Silverstorm Parks & Resorts IPO saw a cumulative subscription of 1x by the end of Day 2. The issue is priced between ₹123 and ₹133, with a minimum bid quantity of 2000 shares. While the Non-Institutional Buyer (NII) category showed strong interest, other segments like QIB and Retail remained subdued.

Subscription Status

The following table details the subscription status for Silverstorm Parks & Resorts IPO as of Day 2:

About the Company

Silverstorm Parks & Resorts is engaged in the business of developing and operating theme parks and resorts. The company aims to raise capital through this initial public offering to fund its growth initiatives and working capital requirements.

Key Dates

• Price Band: ₹123 - ₹133
• Minimum Bid Quantity: 2000 shares
• Issue Size: ₹246000 - ₹392350000
• IPO Close Date: To be confirmed
• Allotment Date: To be confirmed
• Listing Date: To be confirmed

Silverstorm Parks & Resorts Limited has initiated its SME public offering, scheduled to open on July 24, 2026, to fund capital expenditure and reduce debt. The Kerala-based integrated amusement destination operator seeks to utilize the proceeds for establishing a new snow park in Lucknow, upgrading its existing Athirappilly theme park, and repaying borrowings. The company reported a strong financial performance for FY26, with revenue from operations growing at a CAGR of 52.02% over the previous two years to reach ₹43.58 crore, while Profit After Tax (PAT) surged to ₹19.10 crore from ₹0.97 crore in FY24.

The IPO comprises a fresh issue of equity shares, with the total identified proceeds amounting to ₹65.26 crore. The issue is set to close on July 28, 2026, with finalization of allotment on July 29, 2026, and listing scheduled for July 31, 2026. The price band and other specific issue details were not available in the draft prospectus.

Objects of the Issue

The company has allocated the net proceeds from the issue towards specific developmental and financial objectives. The deployment of funds is aimed at expanding its geographic footprint and reducing leverage.

Financial Performance

Silverstorm Parks & Resorts demonstrated significant growth in revenue and profitability for the fiscal year ended March 31, 2026. The company attributes the revenue expansion to increased footfalls, which rose to 6.71 lakhs in FY26 from 4.24 lakhs in FY24. The PAT margin improved substantially to 42.60% in FY26, up from 5.08% in FY24, driven by operating leverage as total expenses remained relatively stable despite revenue scaling.

Business Overview and Risks

Headquartered in Chalakudy, Thrissur, Silverstorm operates an amusement cum water park, snow park, and integrated resort across 17.38 acres near the Athirappilly waterfalls. It also operates a snow park in Jamshedpur, Jharkhand. The company is developing an aerial cable car project near Athirappilly, positioning itself as the first amusement park in the region to offer this attraction.

Investors should note specific material risks disclosed in the prospectus. The company exhibits high geographic revenue concentration, with 95.70% of FY26 revenue derived from the Athirappilly Theme Park. Additionally, the company carries a significant debt burden, with outstanding indebtedness of ₹6,507.09 lakhs as of March 31, 2026, and finance costs totaling ₹424.76 lakhs in FY26. Other risks include the lack of annual maintenance contracts for critical equipment and seasonal revenue variations.