Roopa Screen IPO Day 1: Subscribed 0.18x; Retail surges 168.8% intraday to 0.43x
- Roopa Screen IPO Day 1 overall subscription reached 0.18x, up from 0.07x at 11:15 IST, a 157.1% intraday jump.
- Retail led all categories at 0.43x after surging 168.8% between 11:15 and 12:15; NII (bHNI) stood at 0.27x and NII (sHNI) at 0.14x.
- QIBs and Employees recorded 0.00x demand on Day 1.
- The issue is priced at ₹60.00–₹64.00 per share with a minimum bid quantity of 4,000 shares and closes on September 28, 2026.
- Roopa Screen manufactures rotary nickel screens for textile manufacturers, reporting revenue from operations of ₹50.73 crore and total profit of ₹6.48 crore in FY2026.
*this image is generated using AI for illustrative purposes only.
Roopa Screen IPO Day 1 saw its most notable move in the Retail category, which surged 168.8% intraday — climbing from 0.16x at 11:15 to 0.43x by 12:15 — pushing the overall subscription from 0.07x to 0.18x, a jump of 157.1% within the morning session.
Subscription Status
The issue opened on September 24, 2026, and saw minimal institutional interest on the first day. The overall subscription rate remained well below one times, indicating a cautious market response to the small-cap offering. The standout development was Retail's intraday acceleration and the emergence of NII (bHNI) demand in the second hour.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.00x | 0.27x | 0.14x | 0.43x | 0.18x |
Intra-day Timeline on 24-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.16x | 0.07x |
| 12:15 | 0.00x | 0.27x | 0.43x | 0.18x |
The intraday timeline tells a clear story: between 11:15 and 12:15, NII (bHNI) ticked up from zero to 0.27x, while Retail raced ahead from 0.16x to 0.43x, pulling the total along with it.
Category-wise Breakdown
Retail investors were the most active participants on Day 1, subscribing to 0.43x of their reserved portion — the strongest category by the end of the morning session. NII (bHNI) followed with 0.27x, picking up pace after the opening hour. NII (sHNI) stood at 0.14x. Qualified Institutional Buyers (QIBs) and Employees recorded 0.00x demand each, contributing no institutional weight to the day's numbers.
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹60.00 – ₹64.00 per share |
| Minimum Bid Quantity | 4,000 shares |
| Issue Size | ₹2.40 lakh – ₹8.96 crore |
| Issue Open | September 24, 2026, 10:00 AM |
| Issue Close | September 28, 2026, 4:00 PM |
| Allotment Date | September 29, 2026 |
| Listing Date | October 1, 2026 |
About the Company
Roopa Screen Limited, incorporated in 2013, manufactures rotary nickel screens used in rotary screen-printing machines for textile manufacturers. The company offers products in multiple variants — Delta, Penta, Standard, and Nova — across various mesh sizes, and also trades nickel cathodes as an ancillary activity. Operations are conducted from a manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad, with distribution points in Surat and Panipat, serving 200+ customers across 11 Indian states. Revenue from operations stood at ₹50.73 crore in FY2026. The company's promoters, Ghanshyambhai Ranchhodbhai Thakkar (MD) and Kunal Ghanshyambhai Thakker (CFO), bring more than three decades and nearly two decades of experience, respectively, in manufacturing and trading of textile mill machinery spare parts and rotary nickel screens.
Financial Highlights
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 50.73 | 45.34 | 35.71 |
| Total Revenue (₹ crore) | 51.32 | 45.63 | 35.85 |
| Total Expenses (₹ crore) | 42.63 | 39.36 | 33.83 |
| Profit Before Tax (₹ crore) | 8.69 | 6.27 | 2.01 |
| Total Profit (₹ crore) | 6.48 | 4.69 | 1.50 |
| Total Assets (₹ crore) | 30.00 | 22.47 | 19.66 |
| Total Equity (₹ crore) | 16.37 | 9.89 | 5.21 |
Objects of the Issue
- Capital Expenditure (₹9.90 crore): Setting up a new manufacturing facility adjacent to the existing unit at Sanand, Ahmedabad, to enhance installed capacity from 74,400 to 163,200 screens per annum and introduce rotary nickel screens of larger diameter.
- Working Capital (₹6.00 crore): Incremental working capital requirements to support business expansion, with the balance to be met from existing bank borrowings and internal accruals.
- General Corporate Purposes: Remaining net proceeds for operating expenses, business development, marketing capabilities, and other exigencies, not exceeding 15% of Gross Proceeds or ₹10 crore, whichever is lower.
Risk Factors
- Discontinued Narol Operations: Manufacturing at the Narol unit was discontinued effective December 15, 2025, due to absence of a factory licence and Gujarat Pollution Control Board consents. Pending commencement of the new facility, capacity constraints may impair order fulfilment, and past non-compliance could result in penalties or prosecution.
- Textile Sector Dependence: Almost all revenues are derived from textile-sector customers, exposing the company to demand slowdowns, trade policy changes, and technological shifts specific to that industry.
- Product Concentration: Penta Screen accounted for 38.54%, 39.28%, and 42.24% of revenue from operations in FY2026, FY2025, and FY2024, respectively, representing significant product-concentration risk.
- Customer Concentration Without Long-Term Contracts: Top 10 customers contributed 34.53%, 27.22%, and 33.40% of revenue in FY2026, FY2025, and FY2024, respectively, with no long-term agreements in place.
- Raw Material Supply Concentration: Top 10 suppliers accounted for 96.73% of total purchases in FY2026 (₹3,246.45 lakhs), with no long-term supply agreements, exposing the company to nickel price volatility and supply disruptions.
Will the continued absence of QIB interest through Day 3 trigger a price band revision or issue cancellation under SEBI guidelines?
How might the pending regulatory issues at the discontinued Narol unit impact the company's post-listing valuation and institutional confidence?
Can Roopa Screen successfully diversify its customer base to mitigate the high concentration risk among its top 10 clients during the planned capacity expansion?
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