Roopa Screen IPO: Listing Price, Performance and Review
Ahmedabad-based maker of rotary nickel screens used in textile printing, serving over 200 printing and processing mills across India, and a trader of nickel cathodes.
A huge debut for a profitable niche manufacturer that was priced cheaply. After an 80% gain, the easy money has been made.
Our own view, not investment advice.
Subscription by category
Final subscription, 28 Sep 2026, 6:54 PM
Listing day, 1 Oct
BSE SME prices
| Issue price | ₹64.00 |
| Open | ₹121.60 |
| High | ₹127.68 |
| Low | ₹115.52 |
| Close | ₹115.52 |
| Gain at close | +80.5% |
IPO timeline
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
| Detail | Value |
|---|---|
| Issue price | ₹64 |
| Listing price (BSE SME) | ₹121.60 (+90.0%) |
| Day’s high | ₹127.68 |
| Day’s low | ₹115.52 |
| Listing day close | ₹115.52 (+80.5%) |
| Applications | 1,46,988 |
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
| Detail | Roopa Screen IPO |
|---|---|
| Issue size | ₹19.20 crore (30 lakh shares, entirely fresh issue) |
| Issue price | ₹64 per share (face value ₹10) |
| Lot size | 2,000 shares |
| Individual investor minimum | 2 lots, 4,000 shares (₹2,56,000) |
| Anchor round | ₹5.32 crore on 23 Sep 2026 |
| Bidding dates | 24 Sep to 28 Sep 2026 |
| Allotment | 29 Sep 2026 |
| Listing | 1 Oct 2026 on BSE SME |
| Lead manager | Seren Capital |
| Registrar | Bigshare Services |
| Market maker | B.N. Rathi Securities |
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.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 35.85 | 45.63 | 51.32 |
| EBITDA | 4.24 | 8.13 | 10 |
| Net profit | 1.5 | 4.69 | 6.48 |
| Net worth | 5.21 | 9.89 | 16.37 |
| Borrowings | 8.98 | 7.03 | 7.42 |
| Total assets | 19.66 | 22.47 | 30 |
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
| Category | Final (28 Sep) |
|---|---|
| QIB | 44.81x |
| NII | 421.94x |
| Retail | 529.82x |
| Total | 271.94x |
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.
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.
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
Scouter verdict: A niche, profitable manufacturer that was clearly underpriced at issue, which the market corrected on day one. At current levels it looks fairly valued, so we stay in Charged. This is our own view, not investment advice.
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
Roopa Screen IPO: frequently asked questions
Roopa Screen listed at ₹121.60 on BSE SME on 1 October 2026, a 90% premium to the ₹64 issue price.
The stock closed at ₹115.52, the 5% lower circuit, which was still 80.5% above the issue price.
It was subscribed 271.94 times overall, with QIB at 44.81x, NII at 421.94x and retail at 529.82x, across 1,46,988 applications.
It makes rotary nickel screens used in textile printing and trades nickel cathodes.
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).
On this page
Key valuation
| Listing gain (close) | +80.5% |
| P/E at issue (post) | 10.9x |
| P/E at ₹115.52 | about 20x |
| ROE | 49.4% |
| EBITDA margin | 19.7% |
| Debt to equity | 0.45 |
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