SI
Striders Impex
Book Building issueSMENSE₹36.29 Cr issue
-2.78%
Listing gain over issue price
Issue size
₹36.29 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,600shares
Open
26 Feb 2026
Close
02 Mar 2026
Allotment
04 Mar 2026
Listing
06 Mar 2026
Listing performance
Issue price
₹72
Listed at
₹70
Listing-day close
₹66.50
Latest price
₹60.55
Listing gain
-2.78%
Return since listing
-15.90%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹72 | ₹0 |
| 05 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹72 | ₹0 |
| 04 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹72 | ₹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.
Issue details
- IPO date
- 26 Feb 2026 – 02 Mar 2026
- Listing date
- 06 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹72 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹36.29 Cr
- Market cap at offer price
- ₹134 Cr
- Promoter holding
- 95.49% → 69.52% pre-issue → post-issue
- ISIN
- INE1XWN01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Capital Square Advisors Pvt.Ltd.
- Registered office
- 14th Floor, Office No.1406 & 1407 Ajmera Sikova, Sikova Industrial Marg, LBS Marg, Opp.Damodar Park, Nr Ashok Mill, Ghatkopar(W), 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 | 14,33,600 | — | — |
| Market maker | 2,52,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹72
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,30,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,21,600 |
| B-HNI (min) | 9 | 14,400 | ₹10,36,800 |
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
14,33,600
Anchor portion
₹10.32 Cr
at ₹72 per share
Valuation and performance
Valuation at offer price
₹72 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.97 | 2.87 |
| P/E (×) | 12.06 | 25.09 |
| Price to book (×) | 6.49 | — |
| Market cap | — | ₹134 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 55.81%
- ROCE
- 57.96%
- Debt / equity
- 1.36
- PAT margin
- 13.59%
- EBITDA margin
- 15.07%
- NAV per share
- ₹11.09
- Price to book
- 6.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Striders Impex
Striders Impex Limited, incorporated in April 2021 and converted to a public company in July 2025, operates in the toys and kids' merchandise industry. The Company licenses intellectual property from global brands and entertainment content owners, while also developing proprietary brands including Pugs at Play, Furry Pals, Gurliez, Fanster, Beezy Kits, Minds at Play, SHDZ, Boujee, and Striders. It serves children aged 18 months to 15 years through an asset-light model involving product design, third-party sourcing and manufacturing, and multi-channel distribution. The Company generates revenue through both licensed merchandise (representing 72.5% of revenue for the period ended December 31, 2025) and owned intellectual properties, with operations spanning domestic retail formats and select international markets including the Middle East and North Africa.
Company Analysis
from RHPStriders Impex Limited is an asset-light toy and kids' merchandise company that designs, sources, manufactures through third parties, and distributes licensed character-based and proprietary branded products across India and select international markets.
Striders Impex Limited, incorporated in April 2021 and converted to a public company in July 2025, operates in the toys and kids' merchandise industry. The Company licenses intellectual property from global brands and entertainment content owners, while also developing proprietary brands including Pugs at Play, Furry Pals, Gurliez, Fanster, Beezy Kits, Minds at Play, SHDZ, Boujee, and Striders. It serves children aged 18 months to 15 years through an asset-light model involving product design, third-party sourcing and manufacturing, and multi-channel distribution. The Company generates revenue through both licensed merchandise (representing 72.5% of revenue for the period ended December 31, 2025) and owned intellectual properties, with operations spanning domestic retail formats and select international markets including the Middle East and North Africa.
