Summary
Silverstorm Parks & Resorts IPO is a book-built SME issue of up to ₹82.43 crore, with bidding from 24 to 28 July 2026 and listing expected on BSE SME on 31 July 2026.
The company reported revenue growth from ₹18.86 crore in FY2024 to ₹43.58 crore in FY2026, along with a sharp rise in EBITDA and PAT margins.
Key risks include dependence on the Athirappilly property, seasonal footfall, borrowings of ₹65.07 crore and execution risks linked to expansion projects.
Silverstorm Parks & Resorts is entering the capital market through a book-built SME IPO consisting entirely of fresh shares. The issue covers 61.98 lakh equity shares with a face value of ₹10 each. Based on the price band, the company is expected to raise between ₹76.24 crore and ₹82.43 crore.
The IPO will remain open for subscription from 24 July 2026 to 28 July 2026. The basis of allotment is likely to be completed on 29 July 2026, followed by the proposed listing on the BSE SME platform on 31 July 2026.
The price band has been fixed at ₹123 to ₹133 per share. Although the trading lot is 1,000 shares, individual investors must apply for at least 2,000 shares. This makes the minimum retail application ₹2,66,000 at the upper price.
For sNII investors, the smallest permitted bid is three lots or 3,000 shares, requiring ₹3,99,000. The minimum bNII application is eight lots or 8,000 shares, amounting to ₹10,64,000.
Silverstorm Parks & Resorts IPO–Key Details
The following table provides the key details of the Silverstorm Parks & Resorts IPO:
| IPO Open | 24 July 2026 |
| IPO Close | 28 July 2026 |
| Face value | ₹10 per share |
| Price Band | ₹123 to ₹133 per share |
| Issue price | – |
| IPO Lot Size | 1000 shares |
| Offer-for-sale | Nil |
| Fresh issue | 61,98,000 shares |
| Issue Type | Book-built SME IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹76.24 crore to ₹82.43 crore |
| Minimum Investment (Retail) | 2000 shares costing ₹2,66,000 at ₹133 per share. |
Silverstorm Parks & Resorts IPO–Timeline
Key dates for the Silverstorm Parks & Resorts IPO are listed below.
| Bid Open Date | 24 July 2026 |
| Bid Close Date | 28 July 2026 |
| Allotment | 29 July 2026 |
| Refunds Initiated | 30 July 2026 |
| Share Credit Date | 30 July 2026 |
| Listing | 31 July 2026 |
| UPI mandate Cut-off time | 5:00 PM on 28 July 2026 |
Silverstorm Parks & Resorts Limited–Key Performance Indicators (KPIs)
The table below compares Silverstorm Parks & Resorts’ key performance indicators across the three most recent financial years.
| KPIs | FY2026 | FY2025 | FY2024 |
| ROE | 30.98% | 26.34% | 4.90% |
| ROCE | 25.22% | 21.42% | 6.23% |
| Debt-Equity Ratio | 0.89x | 0.58x | 1.21x |
| RoNW | 30.98% | 26.34% | 4.90% |
| PAT Margin | 42.59% | 30.69% | 5.06% |
| EBITDA Margin | 67.37% | 53.41% | 34.59% |
| Price-Book Value | – | – | – |
Silverstorm Parks & Resorts Limited–Financial Information
The snapshot below shows how Silverstorm Parks & Resorts performed financially over the three latest reported years.
| Particulars | FY2026 | FY2025 | FY2024 |
| Revenue | 4,358.00 | 3,100.12 | 1,885.84 |
| Total Assets | 21,409.22 | 15,160.14 | 11,202.24 |
| Profit After Tax | 1,910.27 | 971.07 | 96.62 |
Silverstorm Parks & Resorts IPO–Subscription Status
Subscription status not available!
Subscription data will be available when bidding starts.
Apply between 10:00 AM and 5:00 PM on the IPO open dates.
Silverstorm Parks & Resorts IPO–Grey Premium Market (GMP)
As of 21 July 2026, the Silverstorm Parks & Resorts IPO GMP has not started trading in the grey market. Therefore, no estimated listing price or listing gain is currently available.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Last Updated |
| 21 July 2026 | – | – | – | 21 July 2026, 9:28 AM |
| 20 July 2026 | – | – | – | 20 July 2026, 2:05 PM |
Note: GMP, or Grey Market Premium, is sourced from the unofficial grey market. It can change quickly based on demand, subscription levels and market sentiment. GMP should not be treated as a confirmed indication of the listing price or return.
Silverstorm Parks & Resorts IPO–Reservation
Investor allocation for the Silverstorm Parks & Resorts IPO is outlined by category below.
| Category | Shares Offered |
| Market Maker | 3,11,000 |
| Anchor Investors | 17,66,100 |
| QIB, excluding Anchor Investors | 11,77,400 |
| Total QIB portion, including Anchor Investors | 29,43,500 |
| NII | 8,83,050 |
| Retail | 20,60,450 |
| Total Issue | 61,98,000 |
Silverstorm Parks & Resorts IPO–Lot Size
The following table provides the application lot sizes for the Silverstorm Parks & Resorts IPO.
| Application Category | Lots | Shares | Investment Amount |
| Individual Investors (Retail) (Min) | 2 | 2,000 | ₹2,66,000 |
| Individual Investors (Retail) (Max) | 2 | 2,000 | ₹2,66,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,99,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,31,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,64,000 |
Silverstorm Parks & Resorts IPO–Anchor Investors Details
Silverstorm Parks & Resorts IPO anchor investor allocation has not yet been announced. The anchor bidding is scheduled for 23 July 2026. The amount raised and anchor investor list will be updated after the allocation.
