, higher in each of the two movements on record.
The whole of the Rs 21.78 Cr issue was a fresh issue, with the offer-for-sale recorded at Rs 0 Cr. Of the stated uses, Rs 967.47 lakhs was earmarked for working capital and Rs 854.28 lakhs for 12 new showrooms — together Rs 1,821.75 lakhs, or 83.64% of the Rs 21.78 Cr raised.

What to weigh against it

The record's business-model note states the top ten customers were 67.32% of FY26 revenue and the single largest supplier 59.01% of purchases.
Profit after tax was Rs 1.76 Cr in FY24, Rs 2.13 Cr in FY25 and Rs 2.19 Cr in FY26: a rise of 21.02% on revenue 13.38% higher, then a rise of 2.82% on revenue 5.71% higher. PAT margin was 9.50% in FY24, 10.14% in FY25 and 9.86% in FY26.
Total borrowings were Rs 2.87 Cr in FY24, Rs 4.46 Cr in FY25 and Rs 6.98 Cr in FY26, higher in each of the two movements on record. Measured against net worth of Rs 3.75 Cr, Rs 9.43 Cr and Rs 11.62 Cr, the ratio was 0.77x in FY24, 0.47x in FY25 and 0.60x in FY26 — lower in the first movement, higher in the second.
The business-model note records inventories rising by Rs 429.60 lakhs in FY26, against PAT of Rs 219.13 lakhs in the same year, and borrowings of Rs 698.15 lakhs against net worth of Rs 1,161.85 lakhs. The record carries no cash flow from operations for any of the three years.

Easy to miss in the prospectus

The issue was subscribed 2.14 times overall, with the non-institutional category at 2.28 times and retail at 2.00 times. It listed at Rs 104.40 against the Rs 55 fixed price, closed the first day at Rs 99.18, and last traded at Rs 56.29 on 23 October 2026 — 46.08% below the Rs 104.40 listing price and 2.35% above the Rs 55 issue price. The record asserts no connection between these figures.
The record holds no valuation block and no peer set, so the Rs 55 price is not placed against earnings or comparable companies anywhere within it.
EBITDA is below PAT in FY24 — Rs 1.73 Cr against Rs 1.76 Cr — and the inversion is genuine rather than a transcription error: the prospectus computes EBITDA net of other income, and FY24 other income of Rs 130.60 lakhs (6.58% of total income, of which Rs 61.66 lakhs was customer advances forfeited and Rs 50.51 lakhs sundry creditors written off) is larger than the Rs 127.92 lakhs of depreciation, interest and tax added back; other income then fell to Rs 26.84 lakhs in FY25 and Rs 1.52 lakhs in FY26, so neither later year inverts.
Subscription is recorded for the closing day only (5 October 2026), with no QIB figure and no basis noted; and total assets, total expenses and operating cash flow are absent for all three years, so the day-wise build of the book and the balance-sheet detail behind the inventory movement are not available from this record.

Straight from the filing

Read it yourself

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

Sollfege Smart Electronics — Prospectus dated 2026-09-2424 Sep 2026Filed after pricing, with every placeholder filled in.Opens on cdn.shopify.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: Finshore Management Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 9 independently published accounts of this issue, agreeing with each other. The filing is linked above, so every figure here can be checked against the primary document — but these figures were taken from those published accounts, not reconciled line by line against it.

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

At a glance

Board: SME platform
Opens: 30 Sep 2026
Closes: 5 Oct 2026
Allotment: 6 Oct 2026
Lists: 8 Oct 2026
Revenue (FY26): ₹22.21 Cr
Profit (FY26): ₹2.19 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.