All IPOs 
Silverstorm Parks & Resorts
SME · BSE listed
-0.08%
Listing gain
Price Band
₹123 – ₹133
Issue Size
₹82.43 Cr
1 lot at upper band
₹1,33,000
Lot Size
1,000
Open
24 Jul 2026
Close
28 Jul 2026
Allotment
—
Listing
31 Jul 2026
Scheduled dates
- Open24 Jul 2026
- Close28 Jul 2026
- Refund30 Jul 2026
- Demat credit30 Jul 2026
- Listing31 Jul 2026
Listing Performance
Listing Price
₹132.9
Listing Gain
-0.08%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹5 7 sessions
Subscription (times)
Latest per-category subscription · as of 28 Jul, 06:56 pm IST.
QIB 1.81x
NII 3.19x
BHNI 3.72x
SHNI 2.12x
RII 1.41x
Total 1.91x
About Silverstorm Parks & Resorts
The company operates as an ISO 9001:2015 certified integrated amusement destination with an amusement cum water park, snow park, integrated resort and upcoming aerial cable car project near Athirappilly waterfalls in Thrissur, Kerala. The company is positioned as one of the renowned and established players in the region and is set to become the first amusement park in the region to offer a cable car for tourists. Spread across approximately 17.38 acres, the park integrates multiple entertainment facilities offering a comprehensive entertainment destination for families, students, tourists, corporate groups, and institutional visitors. The company also owns and operates a snow park at Jamshedpur, Jharkhand, and is setting up a new snow park and family entertainment center at Lucknow, Uttar Pradesh.
https://silverstorm.in/ ↗Strengths
- India's first integrated fun destination offering amusement cum water park, snow park, cable car and resort at a strategic tourist locationThe company is positioned to be the first fully integrated amusement destination in India, combining an amusement cum water theme park, indoor snow park, ropeway cable car, and resort accommodation within a single property. The park draws from a vast urban catchment across Kerala and nearby urban centers of Tamil Nadu, representing a total catchment population of over 50 million people.
- Established track record with over two and a half decades of market presence and brand recognitionThe company commenced operations in 2000 and has built its presence in the regional leisure industry by continuously expanding and upgrading its offerings. The company recorded total footfalls of 6.71 lakhs, 5.14 lakhs, and 4.24 lakhs for fiscal years 2026, 2025, and 2024 respectively, with revenue from operations growing at a CAGR of 52.02% during the last three financial years from ₹ 1,885.84 lakhs in Fiscal 2024 to ₹ 4,358.00 lakhs in Fiscal 2026.
- Experienced promoters and dedicated senior management team with industry knowledgeThe company's promoters, Shalimar A. I. and P. K. Abdul Jaleel, have more than two and a half decades of experience in the amusement park industry. Through their growth-focused approach combined with industry expertise, the promoters have helped grow the business over two and a half decades, achieving revenue growth at a CAGR of 52.02% during the last three financial years from ₹ 1,885.84 lakhs in Fiscal 2024 to ₹ 4,358.00 lakhs in Fiscal 2026.
- Strong institutional marketing and regional sales networkThe company has developed a well-structured institutional marketing network with a dedicated in-house sales and marketing team comprising 46 personnel who regularly cover all major districts in Kerala and nearby urban centers of Tamil Nadu. This regional presence enables targeted outreach and direct engagement with various visitor segments such as schools, colleges, corporates, travel agencies, and event organizers.
- High safety and hygiene standardsThe company's Athirappilly Theme Park has been certified with ISO 9001:2015 by ARS Assessment Private Limited for amusement rides, water slides, snow park and resort. The company uses reverse osmosis technology for water-based attractions, has extensive water filtering and recycling systems, quality control laboratory, lightning arrestors, and diesel electricity generators with a combined capacity of 910 kVAh.
- Prudent capital allocation and consistent financial performanceThe company's strength lies in its ability to continuously identify and add new attractions while managing capital expenditure within budget in a cost-effective manner. The company achieved revenue from operations of ₹ 4,358.00 lakhs, ₹ 3,100.12 lakhs, and ₹ 1,885.84 lakhs for Fiscal 2026, Fiscal 2025, and Fiscal 2024, representing a CAGR of 52.02%.
