Simca Advertising
Book Building issueSMENSE₹58.04 Cr issue
-14.75%
Listing gain over issue price
Price band
₹174 – ₹183
Issue size
₹58.04 Cr
1 lot at cut-off
₹1,09,800
Lot size
600shares
Open
08 May 2026
Close
12 May 2026
Allotment
13 May 2026
Listing
15 May 2026
Listing performance
Issue price
₹183
Listed at
₹156
Listing-day close
₹163.80
Latest price
₹182.80
Listing gain
-14.75%
Return since listing
-0.11%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹2
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 15 May 2026 | ₹2 | +1.09% | ₹900 | ₹185 | ₹1,200 |
| 14 May 2026 | ₹2 | +1.09% | ₹900 | ₹185 | ₹1,200 |
| 13 May 2026 | ₹3 | +1.64% | ₹1,400 | ₹186 | ₹1,800 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 08 May 2026 – 12 May 2026
- Listing date
- 15 May 2026
- Face value
- ₹10 per share
- Price band
- ₹174 – ₹183
- Issue price
- ₹183 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹58.04 Cr
- Market cap at offer price
- ₹219 Cr
- Promoter holding
- 99.99% → 73.50% pre-issue → post-issue
- ISIN
- INE1K4J01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- Bungalow No C-6, Swami Samarth Nagar, Roshanlal Nagar, 3rd Cross Lane, Andheri (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,39,200 | — | — |
| Market maker | 1,59,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹183
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,09,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,19,600 |
| S-HNI (max) | 9 | 5,400 | ₹9,88,200 |
| B-HNI (min) | 10 | 6,000 | ₹10,98,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,39,200
Anchor portion
₹8.04 Cr
at ₹183 per share
Valuation and performance
Valuation at offer price
₹183 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.34 | 11.89 |
| P/E (×) | 16.14 | 15.39 |
| Price to book (×) | 9.27 | — |
| Market cap | — | ₹219 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 57.44%
- ROCE
- 76.57%
- Debt / equity
- 0.02
- PAT margin
- 13.31%
- EBITDA margin
- 18.00%
- NAV per share
- ₹19.74
- Price to book
- 9.27
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Simca Advertising
Simca Advertising Limited is a public limited company incorporated on June 17, 2022, operating in the Out-of-Home (OOH) advertising sector primarily across the Mumbai Metropolitan Region. The company provides outdoor advertising services through a leased media asset model, offering static hoardings, LED displays, gantries, transit media, and other OOH formats to advertisers and advertising agencies. The company does not own advertising infrastructure but instead operates through leasing and sub-leasing arrangements from third-party property owners and from a related proprietorship firm of its promoter, Fahim Batliwala. Revenue is generated through campaign-based bookings where clients purchase advertising space for specified durations and locations. The company executes campaigns for various industries including real estate, entertainment, retail, financial services, and government institutions, with average lead times of 2-4 weeks for campaign execution.
Company Analysis
from RHPSimca Advertising Limited operates Out-of-Home (OOH) advertising business by leasing and operating static hoardings, digital billboards, and transit media in Mumbai for brand advertising and promotional campaigns.
Simca Advertising Limited is a public limited company incorporated on June 17, 2022, operating in the Out-of-Home (OOH) advertising sector primarily across the Mumbai Metropolitan Region. The company provides outdoor advertising services through a leased media asset model, offering static hoardings, LED displays, gantries, transit media, and other OOH formats to advertisers and advertising agencies. The company does not own advertising infrastructure but instead operates through leasing and sub-leasing arrangements from third-party property owners and from a related proprietorship firm of its promoter, Fahim Batliwala. Revenue is generated through campaign-based bookings where clients purchase advertising space for specified durations and locations. The company executes campaigns for various industries including real estate, entertainment, retail, financial services, and government institutions, with average lead times of 2-4 weeks for campaign execution.