toyskids' merchandiseback-to-school productscharacter-based merchandiseeducational toys
Objects of the Issue
- Funding of Working Capital Requirements in India ₹1,000.00 lakhs p.31
- Investment in Striders FZ LLC, wholly owned subsidiary, to fund its working capital requirements ₹450.00 lakhs p.31
- Investment in a newly wholly owned subsidiary in mainland UAE to fund its working capital requirements ₹650.00 lakhs p.31
- Repayment of Loans ₹298.00 lakhs p.31
- General corporate purposes p.31
- To meet Public Issue Expenses p.31
- Repayment and/or prepayment of certain outstanding borrowings p.67
- Funding capital expenditure and general corporate purposes p.77
- Funding of working capital requirements of the Company in India ₹1,000.00 lakhs p.122
- Investment in Striders FZ LLC, wholly owned subsidiary, to fund its working capital requirements ₹450.00 lakhs p.122
- Investment in a newly wholly owned subsidiary in mainland UAE to fund its working capital requirements ₹650.00 lakhs p.122
- Repayment of Loans ₹300.00 lakhs p.122
- General corporate purposes p.122
- To meet Public Issue Expenses p.122
- For further details on objects of the issue, please refer to the 'Objects of the Issue' section p.218
Issue Structure
- Total Issue
- 50,40,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- 45,31,200 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- 5,08,800 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs (2,54,400 by Kumarshri Rajkumar Bahety and 2,54,400 by Mustafa Esmail Kapasi)
- Price Band
- [●] per Equity Share (Floor Price ₹[●] to Cap Price ₹[●])
- Lot Size
- [●] Equity Shares minimum lot size and in multiples of [●] thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The Company operates through an asset-light, scalable model earning revenue from: (1) licensing fees and royalties on products developed and marketed pursuant to licensing arrangements with third-party intellectual property holders; (2) sales of products bearing licensed characters and trademarks; and (3) sales of products under proprietary intellectual properties. The Company does not manufacture products directly but sources from third-party manufacturers (primarily in China and India) and distributes through its own distribution network and channel partners.
Business Segments
Products developed and marketed pursuant to licensing arrangements with third-party intellectual property rights holders; derives revenue from licensed character-based and theme-based toys
Products sold under proprietary intellectual properties including Pugs at Play, Furry Pals, Gurliez, Fanster, Beezy Kits, Minds at Play, SHDZ, Boujee, and Striders
Manufacture, marketing, and distribution of toys and merchandise based on popular licensed character brands and intellectual properties from global licensors
Development and distribution of company-owned brands including 'Pugs at Play,' 'Furry Pals,' 'Fanster,' 'Gurliez,' 'Boujee,' 'Minds at Play,' and 'Beezy Kits'
Distribution and sale of products in international markets including UAE, Europe (Germany, Denmark, London) through subsidiary Striders FZ LLC and export channels
Licensing, own brand development, and distribution of toys and kids' consumer merchandise in India, with product range suitable for children from 18 months to 15 years
Global distribution, marketing, and trading of toys and kids' consumer merchandise in the UAE, following an offshore trading model with B2B focus managing global markets outside Middle East
Direct distribution and trading of toys and kids' consumer merchandise in the MENA market through mainland UAE presence, serving MENA region with direct distribution model
Includes plush toys (Pugs at Play, Own IP plush, Licensed plush), activity sets and toys
Includes back-to-school products, bags, sunglasses, watches and other accessories
Distribution of character-led products from globally recognized licensors including Disney soft toys, Frozen, Barbie, Hot Wheels, Spider-Man, Avengers merchandise; also includes plush toys, water bottles, lunch boxes, magnetic boxes, pouches, stationery sets, sunglasses, watches, and toys.
Development and distribution of owned intellectual properties including Pugs at Play, Furry Pals, Gurliez, Minds at Play, Beezy Kits, Fanster, SHDZ, Boujee, and Striders brands across multiple product categories.
Distribution of back-to-school products including school bags, stationery, lunch boxes, water bottles, and related accessories.
Striders FZ LLC operates as offshore trading entity placing orders with suppliers in China and shipping to regional distributors; Striders Hub General Trading LLC provides direct distribution in UAE and MENA region.
