Silverstorm Parks and Resorts Ltd IPO
Entertainment
Price Band
₹123 – ₹133
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹266000
Issue Size
₹82.43Cr
Opens
2026-07-24
Closes
2026-07-28
Listing
31-07-2026
Subscription Status
Qualified Institutional Buyers
1.81 x
Non-Institutional Investor
2.6 x
Retail Individual Investor
1.37 x
Total
1.82 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1EJ401023
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Silverstorm Parks & Resorts Limited is engaged in the business of operating amusement and entertainment destinations. The company operates an integrated amusement-cum-water park, indoor snow parks, a resort, food and beverage outlets, and merchandise operations. Its revenue is generated through ticket sales for amusement and snow parks, resort bookings, food and beverage sales, merchandise, and hosting private and institutional events. The company's flagship facility is the Athirappilly Theme Park in Thrissur, Kerala, spread across approximately 17.38 acres. The park includes 41 amusement and water rides, an indoor snow park, three restaurants, and an eight-room resort. The company also operates a snow park in Jamshedpur, Jharkhand, and is developing a new snow park and family entertainment centre in Lucknow, Uttar Pradesh. In addition, it is constructing a 1.2 km aerial cable car project at Athirappilly. As of March 31, 2026, the Athirappilly Theme Park had recorded more than 16.09 lakh visitors over the previous three financial years. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Capital expenditure for setting up Lucknow Snow Park and FEC – Rs 26.12 crore Capital expenditure for the expansion and upgradation of the existing Athirappilly Theme Park, Kerala – Rs 15.14 crore Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company – Rs 24 crore General corporate purposes
Pros
- • The company claims to operate an integrated entertainment destination comprising an amusement-cum-water park, an indoor snow park, a resort, and an upcoming cable car project at a single location. It also claims to operate Kerala's first indoor snow park and expects the 1.2 km ropeway at Athirappilly to further diversify its revenue streams through separate ticketing.
- • The company states to have an operating track record of over two and a half decades in the amusement park industry. It recorded footfalls of 6.71 lakh, 5.14 lakh, and 4.24 lakh in FY26, FY25, and FY24, respectively.
- • The company claims to be led by promoters with more than two and a half decades of experience in the amusement park industry. It also claims to have an in-house sales, marketing, and project team comprising 46 personnel, supporting business operations, institutional marketing, and expansion initiatives.
Cons
- • The company has not entered into annual maintenance contracts for its machinery, buildings, and other equipment, except for diesel generator sets at its Athirappilly Theme Park and Snow Storm facility. Instead, it relies on an in-house technical team of 123 employees for maintenance and repairs. Annual maintenance and replacement expenses stood at Rs 0.30 crore (1.65% of total expenses) in FY26, Rs 0.34 crore (1.90%) in FY25, and Rs 0.67 crore (4.05%) in FY24. Any unexpected equipment failure, ride malfunction, or major repair requirement could disrupt operations, increase maintenance costs, and adversely affect the company's business, financial performance, and visitor experience.
- • The company's business is subject to seasonal and cyclical variations in visitor footfalls, with revenue largely dependent on school vacations, festive seasons, public holidays, weekends, and weather conditions. Revenue from operations amounted to Rs 8.09 crore (18.56% of total revenue), Rs 5.03 crore (11.53%), Rs 11.55 crore (26.49%), and Rs 18.92 crore (43.41%) during the first, second, third, and fourth quarters of FY26, respectively. In FY25, quarterly revenue stood at Rs 4.28 crore (13.79%), Rs 1.93 crore (6.24%), Rs 11.03 crore (35.59%), and Rs 13.76 crore (44.38%), while in FY24 it was Rs 4.26 crore (22.60%), Rs 2.45 crore (13.00%), Rs 6.80 crore (36.08%), and Rs 5.34 crore (28.32%), respectively. Since the company’s employee, park operating, and other fixed costs remain relatively constant throughout the year, any decline in visitor footfalls during peak seasons or weaker-than-expected seasonal demand could disproportionately affect its revenue, profitability, cash flows, and overall financial performance.
- • The company incurs significant fixed and recurring operating expenses, including employee benefits, power and fuel, repairs and maintenance, and advertising. Employee benefit expenses amounted to Rs 5.89 crore (32.25% of total expenses) in FY26, Rs 6.50 crore (36.55%) in FY25, and Rs 5.72 crore (34.40%) in FY24. Advertisement and business promotion expenses were Rs 1.46 crore (7.99%), Rs 1.03 crore (5.81%), and Rs 0.66 crore (3.98%), while power and fuel expenses stood at Rs 1.06 crore (5.83%), Rs 1.53 crore (8.61%), and Rs 1.65 crore (9.91%) during the respective years. If the company is unable to maintain adequate visitor footfalls or revenue growth, these fixed costs could adversely affect its profitability, cash flows, and overall financial performance.
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