Silverstorm Parks and Resorts set for BSE SME listing after ₹82.4 crore IPO
The amusement park operator will list its shares on Friday following a modestly subscribed ₹82.43 crore fresh issue that is currently trading flat in the grey market, highlighting cautious investor sentiment toward small-cap leisure stocks.
Silverstorm Parks & Resorts is scheduled to list its shares on the BSE SME platform on Friday, 31 July, following the finalisation of its initial public offering allotment on 29 July. The amusement park operator raised ₹82.43 crore through a 100 per cent fresh issue comprising 0.62 crore equity shares.
Investor appetite for the offering was moderate, with the issue subscribed 1.91 times overall by the close of the bidding window on 28 July. The non-institutional investor portion recorded the highest demand at 3.19 times, while retail and qualified institutional buyers subscribed 1.41 times and 1.81 times, respectively. The company received bids for 80.74 lakh shares against the 42.35 lakh shares on offer.
Secondary market indicators suggest a cautious market debut for the leisure stock. The grey market premium currently stands at ₹0 per share, pointing to an estimated listing price of ₹133. This matches the upper end of the ₹123 to ₹133 IPO price band, indicating flat early trading sentiment.
The company will deploy the fresh capital primarily for geographic expansion and balance sheet repair. Approximately ₹26.12 crore will fund the development of a new Snow Park and Family Entertainment Centre in Lucknow, Uttar Pradesh. Another ₹15.14 crore is earmarked for upgrading its flagship 17.38-acre Athirappilly Theme Park in Kerala.
A substantial portion of the proceeds, totaling ₹24 crore, will be directed toward the repayment or prepayment of certain existing borrowings. The remaining funds will be reserved for general corporate requirements, according to the official offer document. Retail investors were required to apply for a minimum of 2,000 shares, translating to a minimum investment of ₹2,66,000 at the upper price band.
MUFG Intime India is processing the allotment, with refunds for unsuccessful applicants scheduled for 30 July. Vivro Financial Services acted as the book-running lead manager, and Rikhav Securities will serve as the market maker. Incorporated in 1998, the company already operates facilities in Kerala and Jamshedpur, using this public market debut to finance its next phase of regional growth.
