Five years old, Disney on the shelf, UAE on the roadmap
Striders Impex Ltd. (SIL) opened its maiden SME IPO for public subscription on February 26, 2026, and the issue closes on March 2, 2026. The company is raising Rs 36.29 crore through a combination of a fresh issue of 45,31,200 equity shares (worth Rs 32.63 crore at the upper cap) and an Offer for Sale of 5,08,800 equity shares (worth Rs 3.66 crore at the upper cap), at a price band of Rs 71 to Rs 72 per share.
This is an NSE SME Emerge listing and allotment is expected on March 4, 2026, with shares tentatively listing on March 6, 2026. Post-IPO market capitalisation at the upper price band works out to Rs 134.04 crore.
The Business
Incorporated in April 2021, only five years ago, Striders Impex is a toy and kids’ consumer merchandise company built around: licensed products, co-branded products, and a growing portfolio of proprietary intellectual properties.
Licensing is its major revenue component. The company holds distribution and merchandising rights for globally recognised entertainment brands — Disney, Hamleys, Miniso, and the Landmark Group have been cited in company communications — and designs, sources, and distributes character-led products ranging from plush toys and action figures to school bags, luggage, water bottles, lunchboxes, sunglasses, and back-to-school stationery. Products cater to children between 18 months and 15 years of age.
On the proprietary side, the company has developed its own brand IPs — Pugs at Play, Furry Pals, Gurliez, Fanster, Beezy Kits, Minds at Play, SHDZ, Boujees, and Striders — designed based on market research and consumer insights. However, revenue breaking in FY25 tilts towards licensed products which contributed 67.38% of revenue, while co-branded 22.72%, and own brands just 9.90%.
The company operates out of Mumbai and runs an asset-light model distributing through a network of 144 distributors and 33 retail partners as of FY25, with an online presence through e-commerce platforms supplementing the offline channel. Premium retail chains like Timezone and Landmark are among its institutional buyers. Internationally, the company has a presence in the UAE through its wholly-owned subsidiary Striders FZ LLC.
IPO Details at a Glance
| Parameter | Details |
|---|---|
| Issue Type | Fresh Issue + Offer for Sale (Book Building) |
| Total Issue Size | Rs 36.29 crore |
| Fresh Issue | 45,31,200 shares (Rs 32.63 crore) |
| Offer for Sale | 5,08,800 shares (Rs 3.66 crore) |
| Face Value | Rs 10 per share |
| Price Band | Rs 71 – Rs 72 per share |
| Lot Size | 1,600 shares (minimum application: 2 lots / 3,200 shares) |
| Minimum Investment (Retail) | Rs 2,30,400 (at upper cap) |
| Minimum Investment (HNI) | Rs 3,45,600 (3 lots / 4,800 shares) |
| Issue Opens | February 26, 2026 |
| Issue Closes | March 2, 2026 |
| Allotment Date | March 4, 2026 |
| Listing Date (Tentative) | March 6, 2026 |
| Listing Platform | NSE SME Emerge |
| Issue as % of Post-IPO Capital | 27.07% |
| Post-IPO Market Cap | Rs 134.04 crore |
| Pre-IPO Paid-up Capital | Rs 14.09 crore (1,40,85,680 shares) |
| Post-IPO Paid-up Capital | Rs 18.62 crore (1,86,16,880 shares) |
| GMP (as of Feb 28, 2026) | Rs 0 (flat) |
Where Is the Money Going?
| Purpose | Amount (Rs Crore) |
|---|---|
| Working capital requirements | 10.00 |
| Investment in Striders FZ LLC (UAE subsidiary) | 4.50 |
| Incorporation and investment in new UAE subsidiary | 6.50 |
| Repayment of loans | 3.00 |
| General Corporate Purposes | Balance |
| Total | ~32.63 crore (fresh issue proceeds) |
Of the fresh issue money, Rs 11 crore — roughly a third — is earmarked for UAE operations between the existing subsidiary and the proposed new one. Another Rs 10 crore goes to domestic working capital, and Rs 3 crore retires existing debt.