Out-of-Home (OOH) AdvertisingReal EstateEntertainment & MediaRetailFinancial ServicesTechnologyHospitalityEducation
Objects of the Issue
- Purchase and installation of LED screens ₹1,271.88 Lakhs p.51
- Strategic collaboration with Capital World Media Services Private Limited for monetization of 20 LED digital advertising screens ₹500.00 Lakhs p.52
- Funding incremental working capital requirements ₹2,350.00 Lakhs p.40
- General corporate purposes p.50
- Expansion of Media Asset Base p.175
- Integration of Sustainable Operational Practices p.175
- Adoption of Technology-Driven, Interactive, and Format-Diverse Outdoor Advertising Solutions p.176
- Expansion into Integrated Advertising and Marketing Services p.175
- Objects of the Offer section not provided in this document part
Issue Structure
- Total Issue
- Up to 31,71,600 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 31,71,600 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company generates revenue by leasing advertising space (hoardings, billboards, gantries, digital displays) to advertisers and advertising agencies on a campaign-specific basis. Revenue from Operations is derived from selling advertising space on static hoardings, LED displays, gantries, pole kiosks, transit media, and other media assets. The company operates on an asset-light model, leasing or sub-leasing media sites from third-party vendors and property owners rather than owning the infrastructure. Significant lease payments are made monthly (₹90.00 lakhs per month as per agreement dated July 01, 2025) to the related proprietorship firm of promoter Fahim Batliwala for hoarding sites and advertising slots.
Business Segments
Display of advertisements on outdoor media assets including static hoardings, gantries, kiosks, and LED digital screens installed in open public areas and leased from third parties and related proprietorship entities
Large-format billboards, hoardings, wall wraps, transit media placements, and pole kiosks placed in high-traffic zones such as highways, commercial areas, residential catchments, and retail districts, offering 24/7 visibility and brand recall.
High-resolution, animated, real-time adaptable digital advertisements on digital billboards, LED displays, interactive screens, and programmatic advertising solutions. Allows brands to update, modify, or personalize campaigns instantly based on time slots, audience segments, demographics, and location-specific triggers.
Brand activations and sponsorships at corporate events, public gatherings, trade fairs, festivals, sports tournaments, and cultural exhibitions. Services include logo placements, panel sponsorships, booth displays, and branding at sporting events and festivals.
Revenue from rental of outdoor advertising space on hoardings, billboards, digital screens and other media properties
Revenue from installation, mounting and dismounting of vinyl materials and signage on advertisement structures
Revenue from space selling charges from static hoardings and gantries
Revenue from LED displays and digital advertising formats
Revenue from event sponsorships and special campaigns
SWOT Analysis
Strengths
- • Extensive industry experience of promoters in OOH advertising sector(p.58)
- • Strong historical roots with decades of business continuity in outdoor advertising(p.46)
- • Promoters built strong customer and vendor relationships over time(p.58)
- • Established market presence with extensive media network in OOH advertising across Mumbai and Maharashtra(p.112)
- • High-visibility strategic locations enabling monetization of LED screens through dynamic content rotation(p.97)
- • Capability to generate 3-5x revenue per LED hoarding compared to static sites through multi-client scheduling(p.98)
- • Control over asset upgrades and digital transformation independent of third-party lessors(p.97)
- • Experienced management team with managerial, creative, technical expertise and industry relationships(p.112)
- • Established market presence with 50+ years of OOH advertising heritage(p.167)
- • Diversified media asset portfolio of 150+ assets across high-traffic locations in Mumbai(p.167)
- • Strong EBITDA margins of 18-21% and PAT margins of 11-14% demonstrating operational efficiency(p.168)
- • Growing Digital Out-of-Home (DOOH) revenue, increasing from 0% in FY2023 to 36% of revenue by 9M FY2026(p.169)
