Roopa Screen IPO Day 1: Subscribed 1.36x; Retail demand hits 2.89x
- Roopa Screen IPO subscribed 1.36x on Day 1
- Retail demand surged to 2.89x
- sHNIs subscribed 2.19x; bHNIs 1.56x
- QIB participation remained low at 0.15x
- Issue closes September 28, 2026
*this image is generated using AI for illustrative purposes only.
Roopa Screen IPO closed its subscription window on September 28, 2026, with a staggering overall subscription of 257.29x. Retail investors led the charge with 491.43x bids, while QIBs surged to 44.33x.
Subscription Status
The issue witnessed explosive growth in demand during the final bidding day. Starting from a modest 1.36x on Day 1 and accelerating to 5.41x on Day 2, the total subscription jumped dramatically to 257.29x by the close of Day 3. The intra-day momentum was particularly intense after 2 pm, with the total subscription rising from 148.79x at 14:15 IST to 200.92x at 15:15 IST, before settling at the final figure of 257.29x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.15x | 2.19x | 1.56x | 2.89x | 1.36x |
| Day 2 | 25-09-2026 | 2.57x | 6.91x | 4.25x | 9.57x | 5.41x |
| Day 3 | 28-09-2026 | 44.33x | 391.84x | 427.74x | 491.43x | 257.29x |
Category-wise Breakdown
Retail investors emerged as the dominant force, closing at 491.43x—a significant leap from their Day 2 close of 9.57x. Non-Institutional Investors also showed robust appetite, with Small HNIs (sHNI) subscribing 427.74x and Big HNIs (bHNI) reaching 391.84x. Qualified Institutional Buyers (QIBs) demonstrated strong conviction, ending the day at 44.33x, up from 2.57x on Day 2.
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 |
| 13:15 | 0.15x | 0.60x | 0.80x | 0.41x |
| 14:15 | 0.15x | 0.91x | 1.26x | 0.59x |
| 15:15 | 0.15x | 1.26x | 1.78x | 0.82x |
| 16:15 | 0.15x | 1.64x | 2.36x | 1.10x |
| 17:15 | 0.15x | 2.19x | 2.89x | 1.36x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹60.00000 – ₹64.00000 per share |
| Issue Size | ₹240000 crore – ₹500000 crore |
| Minimum Bid Quantity | 4,000 shares |
| Bidding Open | September 24, 2026 |
| Bidding Close | September 28, 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 Delta, Penta, Standard, and Nova variants and trades nickel cathodes as an ancillary activity. Operations are based in Sanand, Ahmedabad, serving over 200 customers across 11 Indian states.
Financial Highlights
| Metric (₹ crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 50.73 | 45.34 | 35.71 |
| Total Revenue | 51.32 | 45.63 | 35.85 |
| Profit Before Tax | 8.69 | 6.27 | 2.01 |
| Net Profit | 6.48 | 4.69 | 1.50 |
| Total Assets | 30.00 | 22.47 | 19.66 |
Objects of the Issue
- Capital Expenditure (₹9.90 crores): Setting up a new manufacturing facility adjacent to the existing Sanand unit to increase installed capacity from 74,400 to 163,200 screens per annum.
- Working Capital (₹6.00 crores): Meeting incremental working capital requirements to support business expansion.
- General Corporate Purposes: Covering operating expenses and business development, not exceeding 15% of Gross Proceeds or ₹10 crores, whichever is lower.
Risk Factors
- Discontinued Narol Operations: Manufacturing at the Narol unit was discontinued effective December 15, 2025, due to lack of statutory approvals, posing capacity constraints and regulatory risks.
- Textile Sector Dependence: Almost all revenues are derived from textile-sector customers, exposing the company to sector-specific demand slowdowns.
- Product Concentration: Penta Screen accounted for 38.54% of revenue from operations in FY2026.
- Customer Concentration: Top 10 customers contributed 34.53% of revenue from operations in FY2026, with no long-term contracts in place.
- Raw Material Volatility: Top 10 suppliers accounted for 96.73% of total purchases in FY2026, exposing the company to nickel price volatility.
What's Next
Allotment of shares is scheduled for September 29, 2026. The listing date is set for October 1, 2026.
Will the continued lack of QIB interest in the remaining subscription days impact the final allotment ratio and post-listing price stability?
How will the pending regulatory issues regarding the discontinued Narol unit affect the company's ability to meet the new facility's commissioning timeline?
What is the potential impact of nickel price volatility on Roopa Screen's margins given the high concentration of raw material suppliers?
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