Silverstorm Parks & Resorts IPO is a book-built issue worth ₹82 crore. The IPO consists of a fresh issue of ₹78 crore, while ₹4 crore is reserved for the market maker, aggregating 0.62 crore equity shares. The IPO opens for subscription on July 24, 2026, and closes on July 28, 2026.
Vivro Financial Services Private Limited is the book-running lead manager to the issue, and MUFG Intime India Private Limited is the registrar.
Industry Outlook
The Indian amusement park market is projected to grow from ₹61.6 billion in CY24 to ₹125 billion by CY29, registering a 15.2% CAGR, supported by rising disposable incomes, urbanisation and increasing demand for leisure and entertainment.
India remains an underpenetrated market, with only 2-3 amusement parks per 1 crore population, compared with a global average of around 6 parks, indicating significant long-term growth potential.
The theme park segment is expected to expand from ₹41.8 billion in CY24 to ₹87.5 billion by CY29, while the water park segment is projected to reach ₹31.7 billion during the same period.
Demand for indoor snow parks, family entertainment centres (FECs) and ropeway attractions is increasing as consumers seek more experiential and year-round entertainment options.
South India is expected to remain the largest regional market, supported by established tourism infrastructure and favourable weather conditions for year-round operations.
Amusement park operators are increasingly expanding into Tier II and Tier III cities to tap new customer segments while benefiting from lower land and operating costs.
Non-ticket revenue streams, including food & beverage and merchandise sales, are expected to contribute a larger share of overall revenue as visitor spending increases.
Government initiatives, including the Parvatmala Project, are expected to support tourism infrastructure development and create opportunities for ropeway-based attractions.
The adoption of AI, AR, VR, digital ticketing, and smart navigation is expected to enhance visitor experiences and improve operational efficiency across the amusement park industry.
Silverstorm Parks & Resorts IPO Objectives
The company plans to utilise the net proceeds from the IPO for the following purposes:
₹26.12 crore for setting up the Lucknow Snow Park and Family Entertainment Centre (FEC).
₹15.14 crore for the expansion and upgradation of the existing Athirappilly Theme Park in Kerala.
₹24 crore towards the repayment or prepayment of certain borrowings.
General corporate purposes
About Silverstorm Parks & Resorts Limited
Silverstorm Parks & Resorts Limited is an ISO certified company operating in India's amusement, hospitality and leisure industry. It operates an integrated leisure business comprising amusement parks, indoor snow parks, hospitality and food & beverage (F&B) services. Its flagship destination is the Athirappilly Theme Park in Kerala, spread across approximately 17.38 acres near the Athirappilly waterfalls.
The Athirappilly Theme Park houses 41 amusement and water rides catering to different age groups. It also features Athirappilly Snow Storm, Kerala's first indoor snow-themed park, maintained at sub-zero temperatures, along with the Silver Storm Resort, an in-park boutique resort offering accommodation, dining and conference facilities. The company has also transitioned its F&B operations to an in-house model to improve operational efficiency and profitability.
To expand its offerings, Silverstorm is developing a 1.2-km ropeway (cable car) project at the Athirappilly park, which is expected to become operational in FY27. The attraction will connect the main park to a proposed Forest Village-themed destination.
The company is also expanding outside Kerala through its subsidiaries. It launched an indoor snow park in Jamshedpur in October 2025 and is developing a Snow Park and Family Entertainment Centre (FEC) in Lucknow, Uttar Pradesh, which is expected to open in FY27.
Silverstorm caters to educational institutions, corporate clients and leisure travellers. The company has witnessed steady growth in visitor numbers, with annual footfall increasing from 4.24 lakh in FY24 to 5.14 lakh in FY25 and 6.71 lakh in FY26.
Financial Performance of Silverstorm Parks & Resorts Limited
Particulars | Year ending on March 31, 2026 | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
Revenue from Operations (₹ Lakh) | 4,358.00 | 3,100.12 | 1,885.84 |
Growth in Revenue from Operations (%) | 40.57% | 64.39% | – |
EBITDA (₹ Lakh) | 2,936.00 | 1,655.89 | 652.40 |
EBITDA Margin (%) | 67.37% | 53.41% | 34.59% |
PAT (₹ Lakh) | 1,910.27 | 971.07 | 96.62 |
PAT Margin (%) | 42.59% | 30.69% | 5.06% |
RoE (%) | 30.98% | 26.34% | 4.90% |
RoCE (%) | 25.22% | 21.42% | 6.23% |
Debt to Equity Ratio (Times) | 0.89 | 0.58 | 1.21 |
Silverstorm Parks & Resorts Limited Peer Comparison
Company Name | Face Value (₹) | EPS (Diluted) (₹) | RONW (%) | NAV (₹) | Revenue from Operations (₹ Lakh) |
Silverstorm Parks & Resorts Limited | 10.00 | 11.59 | 30.98% | 44.20 | 4,358.00 |
Wonderla Holidays Limited | 10.00 | 12.83 | 4.64% | 283.20 | 51,877.23 |
Imagicaaworld Entertainment Limited | 10.00 | 0.01 | 0.05% | 22.16 | 37,385.38 |
Nicco Parks & Resorts Limited | 1.00 | (0.58) | 10.74% | 22.35 | 6,634.67 |
Strengths and Opportunities of Silverstorm Parks & Resorts IPO
It operates an integrated leisure destination in Kerala comprising an amusement park, water park, indoor snow park, resort, and an upcoming ropeway project.