- • Experienced leadership team with 20+ years of OOH industry expertise(p.174)
- • Asset-light business model with 150 media assets operated via lease/sub-lease arrangements minimizing capital requirements(p.178)
- • High occupancy/utilization rate of 77.96% across media assets indicating strong demand(p.169)
- • Diversified client base across real estate, advertising agencies, banking, entertainment, and government sectors reducing revenue concentration(p.167)
- • 20 years of industry experience in OOH advertising(p.201)
- • Established client relationships and brand recognition with multiple awards(p.197)
- • Strong financial performance with consistent revenue growth(p.243)
- • High profitability and cash generation(p.227)
- • ISO 9001:2015 Quality Management System certification(p.197)
- • Diversified client base across multiple sectors reduces dependence on any single industry(p.258)
- • Strategic portfolio of over 100 Out-of-Home media assets in high-traffic Mumbai locations(p.258)
- • ISO 9001:2015 certified with focus on consistent quality and process adherence(p.258)
- • Multiple industry awards and recognitions for creative excellence and campaigns(p.258)
- • Strong promoter experience with 20+ years in OOH advertising industry(p.259)
- • High occupancy rate of 77.96% demonstrates strong asset utilization(p.260)
- • Strong revenue growth of 52% from FY2024 to FY2025(p.271)
Weaknesses
- • Non-transferable lease agreements limit flexibility and direct asset ownership(p.34)
- • Entirely dependent on leased media sites with no owned advertising infrastructure(p.35)
- • Significant trade receivables tied up in current assets creating working capital risk(p.36)
- • Promoter involved in litigation related to Direct and Indirect Taxation(p.36)
- • Promoter has parallel business interests creating conflicts of interest(p.38)
- • Heavy reliance on lease payments to related proprietorship firm impacts financial ratios(p.41)
- • Restated financial information provided by Peer Reviewed Auditors, not Statutory Auditors(p.39)
- • No long-term agreements with majority of clients creating revenue uncertainty(p.36)
- • Short standalone financial track record as recently corporatized entity(p.46)
- • Significant working capital requirements with no sanctioned facilities from banks(p.45)
- • High working capital gap and rising trade receivables(p.45)
- • Delays in statutory compliance filings including EPF, ESIC and GST returns(p.46)
- • ROC filing delays including material delays of over 500 days(p.48)
- • Trademark not yet registered, creating intellectual property vulnerability(p.49)
- • Dependence on related party proprietorship for hoarding sites and office premises(p.49)
- • Outstanding legal proceedings involving company, promoters and directors with material amounts(p.48)
- • Conflicts of interest between company and related promoter entities(p.45)
- • No key-man insurance for senior management and critical personnel(p.52)
- • High dependence on lease-based operational model with recurring rental obligations to third parties and promoter(p.96)
- • Working capital intensive business requiring significant upfront investments before revenue realization(p.106)
- • Extended payment cycles from clients creating cash flow timing mismatches(p.108)
- • Limited operational flexibility due to lease-dependent hoarding inventory across multiple third-party locations(p.105)
- • High client concentration with top 3 clients representing material revenue portion requiring repeat client conversion(p.169)
- • Declining client retention rate from 70.49% in FY2024 to 24.81% in 9M FY2026 indicating higher customer churn(p.169)
- • Trade receivables collection cycle of 118 days is lengthy, putting pressure on working capital(p.168)
- • Realization rate of only 73% indicates significant uncollected or written-off receivables(p.169)
- • Heavy dependence on Maharashtra for 81% of revenue with limited geographic diversification(p.171)
- • Asset-light model creates dependence on third-party media owners for hoarding sites(p.167)
- • Heavy dependence on a few large customers for revenue(p.29)
- • Concentration of operations in Mumbai and Maharashtra only(p.257)
- • Limited geographic diversification with no operations outside Maharashtra(p.257)
- • Reliance on proprietorship firm (M/s Simca Advertising) for hoarding space(p.248)
- • Heavy dependence on lease arrangements for media assets with exposure to rental cost escalations(p.260)
