Sollfege Smart Electronics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.33×
- Retail individualRII · up to ₹2 lakh
- 1.94×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹10 | — | ₹15,200 | ₹65 | ₹20,000 |
| 07 Oct 2026 | ₹10 | — | ₹15,200 | ₹65 | ₹20,000 |
| 06 Oct 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 05 Oct 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 02 Oct 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 01 Oct 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹55 | ₹0 |
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.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 2 | 36,38,000 | ₹20.01 Cr | 0.00× |
| Non-institutional | 18,80,000 | 42,80,000 | ₹23.54 Cr | 2.28× |
| Retail individual | 18,80,000 | 37,64,000 | ₹20.70 Cr | 2.00× |
| Total | 37,60,000 | 80,56,000 | ₹44.31 Cr | 2.14× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 05 Oct 2026
- Listing date
- 08 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹55
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹21.78 Cr
- Fresh issue
- ₹20.68 Cr 37,60,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹55 Cr
- Promoter holding
- 99.97% → 60.38% pre-issue → post-issue
- ISIN
- INE17HG01015
- CIN
- U52100WB2012PLC188130
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- Chandrakunj, 3 Pretoria Street, 3rd Floor, Unit No. B, Middleton Row, Kolkata - 700071, West Bengal, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 18,80,000 | 50.00% | 47.47% |
| bNII > ₹10L · within NII | 18,80,000 | — | 47.47% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 18,80,000 | 50.00% | 47.47% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,00,000 | — | 5.05% |
| Total issue | 39,60,000 | — | 100.00% |
Net offer to the public of 37,60,000 shares, out of a total issue of 39,60,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹55
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,10,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,20,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,90,000 |
| B-HNI (min) | 10 | 20,000 | ₹11,00,000 |
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.
Valuation and performance
Valuation at offer price
₹55 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.63 | 2.19 |
| P/E (×) | 15.15 | 25.11 |
| Price to book (×) | 2.86 | — |
| Market cap | — | ₹55 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 18.86%
- ROCE
- 27.00%
- Debt / equity
- 0.60
- PAT margin
- 9.86%
- EBITDA margin
- 18.02%
- NAV per share
- ₹19.24
- Price to book
- 2.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 22.22 | 21.28 | 19.84 |
| Revenue from operations | 22.21 | 21.01 | 18.53 |
| Other income | 0.02 | 0.27 | 1.31 |
| Total expenses | 19.25 | 18.41 | 17.23 |
| Operating profit | 2.97 | 2.87 | 2.61 |
| Operating margin | 13.37% | 13.49% | 13.16% |
| Profit before tax | 2.97 | 2.87 | 2.53 |
| Profit after tax | 2.19 | 2.13 | 1.76 |
| PAT margin | 9.86% | 10.01% | 8.87% |
| Balance sheet | |||
| Total assets | 30.37 | 24.82 | 12.3 |
| Current assets | 23.35 | 19.05 | 8.96 |
| Current liabilities | 14.56 | 13.03 | 6.9 |
| Total liabilities | 18.76 | 15.4 | 8.55 |
| Net worth | 11.62 | 9.43 | 3.75 |
| Current ratio | 1.60× | 1.46× | 1.30× |
| Return on equity | 18.85% | 22.59% | 46.93% |
| Cash flow | |||
| Operating cash flow | -0.66 | 0.91 | -0.43 |
| Investing cash flow | -0.08 | -5 | -0.17 |
| Financing cash flow | 0.78 | 4.1 | 0.51 |
| Net cash flow | 0.04 | 0.01 | -0.09 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure for Expansion of Retail Network by Launching 12 New Showrooms ₹8.54 Cr
The company intends to fund capital expenditure for setting up twelve new showrooms across West Bengal, Assam, and Haryana on a COCO model, covering interior works and rental deposits, to expand its retail network for premium audio, video, and smart living solutions.
2 To Meet Working Capital Requirements ₹9.67 Cr
The company intends to utilize a portion of the net proceeds to meet its working capital requirements arising from the proposed expansion of its showroom network from 3 to 15 locations, covering inventory, trade receivables, and operational expenses.