It also operates Kerala's first indoor snow-themed park that provides a differentiated attraction and an additional revenue stream through separate ticketing.
The flagship Athirappilly Theme Park is located near the Athirappilly Waterfalls and is accessible from Cochin International Airport, giving it access to a large customer base across Kerala and neighbouring Tamil Nadu.
The company has reported steady business growth, with annual footfall increasing from 4.24 lakh in FY24 to 6.71 lakh in FY26, while revenue from operations grew at a CAGR of 52.02% during the same period.
Strong operating performance is reflected in an EBITDA margin of 67.37% and a PAT margin of 42.59% in FY26.
An in-house institutional marketing team helps attract school groups, colleges and corporate customers, supporting visitor traffic throughout the week.
The promoters have more than 25 years of experience in the amusement and leisure industry.
The Indian amusement park industry remains underpenetrated and is projected to grow significantly over the next few years, providing long-term expansion opportunities.
The company is expanding beyond Kerala through projects in Jamshedpur and Lucknow, helping diversify its geographical presence.
The company has shifted its food and beverage operations to an in-house model, which could support higher margins and increase non-ticket revenue.
Risks and Threats of Silverstorm Parks & Resorts IPO
The company remains highly dependent on its Athirappilly Theme Park in Kerala, which contributed most of its operating revenue in FY26.
The flagship park is located in a region prone to heavy rainfall and flooding. Extreme weather events or natural disasters could impact visitor footfall and operations.
The company relies mainly on its in-house technical team for maintenance of rides and equipment, with limited annual maintenance contracts (AMCs). Unexpected equipment failures could lead to operational disruptions and higher repair costs.
The amusement park business is seasonal, with higher visitor traffic during holidays and vacations. Lower footfall during off-season periods could affect revenue and profitability, while many operating costs remain fixed.
The company is involved in certain legal proceedings, including matters related to entertainment tax, land acquisition, and other disputes. Any adverse outcome could impact its financial position or reputation.
Operating amusement parks and water rides involves inherent safety risks. Any accident or safety-related incident could result in legal liabilities, regulatory action, and reputational damage.
The company has reported certain historical regulatory and compliance matters, including pending issues related to corporate filings and private placement procedures.
The statutory auditors have highlighted the absence of an audit trail feature in the company's accounting software for FY24, FY25, and FY26, which could affect financial reporting transparency.
Silverstorm Parks & Resorts IPO Reservation
Investor Category | Reservation |
Qualified Institutional Buyers (QIBs) | Not more than 50% of the Net Offer |
Retail Individual Investors (RIIs) | Not less than 35% of the Net Offer |
Non-Institutional Investors (NIIs) | Not less than 15% of the Net Offer |
Silverstorm Parks & Resorts IPO Promoter Holding
The promoters of the company are Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel and Shalimar Antharathara Ibrahim.
Share Holding Pre-Issue
| 70.15% |
Share Holding Post Issue | 50.98% |
Silverstorm Parks & Resorts IPO Prospectus
Silverstorm Parks & Resorts IPO Registrar and Lead Managers
Silverstorm Parks & Resorts IPO Lead Managers
Vivro Financial Services Private Limited
Registrar for Silverstorm Parks & Resorts IPO
MUFG Intime India Private Limited
Contact Number: 022-49186000
Email Address: silverstormparks.smeipo@in.mpms.mufg.com
Silverstorm Parks & Resorts IPO Registrar
How To Apply for Silverstorm Parks & Resorts IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Silverstorm Parks & Resorts IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Silverstorm Parks & Resorts IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Silverstorm Parks & Resorts IPO
Registered Office: Door No 1/77A Vettilapara P O, Chalakudy Thrissur, Kerala, 680721
Phone: +91 91889 05079
E-mail: info@silverstorm.in