- • High concentration with top 10 customers accounting for 43.97% of revenue(p.277)
- • High concentration with top 10 suppliers accounting for 63.88% of hoarding expenses(p.277)
- • Declining client retention rate from 70.49% in FY2024 to 24.81% in 9M FY2026(p.260)
- • Significant GST tax liabilities and disputes against promoter totaling ₹19.34 crore(p.287)
- • Declining realization rate from 98% in FY2023 to 73% in 9M FY2026(p.260)
Opportunities
- • Digital OOH segment growing at much faster pace than static billboards(p.37)
- • OOH industry experiencing overall growth trajectory(p.37)
- • Expansion into new geographic markets across India beyond Mumbai(p.55)
- • Diversification into new media and service verticals(p.55)
- • Conversion of static hoardings to digital LED formats with higher monetization potential(p.46)
- • Strategic collaboration for monetization of LED digital screens(p.51)
- • Growing demand for digital out-of-home advertising in Indian market(p.52)
- • Rapid expansion of Digital Out-of-Home (DOOH) sector projected to grow at 42.68% CAGR from 2020-2027E(p.101)
- • Strong growth in India's overall advertising market from INR 650.28 billion (CY 2019) to projected INR 1,830.05 billion by 2031(p.105)
- • Out-of-Home market expansion from INR 4,695 crore (CY 2024) to INR 7,659.2 crore projected by 2031E at 7.2% CAGR(p.105)
- • Strategic asset-light partnership model for monetization without heavy capital expenditure via CWM collaboration(p.102)
- • Rapid urbanization driving increased consumer mobility and out-of-home advertising demand across Tier 2 and Tier 3 cities(p.137)
- • Direct client engagement transition enabling margin improvement by eliminating agency commissions and capturing larger revenue share(p.108)
- • India OOH market projected to grow at 7.2% CAGR from INR 4,695 crore (CY2024) to INR 7,659.2 crore (CY2031E)(p.167)
- • Digital Out-of-Home (DOOH) segment growing at 42.68% CAGR from INR 80 crore (CY2020) to projected INR 963 crore (CY2027E)(p.167)
- • Expansion into integrated advertising services including TV, radio, cinema, print, digital marketing and retail activations(p.175)
- • Growth in transit advertising segment expanding at 10% CAGR due to metro/airport expansions(p.151)
- • Smart Cities Mission creating new high-visibility advertising opportunities in urban infrastructure(p.146)
- • Single-use plastic ban driving transition from PVC flex to digital billboards and sustainable alternatives(p.144)
- • India's rapid urbanization with 40% of population (600 million) expected to live in urban areas by 2036(p.182)
- • E-commerce and delivery services (Swiggy, Zomato, Amazon, Flipkart) driving mobile billboard and localized OOH advertising demand(p.182)
- • Rapid growth in OOH advertising market at 7.2% CAGR through 2031(p.257)
- • Explosive growth in Digital Out-of-Home (DOOH) at 42.68% CAGR through 2027(p.257)
- • Expansion into geographic markets beyond Maharashtra(p.197)
- • Growing demand for programmatic and AI-powered advertising solutions(p.257)
- • Smart Cities Mission and Digital India initiative driving infrastructure development and DOOH expansion(p.262)
- • Massive government infrastructure investments in metros, airports, highways creating new advertising spaces(p.262)
- • 5G networks and broadband expansion enabling scalability of DOOH campaigns(p.262)
- • Opportunity to expand beyond core Mumbai geography to other cities(p.267)
- • Growing digital OOH adoption with 72 LED billboards representing 60% of total asset count(p.260)
Threats
- • Non-availability or loss of access to key advertising sites due to regulatory or infrastructure changes(p.39)
- • Outdoor advertising sites exposed to structural failure and safety risks(p.40)
- • Reliance on government registrations, licenses, and permits subject to regulatory changes(p.40)
- • Significant increase in prices of advertising space or sites may adversely affect profitability(p.39)
- • Business concentrated in MMR creating regional economic downturn risk(p.39)
- • OOH industry shifting to digital formats while company primarily dependent on static inventory(p.41)
- • Business seasonality creates revenue fluctuation and working capital management risks(p.41)
- • Fragmented and competitive OOH sector with pricing pressures from new entrants and larger incumbents(p.42)