3 General Corporate Purposes ₹1.80 Cr
The balance net proceeds are intended to be deployed towards general corporate purposes including strategic initiatives, brand building, marketing activities, operating expenses, repayment of borrowings, and other business exigencies as approved by the Board.
About Sollfege Smart Electronics
Sollfege Smart Electronics Limited (formerly Denn Audio Private Limited, incorporated November 9, 2012) is engaged in the trading and distribution of premium consumer electronics, audio-visual (AV) products, and smart living solutions sourced from third-party branded manufacturers. The company operates retail showrooms and experience centers across multiple locations, with the majority of revenue historically generated from its West Bengal store. For FY 2026, FY 2025, and FY 2024, total revenue from operations was ₹2,220.93 lakhs, ₹2,101.28 lakhs, and ₹1,853.02 lakhs respectively. The company's business model is primarily trading-focused (98.20% of FY 2026 revenue), with three main product categories: Audio Solutions (42.62% of FY 2026 revenue), Video Solutions (13.78%), and Smart Living Solutions (41.80%), complemented by emerging service activities. The company sources all products from external suppliers and does not manufacture. It was converted to a public limited company in November 2024 and subsequently renamed to Sollfege Smart Electronics Limited in November 2025.
Management
Umesh Kumar Agarwal
MD
Mihir Kumar Dutta
Director
Strengths
As stated in the offer document
Exclusive Brand Associations
The company has built long-standing relationships with globally recognized brands (Bose, Yamaha, Panasonic, Sonos, LG, etc.), enabling it to act as an authorized seller across multiple premium product categories, ensuring authenticity, quality, and customer confidence.
Highly Trained Technical Teams
The company's workforce is continuously trained through certification programs and technical workshops conducted by global brand partners, enabling expertise in system integration, networking design, and cross-brand compatibility for high-value project-based engagements.
Single-Point, End-to-End Solutions
The company provides comprehensive services spanning concept development, system design, procurement, installation, testing, and post-installation support, positioning itself as a single point of contact across the entire project lifecycle.
End-to-End Project Management
The company follows a structured project management framework with standardized workflows, planning tools, and internal review systems, enabling consistent execution of complex, multi-brand integration projects while maintaining quality, timelines, and cost efficiency.
Digital Innovation
The company has adopted platforms such as WeQuote to streamline quotation preparation, ensuring accurate and transparent proposals, improved margin control, and standardized internal processes, reflecting its commitment to technology-driven operational excellence.
Strong After-Sales Service Network
The company has established a structured after-sales service network offering timely maintenance, troubleshooting, and system upgrades backed by service agreements and on-call assistance, which drives repeat business, referrals, and long-term client relationships.
Risk factors
As stated in the offer document
Concentration of Business Operations in West Bengal
Revenue generated from the West Bengal store represented 90.72% of total revenue from operations in FY2026, 89.00% in FY2025 and 94.21% in FY2024. Adverse economic, competitive, political or other developments in the state could materially affect revenue and results of operations.
Dependence on a Limited Number of Brands
The top five brands contributed ₹899.85 lakhs, representing 41.27% of turnover in FY2026. Loss of a significant brand or reduction in supply could materially affect sales, revenue and profitability.
Dependence on External Suppliers
The top five suppliers accounted for 80.51% of purchases and the top supplier alone accounted for 59.01% in FY2026. Delays, quality issues, financial difficulties or operational disruptions at suppliers could adversely affect product availability, revenue, profitability and reputation.
Dependence on a Limited Number of Customers
The top five customers contributed 60.58% of product-sales revenue and the top customer contributed 24.94% in FY2026. Loss of major customers, reduced purchase volumes or inability to secure new orders could adversely affect revenue, cash flows and financial performance.
Price Volatility of Audio-Video Products
AV product costs are exposed to fluctuations in input costs, foreign exchange rates, duties, tariffs and trade policies, while long-term or fixed-price arrangements are generally absent. Cost increases may not be fully passed on to customers, resulting in pressure on margins, liquidity and cash flows.
