Striders Impex IPO

Striders Impex Limitedstriders.biz

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹71 – ₹72
Issue size: ₹36.29 Cr
Lot size: 1600 sh
Bidding: 26 Feb – 2 Mar
Grey market: —

Market data to 29 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

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.

71Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Striders Impex, 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 2021 · Ghatkopar (West), Mumbai, Maharashtra · 36 employees

Striders Impex sells toys and kids' consumer merchandise for children from about 18 months to 15 years old. The range covers soft toys, back-to-school goods such as water bottles, lunch boxes, magnetic boxes, pencil pouches and stationery sets, and accessories including sunglasses and watches. Part of the range carries characters licensed from international entertainment companies; the rest sits under nine brands the company owns itself, including Pugs at Play, Furry Pals, Gurliez, Minds at Play, Beezy Kits, Fanster, Boujee, SHDZ and Striders. Products are designed in-house and manufactured by third-party factories in China and India. It sells through modern retail, general trade and e-commerce in India, and into the Middle East through a Dubai subsidiary. The company had 36 employees at 31 December 2025 and is based in Ghatkopar, Mumbai.

Revenue comes from selling merchandise wholesale, not from licence fees. In FY25 licensed-character products accounted for Rs 40.88 Cr and own-IP products Rs 19.85 Cr of Rs 60.73 Cr standalone revenue from operations. With manufacturing outsourced, the cost base is bought-in goods plus royalties and minimum-guarantee commitments owed to licensors; royalty remitted in foreign exchange was Rs 0.51 Cr in FY25 and Rs 0.69 Cr in the nine months to 31 December 2025. Standalone EBITDA margin was 14.66% in FY25 against 12.74% in FY24. The structural constraint is the licences themselves: they are non-exclusive, carry minimum guarantees payable whether or not the stock sells, and some were due to expire between 2025 and 2026.

The company on paper

Legal name: Striders Impex Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 28 Apr 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U36999MH2021PLC359605
Sector: Consumer Discretionary · Licensed and own-brand toys and kids' consumer merchandise
Employees: 36
Registered office: Ghatkopar (West), Mumbai, Maharashtra
Promoters: Kumarshri Rajkumar Bahety, Mariya Mustafa Kapasi, Mustafa Esmail Kapasi
Promoter holding, pre-issue: 95.5%
Promoter holding, post-issue: 69.5%
Website: striders.biz

The numbers

Financial performance

Revenue has compounded at 42.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. 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

90% 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: ₹32.62 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹3.66 Cr
Total issue size: ₹36.29 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: 2,52,800

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.0% 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 subscription1.31×

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: ₹72.00
Listed at: ₹70.00
Listing gain: down 2.8%
Since listing: down 27.3%
Against the issue price: down 29.3%

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: 3,200
At cut-off price: ₹72.00
Amount blocked: ₹2,30,400

One lot is 1600 shares at ₹1,15,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,30,400. 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.

~100%

chance of one lot, per application

Retail subscription: 0.78×
Applicants per share available: 0.8× 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.

₹70.00

listed at, −2.8% against the issue price

Issue price: ₹72.00
Premium said: —
If allotted 1600 shares: −₹3,200

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

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

Easy to miss in the prospectus

FY24 and FY25 bear no current tax at all. The restated standalone P&L shows current tax nil in both years with only a small deferred-tax credit, so PAT exceeds profit before tax (FY25: PAT Rs 8.02 Cr against PBT Rs 7.96 Cr; FY24: Rs 4.39 Cr against Rs 4.38 Cr). FY23 carries a normal charge (current tax Rs 0.72 Cr) and the nine months to December 2025 carry Rs 1.10 Cr, so the post-tax series is not comparable across the three years and FY25 PAT sits at 90% of EBITDA for that reason.
FY25 is the first year with consolidated accounts. The prospectus consolidates only FY25 and the nine months to 31 December 2025; FY24 and FY23 exist on a standalone basis only. The series above is standalone throughout so the years are comparable. The FY25 figures quoted by most trackers (revenue about Rs 61.9 Cr, PAT Rs 8.41 Cr) are the consolidated ones and sit on a different basis from the FY24 and FY23 rows they are usually printed beside.
Per-share figures in the prospectus straddle a large bonus issue: equity share capital went from Rs 1.00 lakh to Rs 1,408.57 lakh, so unadjusted FY25 standalone EPS prints as Rs 8,020.30. The bonus-adjusted restated figures are Rs 5.98 (FY25), Rs 3.27 (FY24) and Rs 1.51 (FY23).

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: CapitalSquare Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 6 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

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

At a glance

Board: SME platform
Opens: 26 Feb 2026
Closes: 2 Mar 2026
Allotment: 4 Mar 2026
Lists: 6 Mar 2026
Revenue (FY25): ₹60.73 Cr
Profit (FY25): ₹8.02 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.