The company is not making any acquisition like Yaap Digital. If the Middle East expansion does not scale as planned, a meaningful chunk of IPO proceeds will have been committed to an entity with no track record
Standalone Performance:
| Period | Total Income (Rs Crore) | Net Profit (Rs Crore) | PAT Margin (%) |
|---|---|---|---|
| FY23 | 29.97 | 2.03 | 6.77% |
| FY24 | 41.77 | 4.39 | 10.51% |
| FY25 | 60.82 | 8.02 | 13.19% |
| 9M FY26 (Apr–Dec 2025) | 37.90 | 2.62 | 6.91% |
Consolidated Performance:
| Period | Total Income (Rs Crore) | Net Profit (Rs Crore) |
|---|---|---|
| FY25 | 61.95 | 8.41 |
| 9M FY26 (Apr–Dec 2025) | 49.61 | 4.01 |
The standalone revenue trajectory from FY23 to FY25 is seen doubling over three years. The PAT margins on standalone also held up reasonably until FY25. However, in 9MFY26 the company generated Rs 37.90 crore against a full-year FY25 of Rs 60.82 crore, which when annualised works out to about Rs 50.5 crore. Essentially, this suggests revenue may be decline.
Net profit of Rs 2.62 crore for nine months annualises to Rs 3.49 crore — less than half of FY25’s Rs 8.02 crore. PAT margin has compressed from 13.19% in FY25 back to 6.91% in 9M FY26 — almost exactly where it was in FY23. On a consolidated basis, nine months of FY26 delivered Rs 4.01 crore net profit — which, annualised, suggests full-year FY26 consolidated PAT will likely be below FY25’s Rs 8.41 crore.
Capital History
The company was incorporated in April 2021 and issued its initial equity capital at par value. It then issued further equity shares at Rs 74 per share in July 2025 and August 2025 — within the year immediately preceding the IPO. Most notably, in June 2025 it issued bonus shares in the extraordinary ratio of 1,340 for 1.
Valuation and Peer Comparison
| Metric | Value |
|---|---|
| P/E based on FY25 earnings | 15.93x |
| P/E based on annualised FY26 earnings | 25.09x |
| P/BV (standalone NAV of Rs 16.04 as of Dec 31, 2025) | 4.49x |
| P/BV (consolidated NAV of Rs 17.07 as of Dec 31, 2025) | 4.22x |
| Average EPS (3-year standalone) | Rs 4.48 |
| Average RoNW (3-year) | 67.09% |
The company has cited OK Play India as its listed peer in the offer document, but it does not show a PE.
At 15.93x P/E on FY25 earnings, the issue might look passable in isolation — but those FY25 earnings are the high watermark, and 9M FY26 data suggests the business has already stepped down from that peak. However, on an annualised basis, the PE works out to 25.09x on FY26 earnings, adjusted.
Merchant Banker Track Record
The sole Book Running Lead Manager is CapitalSquare Advisors Pvt. Ltd. This is their second mandate in the current fiscal year.
The company has not paid any dividends during any of the periods covered in the offer document. It will adopt a dividend policy based on future financial performance and business requirements.
Grey Market Premium (GMP)
The grey market premium for Striders Impex IPO has not shown activity. GMP is an unofficial, unregulated indicator and should never be the only basis for any investment decision.
Key Risks
The company is just five years old — founded in 2021 — and its financial history is short.
The 9M FY26 data on both standalone and consolidated bases indicates a meaningful slowdown from FY25 levels.
The trade receivable cycle of 153 days is high for a product distribution business and signals real collection pressure.
The business is heavily dependent on licensing arrangements with global entertainment brands; a change in licensor terms, non-renewal, or fee escalation could directly impact margins and product range.
