Roopa Screen IPO Day 2: Subscribed 2.64x; Retail demand surges to 6.07x
- Roopa Screen IPO subscribed 2.64x by end of Day 2
- Retail demand surged to 6.07x, up from 2.89x on Day 1
- QIB subscription remained stagnant at 0.15x
- NII (sHNI) subscribed 4.06x; NII (bHNI) subscribed 2.26x
*this image is generated using AI for illustrative purposes only.
Roopa Screen's IPO subscription hit 2.64x on Day 2, propelled by a sharp rise in retail demand to 6.07x. Non-institutional buyers also picked up pace, while QIB interest remained flat at 0.15x.
Subscription Status
The overall subscription level for Roopa Screen's IPO climbed to 2.64x by the close of Day 2, up from 1.36x on Day 1. The momentum was largely driven by the retail segment, which saw its subscription multiple jump significantly from 2.89x on Day 1 to 6.07x on Day 2. This indicates robust sentiment among individual investors. In contrast, Qualified Institutional Buyers (QIBs) showed no change in their engagement, remaining at 0.15x throughout the first two days of the offering.
Intra-day Timeline
The following table details the subscription progression during Day 2 (25-09-2026):
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.15x | 3.79x | 5.08x | 2.26x |
| 12:15 | 0.15x | 4.06x | 6.07x | 2.64x |
Category-wise Breakdown
Retail investors have been the standout performers in this issue, subscribing 6.07 times their allocated quota. This represents a substantial increase from the previous day and highlights strong retail conviction. Among Non-Institutional Investors (NII), small HNIs (sHNI) subscribed 4.06 times, while big HNIs (bHNI) subscribed 2.26 times. The employee category recorded 0x subscription so far. Institutional investors (QIB) continue to show minimal interest, with subscription levels stuck at 0.15x, indicating a lack of institutional appetite at the current valuation or price band.
Offer Details
- Company: Roopa Screen
- Price Band: ₹60.00 - ₹64.00
- Issue Size: ₹240000 crore - ₹500000 crore
- Min Bid Qty: 4000
- Open Date: 24-09-2026
- Close Date: 28-09-2026
About the Company
Roopa Screen Limited, incorporated in 2013, is engaged in manufacturing rotary nickel screens used in rotary screen-printing machines, primarily for textile manufacturers. The company operates from a facility in Sanand, Ahmedabad, and serves over 200 customers across 11 Indian states. Its product portfolio includes Delta, Penta, Standard, and Nova variants. The promoters, Ghanshyambhai Ranchhodbhai Thakkar and Kunal Ghanshyambhai Thakker, bring decades of experience in the sector.
Financial Highlights
The company has demonstrated consistent growth in revenue and profitability over the last three fiscal years.
| 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 |
Objects of the Issue
- Capital Expenditure: ₹9.90 crores for setting up a new manufacturing facility at Sanand to increase capacity from 74,400 to 163,200 screens per annum.
- Working Capital: ₹6.00 crores for incremental working capital requirements.
- General Corporate Purposes: Remaining proceeds for operating expenses and business development.
Risk Factors
- Regulatory Compliance: Discontinued operations at Narol unit due to lack of factory licence and pollution control board consents.
- Sector Dependence: High reliance on the textile industry exposes the company to sector-specific risks.
- Product Concentration: Penta Screen accounts for a significant portion of revenue (42.24% in FY2024).
- Customer Concentration: Top 10 customers accounted for 34.53% of revenue in FY2026.
- Raw Material Volatility: High dependence on top 10 suppliers for nickel purchases.
How might the persistent lack of QIB interest at 0.15x influence Roopa Screen's listing price and post-IPO trading volatility?
Will the significant retail over-subscription of 6.07x lead to a high allotment rejection rate, and how could this impact secondary market demand on day one?
Can the planned capacity expansion from 74,400 to 163,200 screens per annum effectively mitigate the risks associated with product concentration in Penta Screens?
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