Silverstorm Parks & Resorts Limited IPO Overview
Established in 1998, Silverstorm Parks & Resorts Limited is one of India’s integrated amusement and tourism companies with operations across amusement parks, water parks, indoor snow parks, and hospitality services. Unlike a standalone amusement park operator, the company has developed an integrated entertainment ecosystem comprising a theme park, water park, indoor snow park, resort, restaurants, and event facilities — creating multiple revenue streams while reducing dependence on a single source of income. Its flagship property is the Athirappilly Theme Park in Kerala, and the company is now expanding into North India with a new Snow Park and Family Entertainment Centre (FEC) in Lucknow.
Silverstorm Parks & Resorts Limited is launching a ₹82.43 crore BSE SME IPO through a fresh issue to fund expansion, strengthen tourism infrastructure, and reduce debt. The price band is fixed at ₹123 to ₹133 per share, with a lot size of 1,000 shares. The IPO opens on 24 July 2026 and closes on 28 July 2026, with listing expected on 31 July 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Bidding Date | 23 July 2026 |
| IPO Open Date | 24 July 2026 |
| IPO Close Date | 28 July 2026 |
| Allotment Date | 29 July 2026 (Expected) |
| Credit to Demat | 30 July 2026 |
| Listing Date | 31 July 2026 (Tentative) |
| Price Band | ₹123 – ₹133 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹2,66,000 (2 lots = 2,000 shares) |
| Minimum Investment (HNI) | ₹3,99,000 (3 lots = 3,000 shares) |
| Issue Size | ₹82.43 crore |
| Fresh Issue | 61,98,000 shares (₹82.43 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Anchor Investors | Not more than 17,61,000 shares |
| Qualified Institutional Buyers (QIB) | Not more than 11,76,000 shares (excl. Anchor) |
| Non-Institutional Investors (NII/HNI) | Not less than 8,88,000 shares |
| Retail Individual Investors (RII) | Not less than 20,62,000 shares |
| Market Maker | 3,11,000 shares |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will be received directly by the company for business expansion and debt reduction.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net IPO proceeds for the following purposes:
- Setting up Lucknow Snow Park and Family Entertainment Centre (FEC) — ₹26.12 crore
- Expansion and upgradation of the existing Athirappilly Theme Park, Kerala — ₹15.14 crore
- Repayment and/or pre-payment of existing borrowings — portion of proceeds
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Vivro Financial Services Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
- Market Maker: Rikhav Securities Ltd.
Promoters & Management
The company is promoted by Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel and Shalimar Antharathara Ibrahim. The promoters bring over two decades of experience in building and operating integrated leisure and tourism infrastructure in India.
As of 31 March 2026, the company has 375 permanent employees.
Company Details
Silverstorm Parks & Resorts operates integrated amusement parks, water parks, indoor snow parks, resorts, restaurants, and tourism destinations across India. The company’s flagship property — the Athirappilly Theme Park in Kerala — is one of the most visited leisure destinations in South India.
As part of future growth, the company is developing a 1.2-kilometre aerial cable car project at Athirappilly, expected to become operational in the fourth quarter of FY26, adding new rides and high-thrill water attractions.
Sectors Served:
- Leisure & Amusement Parks
- Water Parks & Snow Parks
- Hospitality & Resorts
- Food & Beverage (in-house operations)
- Event & Banquet Services
Key Attractions / Offerings:
- Athirappilly Theme Park, Kerala (flagship)
- Water Park with rides and attractions
- Indoor Snow Park
- Resort & Hotel facilities
- Restaurants and banquet halls
- Upcoming: Lucknow Snow Park & FEC
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹19.11 | ₹0.97 | ₹6.52 |
| FY25 | ₹31.64 | ₹9.71 | ₹16.56 |
| FY26 | ₹44.85 | ₹19.10 | ₹29.36 |
Key Financial Metrics
- Revenue grew 42% and PAT nearly doubled (97% growth) between FY25 and FY26.
- EBITDA margin improved significantly to 67.37% in FY26, and net profit margin reached 42.59% in FY26 — reflecting high operating leverage of the amusement park model.
- Return on Net Worth (RoNW): 30.98% | Return on Capital Employed (RoCE): 25.22% in FY26.
- Total assets nearly doubled from ₹112.02 crore in FY24 to ₹214.09 crore in FY26, driven by ongoing capex and land revaluations.
- P/E (based on FY26 EPS of ₹12.59 at upper band ₹133): ~10.6x
Company Strengths
- Integrated leisure business model with amusement parks, water parks, snow parks, resorts, and hospitality — creating diversified revenue streams and reducing dependence on a single source.
- Strong organic footfall growth — annual visitors grew from 4.24 lakh in FY24 to 6.71 lakh in FY26, demonstrating increasing brand appeal.
- Exceptional financial turnaround — revenue CAGR of 52% and PAT growth of nearly 20x over FY24–FY26
- High operating leverage with EBITDA margins of 67% and PAT margins of 42% in FY26 — among the best in the SME IPO space
- Upcoming 1.2-km aerial cable car project at Athirappilly set to add new high-thrill experiences and attract more visitors.
- Geographic diversification through the upcoming Lucknow Snow Park & FEC — entering the large North India market for the first time
- Entire IPO is a fresh issue — no promoter exit, all funds go towards expansion and debt reduction
Key Risks & Challenges
- Seasonality in tourism — revenues are heavily dependent on holiday seasons, school vacations, and weather conditions, leading to uneven quarterly performance.
- Borrowings stood at ₹65.07 crore as of FY26, and despite IPO proceeds being used for partial repayment, the company will carry residual debt post-listing.
- Execution risk on expansion projects — the Lucknow Snow Park & FEC and cable car projects are under development and subject to delays, cost overruns, or regulatory hurdles
- FY26 PAT surge may not be fully sustainable — PAT margin dropped to 8.97% in FY25 before rebounding to 16.65% in 9M FY26, raising concerns about consistency of profitability going forward.
- Heavy geographic concentration — primary revenue still comes from the Kerala property; any local disruption (floods, political unrest, travel restrictions) could significantly impact earnings
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