Premium-Priced Product Demand and Consumer Spending Risk
The products are positioned primarily in the premium consumer electronics segment and therefore depend on customers with higher discretionary spending capacity. Economic slowdowns, changes in consumer preferences or lower-priced substitutes could reduce demand, sales volumes and revenue.
Intense Competition and Rapid Technological Changes
The company operates in a competitive industry with retail, wholesale and e-commerce competitors, including larger players with greater financial and marketing resources. Failure to keep pace with changing consumer trends and technology could result in pricing pressure, loss of market share and weaker profitability.
Company Analysis
from PROSPECTUSSollfege Smart Electronics Limited is a premium audio-visual products and smart home solutions retailer and distributor operating primarily through retail stores in West Bengal and other Indian states.
Sollfege Smart Electronics Limited (formerly Denn Audio Private Limited, incorporated November 9, 2012) is engaged in the trading and distribution of premium consumer electronics, audio-visual (AV) products, and smart living solutions sourced from third-party branded manufacturers. The company operates retail showrooms and experience centers across multiple locations, with the majority of revenue historically generated from its West Bengal store. For FY 2026, FY 2025, and FY 2024, total revenue from operations was ₹2,220.93 lakhs, ₹2,101.28 lakhs, and ₹1,853.02 lakhs respectively. The company's business model is primarily trading-focused (98.20% of FY 2026 revenue), with three main product categories: Audio Solutions (42.62% of FY 2026 revenue), Video Solutions (13.78%), and Smart Living Solutions (41.80%), complemented by emerging service activities. The company sources all products from external suppliers and does not manufacture. It was converted to a public limited company in November 2024 and subsequently renamed to Sollfege Smart Electronics Limited in November 2025.
Objects of the Issue
- Funding working capital requirements ₹967.47 lakhs p.43
- Capital expenditure for new showrooms and experience centers p.43
- Funding Capital Expenditure for Expansion of our Retail Network by launching 12 (twelve) new Showrooms 854.28 lakhs p.91
- Working Capital Requirements 967.47 lakhs p.91
- General Corporate Purposes 180.00 lakhs p.91
- Funding Capital Expenditure for expansion of our Retail Network by launching 12 New Showrooms ₹854.28 lakhs p.105
- Working Capital Requirements ₹967.47 lakhs p.105
- General Corporate Expenses ₹180.00 lakhs p.104
- Not specified in this document part
- Working capital and general corporate purposes
Issue Structure
- Total Issue
- ₹2,178.00 Lakhs
- Fresh Issue
- ₹2,178.00 Lakhs (39,60,000 equity shares)
- Offer for Sale
- Nil
- Price Band
- ₹55 per equity share
- Lot Size
- 2,000 equity shares (minimum application size: above ₹2 lakhs)
- Face Value
- ₹10 per equity share
Business Model
The company operates a retail and distribution business model, sourcing premium consumer electronics, audio-visual products and smart home solutions from third-party branded suppliers and selling them through retail stores and experience centers. Revenue is primarily generated from trading activities (98.20% in FY 2026), with emerging service revenues (1.80% in FY 2026). The company maintains inventory at its Kolkata godown and distributes to multiple retail locations. Working capital is financed through customer payments, borrowings from banks (HDFC Bank, Bank of Baroda, Yes Bank), and intended proceeds from this IPO.