Sale of licensed global toy brands and proprietary toy and consumer products through multi-channel distribution network
SWOT Analysis
Strengths
- • Registered trademarks and brand portfolio(p.61)
- • Growth in revenue and expansion trajectory(p.64)
- • International presence through subsidiary operations(p.72)
- • Diversified product portfolio including proprietary brands(p.68)
- • Strong brand licensing partnerships enabling access to popular IPs(p.136)
- • Asset-light, licensing-led, scalable business model(p.136)
- • Dual-country supply chain enabling cost optimization and risk mitigation(p.136)
- • International presence with platform for global expansion(p.136)
- • Established multi-channel distribution network(p.136)
- • Balanced brand portfolio catering to diverse consumer segments(p.136)
- • High ROCE and strong profitability metrics(p.139)
- • Asset-light, scalable business model with end-to-end capabilities(p.207)
- • Diversified portfolio of licensed and proprietary intellectual properties(p.207)
- • Strategic licensing partnerships with globally renowned entertainment companies(p.208)
- • Pan-India geographic presence with multi-channel distribution network(p.209)
- • Strong revenue growth trajectory with improved profitability metrics(p.209)
- • Asset-light, scalable business model with third-party manufacturing(p.213)
- • Strong global licensing partnerships with recognized brands(p.213)
- • Proprietary IP brands with full creative and commercial control(p.213)
- • Strong pan-India geographic diversification across all major zones(p.214)
- • Diversified revenue base across domestic and international markets(p.214)
- • Dual-country supply chain advantage with sourcing in India and China(p.214)
- • Omnichannel distribution presence across modern, general, and digital trade(p.214)
- • Multi-channel distribution network for toy licensing(p.284)
- • Subsidiary network for market expansion(p.284)
- • Tax incentive eligibility as recognized startup(p.285)
- • Revenue growth trajectory(p.282)
- • End-to-end integrated business model from product design to distribution(p.350)
- • Portfolio of proprietary intellectual properties with brand equity(p.350)
- • Established licensing partnerships with well-known international brands(p.350)
- • Global footprint and international distribution network via Middle East subsidiary(p.350)
- • Positive profitability and growing revenue trajectory(p.357)
Weaknesses
- • Reliance on purchase order-based arrangements with China-based manufacturers without formal long-term supply agreements(p.43)
- • Significant dependence on licensed intellectual property with non-exclusive agreements expiring between 2025-2026(p.51)
- • High customer concentration with top 10 customers accounting for 77.62% of revenue(p.45)
- • High supplier concentration with top 10 suppliers accounting for 96.43% of purchases(p.45)
- • Past discrepancies and non-compliances in ROC filings under Companies Act(p.46)
- • Negative operating cash flows in recent fiscal years(p.54)
- • Lack of executed agreements with certain distributors and manufacturers(p.53)
- • Obligation to fulfill minimum guarantee payments regardless of product performance(p.51)
- • History of delayed statutory filings and compliance lapses(p.55)
- • Ongoing name change registration across statutory approvals(p.55)
- • Pending trademark applications create IP vulnerability(p.61)
- • Unsecured borrowings repayable on demand(p.66)
- • Significant cash flow mismatches in overseas subsidiary(p.61)
- • No key man insurance for critical personnel(p.69)
- • Misalignment between India and UAE shareholder records(p.62)
- • High debt-to-equity ratio indicating elevated financial leverage(p.139)
- • Concentrated supplier dependence on China(p.125)
- • High working capital requirements relative to revenue(p.124)
- • Significant seasonal revenue volatility dependent on holiday cycles(p.153)
- • High customer concentration with top customer representing 33.33% of standalone revenue(p.212)
- • Significant dependence on licensed products, which represented 72.54% of revenue in Dec 2025(p.210)
- • Weak standalone profitability in recent period with PAT of only 6.92 lakhs in Dec 2025(p.209)
- • High debt-to-equity ratio of 1.04 indicating significant leverage(p.209)
- • Reliance on third-party manufacturing with outsourced production model(p.208)
