Roopa Screen IPO: Listing Price, Performance and Review

Roopa Screen was one of the standout SME debuts of the season. Its ₹19.20 crore issue, priced at ₹64 and subscribed 271.94 times, listed on BSE SME on 1 October at ₹121.60, a 90% premium and the maximum allowed for an SME listing at open. It touched ₹127.68 before profit-taking pushed it to the 5% lower circuit at ₹115.52, still 80.5% above the issue price.

The demand was driven by a simple story: a profitable niche manufacturer offered at under 11 times earnings.

How Roopa Screen listed

For the rare investor who was allotted the minimum 2 lots, or 4,000 shares, the ₹2,56,000 investment was worth ₹4,62,080 at the ₹115.52 close, a gain of ₹2,06,080 on day one. The close was 5% below the opening price, the lowest level allowed for the day.

Closing at the lower circuit after a 90% opening means sellers outnumbered buyers by the end of the day. SME stocks often swing sharply in the first week after a listing like this. The next trading session after the 2 October holiday is on Monday 5 October.

Roopa Screen IPO at a glance

What Roopa Screen actually does

Roopa Screen Ltd was incorporated in 2013 and is based in Ahmedabad. It makes rotary nickel screens, the perforated cylinders that apply colour patterns in textile printing machines, under product lines named Delta, Penta, Standard and Nova. It also trades nickel cathodes.

It sells to more than 200 B2B customers, mostly textile printing and processing mills in Gujarat, Maharashtra, Haryana, Punjab and Tamil Nadu, and had 128 permanent employees. The IPO funds a new manufacturing facility (₹9.90 crore) and working capital (₹6 crore).

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Strong growth. Revenue rose from ₹35.9 crore in FY24 to ₹51.3 crore in FY26, and profit from ₹1.5 crore to ₹6.5 crore.
• Margins improved sharply. EBITDA margin rose to 19.7% and net margin to 12.8% in FY26.
• Moderate debt. Borrowings were ₹7.4 crore, debt to equity 0.45.
• Re-rated at listing. At ₹64 the post-issue P/E was about 10.9x. At ₹115.52 it is about 20x, roughly in line with small specialty manufacturers.

How the subscription ended

Anchors put in ₹5.32 crore on 23 September. By the close on 28 September, QIBs had bid 44.81 times, NIIs 421.94 times and retail 529.82 times, for 271.94 times overall across 1,46,988 applications.

The day-wise trend shows how quickly word spread. Trackers had the issue at about 1.2 times on day 1 and 5 times on day 2, before the final day turned it into one of the most heavily bid SME issues of the year, with retail at 529.82 times and NIIs at 421.94 times. Across 1,46,988 applications, retail allotment was close to a one in 500 chance.

The GMP story

Roopa Screen had a strong grey market premium that held through the issue. The tracker we follow showed about ₹42, or roughly 66% over the ₹64 issue price, just before listing.

Even that was too cautious. The stock opened at ₹121.60, a 90% premium, before sliding to ₹115.52 by the close. The grey market correctly flagged a big listing, but the extraordinary final day subscription pushed the opening well beyond what grey market traders had quoted. It is a reminder that GMP tends to lag when demand accelerates sharply on the last day.

What to weigh now

After an 80% gain

The valuation gap that drew investors has largely closed. Further gains now depend on the company growing into a higher multiple.

Textile cycle and nickel prices

Demand for printing screens follows the textile processing cycle, and nickel is the key raw material. A slowdown in textile exports or a nickel price spike would hit margins.

A tiny issue met overwhelming demand

At ₹19.20 crore, Roopa Screen was one of the smallest issues of the week, and it carried a valuation of under 11 times earnings. Small size plus a reasonable price is a combination that SME investors chase hard. With so few shares available, even a modest number of buyers on listing day was enough to push the opening price close to double the issue price.

Strengths and risks

Strengths

• Listed at a 90% premium and closed up 80.5%
• Subscribed 271.94 times
• Profit up more than four times in two years
• Niche product with 200+ industrial customers
• Expanding capacity with a new plant

Risks

• Hit the lower circuit after opening
• Dependent on the textile printing cycle
• Exposure to nickel price swings
• Small company; SME liquidity is thin
• Valuation roughly doubled on day one

What to watch from here

• Price action on 5 October after the lower-circuit close
• Progress on the new manufacturing facility
• Textile industry demand and nickel prices
• Whether the stock holds above ₹100 in the first week, as SME stocks often give back part of a large listing gain once allottees book profits

Roopa Screen IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 1 October 2026 (2 October was a market holiday).