Kerala’s Silverstorm heads to the stock market with ₹82 crore IPO

Kerala-based Silverstorm Parks and Resorts Limited is entering the stock market with an initial public offering that could raise up to ₹82.43 crore.

The issue consists entirely of 61.98 lakh new equity shares. There is no offer for sale, which means the proceeds will go to the company rather than to existing shareholders.

The price band has been fixed at ₹123 to ₹133 per share. Anchor bidding is scheduled for July 23, while the public issue will open on July 24 and close on July 28. The shares are expected to be listed on the BSE SME platform on July 31.

Silverstorm IPO at a glance

From one park in Athirappilly to a multi-city business

Silverstorm was incorporated in October 1998 as Silverstorm Amusement Parks Private Limited. Its Athirappilly theme park was inaugurated in 2000, followed by the Silver Storm Resort in 2002 and the indoor Snow Storm facility in 2017.

The company added several high-thrill water rides during 2023 and 2024. It changed its name to Silverstorm Parks and Resorts Private Limited in July 2025 and became a public limited company in October 2025.

The promoters include Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel, the company’s chairman, and Shalimar Antharathara Ibrahim, its managing director.

Where does Silverstorm operate?

The company’s main property is the Silver Storm amusement and water theme park at Athirappilly in Thrissur district. The integrated facility is spread across 17.38 acres and includes:

• 41 amusement and water rides

• A 10,000 sq ft indoor snow park

• Three restaurants

• An eight-room resort

• Conference and recreational facilities

Silverstorm is also developing an aerial cable car project at Athirappilly. The proposed ropeway will have a total round-trip distance of about 1.2 km and connect the theme park with a themed forest village. The project is expected to become operational during the second quarter of FY2027, although project timelines can change.

Outside Kerala, Silverstorm operates a 5,183 sq ft Snow Storm facility at P&M Hi-Tech City Centre in Jamshedpur, Jharkhand. The facility commenced operations in October 2025 through Snow Storm Parks Private Limited, an 85 per cent-owned subsidiary.

The company is now setting up an approximately 11,100 sq ft snow park and family entertainment centre at Omaxe Hazratganj Mall in Lucknow. The Lucknow facility is expected to start operations during the fourth quarter of FY2027.

Revenue and profit have risen sharply

Silverstorm’s consolidated revenue from operations more than doubled between FY2024 and FY2026. Profit after tax increased from less than ₹1 crore in FY2024 to ₹19.10 crore in FY2026.

Revenue from operations grew 40.6 per cent in FY2026, while profit nearly doubled. Apart from higher visitor numbers, the company benefited from increased food and beverage sales and higher income from shops, photographs, nursery sales and other non-ticketing activities.

Average revenue per visitor increased from ₹444.96 in FY2024 to ₹649.70 in FY2026. Non-ticketing revenue per visitor rose more sharply, from ₹52.68 to ₹182.24 during the same period.

This is significant because food, photographs, merchandise and other spending inside the park allow the company to earn more from each visitor without depending entirely on ticket-price increases.

However, the Athirappilly property continued to account for ₹41.71 crore, or 95.7 per cent, of the company’s FY2026 operating revenue. The Jamshedpur operation has begun geographic diversification, but Silverstorm remains heavily dependent on a single location.

Who owns the company?

Before the IPO, Silverstorm has 1.65 crore outstanding equity shares. Promoters and members of the promoter group together hold 70.15 per cent, while existing public shareholders own 29.85 per cent.

The largest shareholders before the issue are:

After the fresh shares are issued, the total number of shares will increase to about 2.27 crore. Assuming full subscription, the combined promoter and promoter group holding will fall from 70.15 per cent to approximately 50.98 per cent. No existing shareholder is selling shares through the IPO.

How will the IPO proceeds be used?

The company proposes to use the net proceeds for three main purposes.

The ₹15.14 crore earmarked for Athirappilly includes approximately:

• ₹8.85 crore to add 3,000 sq ft to the existing snow park

• ₹2.12 crore for a new restaurant

• ₹4.16 crore for a banquet hall and dining facilities

The snow park’s area is expected to increase from 10,000 sq ft to 13,000 sq ft.

What will Silverstorm be valued at?

Based on the existing share capital and the announced price band, Silverstorm’s implied valuation before the IPO will be between ₹202.69 crore and ₹219.17 crore.

After the fresh shares are issued, its implied market capitalisation will be:

These are implied valuations based on the price band. The actual market capitalisation after listing will depend on the price at which the shares trade.

Silverstorm’s IPO marks a significant transition for a Kerala leisure business that started with a single park in Athirappilly more than 25 years ago. The company has recorded strong recent growth and is using the issue to expand outside Kerala and reduce debt. Whether that growth can be sustained will depend on visitor demand, the performance of new facilities and the company’s ability to manage a capital-intensive and seasonal business.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to subscribe to the IPO. Investors should read the Red Herring Prospectus, assess the risks and consult a SEBI-registered investment adviser before making any investment decision.