- • Dependence on external manufacturing partners limiting quality control(p.215)
- • High working capital requirements creating cash flow pressures(p.215)
- • Thin middle management layer creating execution bottlenecks(p.215)
- • Limited direct consumer connections with heavy reliance on intermediaries(p.215)
- • High supplier concentration with top supplier representing 35% of purchases(p.213)
- • High leverage with debt-to-equity ratio of 1.04(p.304)
- • Significant short-term borrowings of ₹2,234.49 Lakhs(p.293)
- • Working capital strain evidenced by negative operating cash flow(p.283)
- • Dependence on few customer relationships(p.298)
- • High inventory levels relative to sales(p.282)
- • High financial leverage with debt-to-equity ratio of 0.95(p.342)
- • High dependence on top suppliers—top 10 suppliers account for 96.43% of purchases(p.362)
- • Significant customer concentration—top customer represents 33.33% of sales(p.363)
- • Related party borrowings from directors without formal terms(p.344)
- • Volatile operating cash flows with negative cash generation in prior years(p.359)
Opportunities
- • Growing market for educational toys driven by technological innovation and parental focus on childhood development(p.30)
- • Expanding Back-to-School Products Market driven by urbanization, rising disposable income, and brand-led premiumization(p.30)
- • Development and expansion of proprietary intellectual property portfolio(p.30)
- • Asset-light, scalable business model with expanding global footprint(p.30)
- • Expanding proprietary brand portfolio for enhanced margins(p.68)
- • Deepening domestic market penetration in underpenetrated regions(p.70)
- • International market expansion beyond UAE(p.72)
- • Product portfolio innovation aligned with consumer trends(p.62)
- • Leverage recent investments in distribution infrastructure(p.64)
- • Expansion into GCC markets with high disposable income and young demographics(p.130)
- • Growing global toy market driven by rising disposable income in emerging economies(p.153)
- • Increasing demand for educational and tech-enabled toys(p.154)
- • E-commerce platform expansion enabling direct access to wider consumer base(p.155)
- • Direct distribution model in GCC to capture margin improvement(p.131)
- • Rapidly growing emerging markets with rising disposable incomes and urbanization(p.159)
- • Rising middle-class population in India projected to grow from 300 million to 500 million by 2030(p.186)
- • Strong growth in premium and STEM toy segments driven by consumer preferences(p.158)
- • Expansion of organized retail and e-commerce channels providing market penetration opportunities(p.183)
- • Growing demand for product innovation and customization in back-to-school segment(p.187)
- • Expansion into large global toy markets with proprietary IP brands(p.215)
- • Development of digital content ecosystems for brand engagement and licensing revenue(p.215)
- • Direct-to-consumer channels via branded websites and applications(p.215)
- • Extension of product portfolio into apparel, collectibles, stationery, and lifestyle(p.215)
- • Strengthening presence in MENA region through direct distribution in UAE(p.215)
- • International expansion through UAE subsidiaries(p.286)
- • Development of proprietary intellectual property(p.284)
- • Growth through subsidiary network consolidation(p.320)
- • Improved profitability through landing cost accounting policy(p.285)
- • Expansion of proprietary IP portfolio to build independent brand revenue(p.350)
- • Scaling of international business through subsidiary in UAE and beyond(p.350)
- • Catering to expanding children's demographic from 18 months to 15 years(p.350)
- • Growth through leveraging asset-light business model to reduce capital intensity(p.350)
Threats
- • Supply chain disruptions from China due to geopolitical tensions and potential war-like situations(p.53)
- • Exposure to foreign exchange rate fluctuations affecting import costs and profitability(p.52)
- • Seasonality in kids' merchandising and toy industry affecting revenue and inventory management(p.51)
- • Risk of non-renewal or termination of material licensing arrangements(p.50)
- • Dependence on third-party manufacturers with limited oversight over operations and compliance(p.50)