Risk Factors
- Lack of Annual Maintenance Contracts for Critical EquipmentThe company has not entered into annual maintenance contracts for machinery, building, and other equipment used at its parks, except for the Diesel Generator set. Any unexpected accident, malfunction or mechanical breakdown could disrupt operations, result in increased maintenance costs, and adversely affect business operations and financial condition.
- Seasonal and Cyclical Revenue VariationsThe company's business is subject to seasonal variations with higher revenues in Q3 and Q4 due to school tours and festive seasons. Fixed costs remain constant throughout the year, making the business vulnerable to disproportionate impacts from lower-than-expected footfalls during certain quarters.
- High Fixed and Recurring Operating ExpensesA significant portion of operational expenses including power and fuel costs (₹164.65 lakhs in FY2024), employee expenses (₹571.52 lakhs in FY2024), and maintenance costs are fixed and recurring. The company may not be able to scale down these costs promptly during periods of reduced demand.
- Dependence on Large Workforce and Associated RisksThe company employs 375 permanent employees as of March 31, 2026, with employee benefit expenses representing 34.40% of total expenses in FY2024. The business faces risks from potential claims relating to employee actions, service deficiencies, and possible labor disruptions.
- Geographic Revenue Concentration RiskThe company historically derived 95.70% of revenue from its Athirappilly Theme Park in FY2026. This concentration makes the business vulnerable to local disturbances, natural disasters, or operational disruptions affecting this single location.
- Regulatory Non-Compliance and Missing Corporate RecordsThe company has instances of non-compliance including missing bank statements for historical share allotments, non-appointment of Company Secretary during required periods, and untraceable statutory forms. These issues expose the company to potential regulatory penalties and adverse actions.
- Safety and Accident Liability ExposureOperation of water park rides and snow-based activities involves inherent risks of personal injury and property damage. Any accidents could lead to financial liabilities, legal proceedings, adverse publicity, and reputational damage affecting business operations and expansion plans.
- Dependence on Discretionary Consumer SpendingThe company's business depends on factors beyond its control including consumer discretionary spending, economic conditions, and footfall patterns. Economic uncertainty or reduced consumer spending on leisure activities could significantly impact revenues and business performance.
Objects of the Issue
- Funding capital expenditure in relation to setting up Lucknow Snow Park and FECThe company intends to expand its presence beyond current operations by establishing a new indoor snow park and Family Entertainment Centre at Omaxe Hazratganj mall in Lucknow, Uttar Pradesh. This project is part of the company's strategy to expand into new geographies and capture growing demand for recreational facilities in tier-II cities.26.12 crores
- Funding capital expenditure in relation to the expansion and upgradation of existing Athirappilly Theme Park, KeralaThe company proposes to utilize funds for expansion and upgradation of existing attractions at Athirappilly Theme Park to enhance visitor experience and drive repeat footfalls. The expansion includes upgrading the existing Snow Storm park, setting up a new restaurant, and constructing a new banquet hall with dining area.15.14 crores
- Repayment and/or prepayment, in full or part, of certain borrowings availed by the CompanyThe company proposes to utilize funds towards repayment/prepayment of certain borrowings to help reduce outstanding indebtedness and finance costs, assist in maintaining favorable debt-to-equity ratio, and enable utilization of internal accruals for further investment in business growth and expansion.24.00 crores
- General Corporate PurposesThe company intends to deploy balance funds towards general corporate purposes including upgradation of existing rides, brand building, marketing expenses, salaries, administration expenses, IT infrastructure upgradation, insurance expenses, payment of taxes, and other expenses incurred in ordinary course of business.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 44.85 | +41.8% | 19.10 | +96.7% | 214.09 | 133.48 | 25.29 |
| 31/03/2025 | 31.64 | +65.6% | 9.71 | +901.0% | 151.60 | 111.93 | 6.42 |
| 31/03/2024 | 19.11 | — | 0.97 | — | 112.02 | 77.73 | 4.94 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 11.48
- ROCE
- 25.22%
- Shares / Lot
- 1,000
- Minimum Bid
- 2,000 shares
- Refund
- 30 Jul 2026
- Credit to Demat
- 30 Jul 2026
- ISIN
- INE1EJ401023
- CIN
- U92199KL1998PLC012512
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- Vivro Financial Services Pvt.Ltd.
- Registered Office
- Door No 1/77A Vettilapara P O, Chalakudy, Thrissur - 680721, Kerala
Management
Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul JaleelMD
Shalimar Antharathara IbrahimCEO
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.