Silverstorm IPO opens July 24 to fund Lucknow expansion
Silverstorm Parks & Resorts Limited has opened its SME IPO on July 24, 2026, aiming to raise ₹65.26 crore for capital expenditure and debt repayment. The company reported a 52.02% revenue CAGR to ₹43.58 crore in FY26, with PAT rising to ₹19.10 crore. Proceeds will fund a new snow park in Lucknow, upgrade the Athirappilly theme park, and reduce borrowings.
*this image is generated using AI for illustrative purposes only.
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.
| Purpose | Amount (₹ Cr) |
|---|---|
| Lucknow Snow Park & FEC Capex | 26.12 |
| Athirappilly Theme Park Expansion | 15.14 |
| Debt Repayment/Prepayment | 24.00 |
| Total Identified Proceeds | 65.26 |
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.
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 18.86 | 31.00 | 43.58 |
| Total Expenses | 16.75 | 18.10 | 18.25 |
| Profit After Tax | 0.97 | 9.71 | 19.10 |
| Total Assets | 112.02 | 151.60 | 214.09 |
| Total Equity | 77.73 | 111.93 | 133.48 |
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.
How will the company mitigate the risk of high geographic revenue concentration once the Lucknow snow park becomes operational?
What is the projected timeline for the aerial cable car project, and how will it impact footfall at the Athirappilly location?
Will the reduction of debt via IPO proceeds significantly lower finance costs, and what is the target debt-to-equity ratio post-IPO?
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