- • Regulatory uncertainty and frequent policy changes affecting toy sector(p.71)
- • Dependence on renewal of critical overseas trade license(p.61)
- • Stringent licensing agreement platform restrictions(p.65)
- • Exposure to counterfeit products and IP infringement(p.74)
- • Global supply chain disruptions and logistics risks(p.79)
- • Raw material price volatility and supply chain cost increases(p.79)
- • Macroeconomic sensitivity and discretionary spending volatility(p.79)
- • Demand volatility linked to character popularity and trends(p.66)
- • Competition from global e-commerce and retail giants(p.81)
- • Geopolitical tensions affecting China-sourced supply(p.78)
- • Foreign exchange rate volatility impact on international operations(p.64)
- • Labour law amendments increasing operational costs(p.71)
- • Stringent and evolving regulatory compliance requirements globally(p.156)
- • Global economic slowdown and reduced consumer spending(p.147)
- • Rising trade tensions and tariff volatility affecting supply chains(p.147)
- • Intense competition from larger established toy manufacturers(p.153)
- • Currency and forex fluctuation risks from international operations(p.127)
- • Dependence on popular licensing partnerships which may not continue(p.136)
- • Intense competition from multinational toy companies and thousands of SMEs(p.157)
- • High production costs driven by volatile raw material prices and rising labor costs(p.157)
- • Shifting consumer preferences creating unpredictable demand patterns(p.158)
- • Economic instability and inflation reducing consumer spending on toys(p.158)
- • Seasonal demand fluctuations concentrated around April-June period(p.185)
- • Price sensitivity among consumers limiting premiumization potential(p.184)
- • Strong competition from unorganized sector offering lower-priced alternatives(p.185)
- • Dependency on global licensing arrangements with risk of non-renewal(p.215)
- • Intense competition with aggressive pricing pressure from domestic and Chinese imports(p.215)
- • Regulatory and compliance risks including product safety and IP disputes(p.215)
- • Vulnerability to foreign exchange fluctuations and supply chain disruptions(p.215)
- • Increasing bargaining power of large retailers and e-commerce platforms(p.216)
- • Foreign exchange volatility exposure(p.303)
- • Heavy import dependency with FX translation risk(p.288)
- • Regulatory changes to tax incentives(p.285)
- • Concentration of receivables with extended ageing(p.298)
- • Reliance on royalty payments to global brands(p.288)
- • Intensifying global competition from established brands and low-cost manufacturers(p.352)
- • Currency fluctuation exposure from multi-currency operations(p.352)
- • Supply chain disruption risks from global shipping and container constraints(p.352)
- • Dependence on major retailers and trading partners with bargaining power(p.352)
- • Regulatory compliance risks across multiple geographies and varying standards(p.352)
- • Rapid shifts in consumer demand for sustainable and digitally-enabled products(p.352)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mustafa Esmail Kapasi | Promoter | 47.60% | 34.65% |
| Kumarshri Rajkumar Bahety | Promoter | 47.60% | 34.65% |
| Mariya Mustafa Kapasi | Promoter | 0% | 0% |
| Mustafa Esmail Kapasi | Promoter/Managing Director | — | — |
| Kumarshri Rajkumar Bahety | Promoter/Managing Director | — | — |
| Mustafa Esmail Kapasi | Promoter | 47.60% | 34.65% |
| Kumarshri Rajkumar Bahety | Promoter | 47.60% | 34.65% |
| Mariya Mustafa Kapasi | Promoter | 0% | 0% |
| Mustafa Esmail Kapasi | Promoter | 47.60% | — |
| Kumarshri Rajkumar Bahety | Promoter | 47.60% | — |
| Mariya Mustafa Kapasi | Promoter | — | — |
| Kumarshri Rajkumar Bahety | Promoter | 50.00% | 47.60% |
| Mustafa Esmail Kapasi | Promoter | 50.00% | 47.60% |
| Kumarshri Rajkumar Bahety | Promoter/Managing Director | — | — |
| Mustafa Esmail Kapasi | Promoter/Managing Director | — | — |
| Mustafa Esmail Kapasi | Promoter/Selling Shareholder | — | — |
| Kumarshri Rajkumar Bahety | Promoter/Selling Shareholder | — | — |
Leadership
Mustafa Esmail Kapasi · Chairman and Managing Director
Kumarshri Rajkumar Bahety · Managing Director
Shweta Mahadeo Dagade · Company Secretary and Compliance Officer
Pankaj Chandrakant Pradhan · Chief Financial 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.