Business Segments
SWOT Analysis
- • Diverse premium product portfolio across audio, video, and smart living solutions(p.92)
- • Established showroom network with expansion capability(p.101)
- • Strong promoter commitment with 99.90% pre-IPO shareholding(p.82)
- • Consistent revenue growth over three years(p.61)
- • Established relationships with premium global brands(p.141)
- • Experienced and technically trained workforce(p.141)
- • End-to-end project management and solution delivery capability(p.142)
- • Strong after-sales service network(p.142)
- • Experience-driven retail model with demonstration centers(p.142)
- • Strong relationships with architects and interior designers for project-based sales(p.132)
- • Geographic concentration of retail operations in West Bengal(p.19)
- • Revenue concentration among top five brands(p.20)
- • Revenue concentration among top ten customers(p.24)
- • Supplier concentration risk(p.24)
- • Promoter average cost of acquisition significantly lower than issue price(p.28)
- • Persistent ROC compliance delays and late filings(p.20)
- • Past regulatory non-compliance leading to freezing of promoter's demat account(p.22)
- • Negative cash flow from operations in multiple financial years(p.27)
- • Logo and trademark not fully registered, creating IP vulnerability(p.47)
- • Heavy dependence on unsecured loan from promoters that can be recalled(p.48)
- • Excessive reliance on single bank (Bank of Baroda) for credit facilities(p.49)
- • Managing Director has dual roles creating potential conflicts of interest(p.49)
- • Rising employee attrition rate indicating retention challenges(p.49)
- • No alternative working capital arrangements beyond existing sanctioned limits(p.48)
- • High concentration of receivables with few customers(p.138)
- • Significant increase in working capital requirements, particularly receivables and inventory(p.102)
- • High debtor holding period indicating collection challenges(p.102)
- • High inventory holding period relative to typical retail businesses(p.102)
- • Geographic concentration with majority revenue from West Bengal(p.139)
- • High dependence on top suppliers for procurement(p.155)
- • High dependence on personal guarantees from promoters and directors for secured borrowings(p.215)
- • Significant concentration of shareholding with promoter holding 99.90% of paid-up capital(p.214)
- • Previous regulatory freezing of promoter's demat account due to group company non-compliances(p.195)
- • Expansion of retail network to 12 new showrooms across three states(p.92)
- • Growing market for premium home automation and smart living solutions(p.92)
- • Enhanced corporate credibility and market access through public listing(p.91)
- • Rapid expansion of premium consumer durables market in India(p.127)
- • Growing smart home and home automation market(p.127)
- • Expansion into tier-II and tier-III cities with growing disposable incomes(p.130)
- • Government policy support through PLI scheme and manufacturing incentives(p.127)
- • Planned expansion from 3 to 15 showrooms across multiple geographies(p.132)
- • Growing digital adoption and e-commerce penetration in premium segment(p.143)
- • Expansion into new geographies with launch of multiple showrooms(p.174)
- • Digital transformation and e-commerce expansion to reach pan-India market(p.174)
- • Growing premium segment market for audio, video, home automation and smart living solutions(p.207)
- • Price volatility in Audio-Video products due to foreign exchange and input costs(p.25)
- • Intense competition in retail and e-commerce space(p.25)
- • Competition from online retailers offering competitive pricing(p.17)
- • Risk of product substitution affecting demand(p.26)
- • Dependence on suppliers for product availability(p.24)
- • Heavy dependence on economic conditions and market sentiment in India(p.47)
- • Risk from slowdown in Indian economic growth affecting demand(p.57)
- • Vulnerability to inflation eroding profitability(p.57)
- • Dependence on third-party logistics providers for operations(p.52)
- • Interest rate volatility affecting cost of debt financing(p.52)
- • Regulatory and tax law changes creating compliance burden(p.57)
- • COVID-19 pandemic and future public health emergencies(p.55)
- • Intense competition from organized and unorganized players(p.156)
- • Direct competition from international e-commerce platforms and online retailers(p.156)
- • Real estate developers and hospitality chains engaging directly with automation players(p.156)
- • Economic slowdowns and reduced consumer spending in luxury segment(p.120)
- • Dependence on supplier relationships and potential supply chain disruptions(p.103)
- • Regulatory changes affecting consumer electronics and import duties(p.159)
- • Compliance with evolving data protection and privacy regulations(p.160)
- • Environmental and waste management compliance requirements(p.168)
- • Labour law compliance and regulatory changes affecting employment practices(p.163)
- • Competition Act restrictions on anti-competitive practices and combinations(p.169)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Umesh Kumar Agarwal | Promoter | — | — |
| Umesh Kumar Agarwal | Promoter | 99.90% | 60.34% |
| Geetanjali Saberwal Agarwal | Promoter Group | 0.07% | 0.04% |
| Umesh Kumar Agarwal | Promoter | — | — |
| Umesh Kumar Agarwal | Promoter | 99.90% | 60.34% |
| Umesh Kumar Agarwal | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS 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 PROSPECTUS before relying on it.