- • Economic downturn in client industries reduces advertising budgets and OOH spending(p.44)
- • Industry measurement challenges, weather vulnerabilities, and regulatory constraints(p.43)
- • Dependence on third-party licensing and municipal approvals for hoarding operations(p.53)
- • Revenue volatility from short-duration event-based and campaign-driven advertising(p.54)
- • Environmental damage to outdoor media assets from harsh weather conditions(p.52)
- • Economic downturn in India affecting discretionary advertising spend(p.56)
- • Changes in regulatory framework and municipal guidelines for advertising(p.49)
- • Dependence on unreliable external vendors for critical operational functions(p.53)
- • Limited insurance coverage creating liability exposure on leased sites(p.53)
- • Geopolitical tensions and natural disasters affecting Indian operations(p.59)
- • Competition law enforcement and potential adverse application(p.60)
- • Changing tax laws and GST regime creating compliance uncertainty(p.61)
- • Dependence on strategic partnership with CWM for 20 LED screens with risks of delays and underperformance(p.104)
- • Potential cost increases and vendor delivery risks as LED screen installation costs have not been appraised by independent agencies(p.101)
- • Municipal approval risks and regulatory compliance requirements for LED screen installation across Mumbai locations(p.101)
- • Advertising demand volatility and economic sensitivity affecting client spending and campaign utilization rates(p.104)
- • MSME payment regulation constraints limiting trade payable extension and increasing working capital pressure(p.107)
- • Highly fragmented OOH market with numerous competitors including Alakh Advertising, Bright Outdoor, Signpost India, and Minimax Ads(p.152)
- • Rising online advertising competition with better targeting, analytics and cost efficiency shifting advertiser budgets(p.148)
- • Strict regulatory and compliance requirements for billboard placement, design, content and environmental standards(p.148)
- • Weather and environmental factors causing physical damage, vandalism and wear reducing advertising effectiveness(p.148)
- • Measurement and attribution challenges limiting ability to demonstrate OOH campaign ROI vs digital alternatives(p.148)
- • Audience fragmentation due to digital media proliferation making it difficult to reach and engage target audiences(p.148)
- • Dependence on third-party media site owners creating contractual and operational risks(p.167)
- • Single-use plastic ban and environmental regulations requiring costly transition to sustainable materials and practices(p.176)
- • Intense competition in OOH advertising market from larger established players(p.29)
- • Regulatory compliance costs from new Labour Codes effective November 21, 2025(p.244)
- • Dependence on hoarding space availability and rental cost fluctuations(p.29)
- • Shift towards digital and online advertising reducing OOH market share(p.257)
- • Economic slowdown or advertising budget cuts by clients(p.29)
- • Intense competition from established media agencies and new entrants with lower pricing(p.261)
- • Disruption from digital media channels potentially reducing OOH advertising budgets(p.260)
- • Regulatory risks including municipal restrictions, environmental norms, and civic enforcement actions(p.261)
- • Seasonal revenue fluctuations with monsoon and weather conditions reducing visibility and demand(p.260)
- • Risk of lease non-renewal or early termination disrupting access to prime advertising sites(p.260)
- • Macroeconomic slowdowns and inflation impacting advertiser budgets and spending(p.276)
- • Dependence on limited number of major clients with potential loss of revenue if key contracts terminate(p.261)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Fahim Batliwala | Promoter | — | — |
| Ashma Fahim Batliwala | Promoter | — | — |
| Fahim Batliwala | Promoter | 99.99% | — |
| Ashma Fahim Batliwala | Promoter | Negligible | — |
| Fahim Batliwala | Promoter | — | — |
| Fahim Batliwala | Promoter | 99.99% | [●]% |
| Ashma Fahim Batliwala | Promoter | 0.002% | [●]% |
| Fahim Batliwala | Promoter | — | — |
| Ashma Fahim Batliwala | Promoter | — | — |
Leadership
Fahim Batliwala · Chairman/Managing Director
Zameer Ahmed Mistry · Executive Director
Sharuq Sayyed · Chief Financial Officer
Pooja Sanjiv Hindia · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.