Silverstorm Parks & Resorts IPO–Prospectus
Check out the published offer documents for more details:
About Silverstorm Parks & Resorts Limited
Established in 1998, Silverstorm Parks & Resorts started commercial operations two years later. Shalimar Antharathara Ibrahim serves as the company’s Managing Director.
Its business covers amusement parks, water-based attractions, indoor snow parks and resort stays. The company also earns revenue from food services, merchandise, private functions and other organised events.
| Book Running Lead Manager (BRLM) | Vivro Financial Services Private Limited |
| Registrar | MUFG Intime India Private Limited |
Objectives of Silverstorm Parks & Resorts Limited
The following table explains how Silverstorm Parks & Resorts plans to use the IPO proceeds.
| Objective | Proposed Amount |
| Setting up a snow park and family entertainment centre in Lucknow | ₹26.12 crore |
| Expanding and upgrading the Athirappilly property | ₹15.14 crore |
| Repayment or prepayment of certain borrowings | ₹24.00 crore |
| General corporate purposes | – |
The Athirappilly expansion includes proposed additions such as a restaurant, banquet hall and further development of the snow park.
Silverstorm Parks & Resorts Limited–Strengths
- Integrated leisure offering: The Athirappilly property combines water rides, amusement rides, a snow park and resort accommodation. A 1.2 km ropeway is also under development.
- Long operating history: The company has operated its Athirappilly park since 2000. It recorded footfall of 6.71 lakh in FY2026, compared with 5.14 lakh in FY2025 and 4.24 lakh in FY2024.
- Multiple sources of income: Besides entry tickets, the business earns from food, beverages, merchandise, resort stays and event bookings. Non-ticket revenue formed 28.05% of operating revenue in FY2026, up from 11.84% in FY2024.
- Experienced promoters: The promoters have more than two and a half decades of experience in the amusement park industry. The management is supported by an in-house sales and marketing team of 46 people.
- Safety and water-management systems: The Athirappilly property holds ISO 9001:2015 certification for its rides, water slides, snow park and resort. The company also uses water filtration, recycling and regular testing systems.
- Revenue growth: Revenue from operations increased from ₹18.86 crore in FY2024 to ₹43.58 crore in FY2026. This represents a compound annual growth rate of 52.02%.
Silverstorm Parks & Resorts Limited–Risks
- Dependence on one property: The company earns all or most of its revenue from the Athirappilly Theme Park. Any disruption at this location could materially affect its operations and financial performance.
- Seasonal footfall: Visitor numbers depend on holidays, school vacations, weekends and weather conditions. Lower footfall during certain periods may affect revenue while several operating costs remain fixed.
- Ride and equipment breakdowns: The company does not have annual maintenance contracts for most machinery and equipment. Accidents, malfunctions or mechanical failures could interrupt operations and increase repair expenses.
- Expansion execution risk: The Lucknow project and Athirappilly developments require significant investment. Delays, higher costs, supplier issues or pending regulatory approvals may affect the expected completion schedules.
- Borrowings and finance costs: Outstanding debt stood at ₹65.07 crore as of 31 March 2026. Higher interest rates or insufficient operating cash flow could affect the company’s ability to meet repayment obligations.
- Past compliance gaps: The RHP reports earlier delays and procedural lapses involving statutory filings, company secretary appointments and private-placement funds. Some related adjudication proceedings were pending when the RHP was filed.
Silverstorm Parks & Resorts IPO–Review
Silverstorm Parks & Resorts has shown steady operating growth. Footfall increased from 4.24 lakh in FY2024 to 6.71 lakh in FY2026, while revenue rose from ₹18.86 crore to ₹43.58 crore.
Profitability improved much faster than revenue. The EBITDA margin increased from 34.59% to 67.37%, while the PAT margin rose from 5.06% to 42.59%. However, SEBI-registered analyst Naveen Kumar identifies the sharp increase in earnings alongside relatively stable expenses as an area requiring scrutiny.
The company had borrowings of ₹65.07 crore as of March 2026. It plans to use ₹24 crore from the IPO proceeds for debt repayment, while the remaining funds will support projects in Lucknow and Athirappilly.
The IPO offers exposure to a growing leisure business, but key risks remain. These include dependence on the Athirappilly property, seasonal footfall, high debt and execution risks linked to new projects.
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Silverstorm Parks & Resorts IPO FAQs
Silverstorm Parks & Resorts IPO is a book-built SME issue comprising a fresh issue of 61.98 lakh shares. The company plans to raise up to ₹82.43 crore and list its shares on the BSE SME platform.
Investors can apply through their broker’s IPO platform or a bank offering ASBA. Select the IPO, enter the number of lots and complete the application using UPI or blocked bank funds.
The IPO cannot be classified as good or bad for every investor. The company has reported revenue and profit growth, but investors should also assess its debt, business concentration, valuation and SME share liquidity.
The expected return cannot be confirmed before listing. It will depend on the final issue price, investor demand, market conditions and the price at which the shares list.
The IPO will open on 24 July 2026 and close on 28 July 2026.
One lot contains 1,000 shares. However, individual investors must apply for at least two lots or 2,000 shares, requiring ₹2,66,000 at the upper price of ₹133.
Investors need an active demat account, PAN and a supported UPI ID or ASBA-enabled bank account. They can select the number of lots, bid at the chosen price and approve the payment mandate before the deadline.
The tentative basis of allotment is expected to be finalised on 29 July 2026.
Silverstorm Parks & Resorts shares are expected to list on the BSE SME platform on 31 July 2026
