December 2, 2025
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K. V. Toys India IPO
K. V. Toys India Ltd. is launching a book-built SME IPO of Rs. 40.15 crore, comprising an entirely fresh issue of 16,80,000 equity shares.
The IPO opens on December 8, 2025, and closes on December 10, 2025. The allotment is expected on December 11, 2025, and the listing is tentatively scheduled for December 15, 2025 on BSE SME.
The price band is Rs. 227 to Rs. 239 per share, and the lot size is 600 shares.
As per SME norms, the minimum investment for retail investors is Rs. 2,86,800 (1,200 shares – 2 lots), and for HNI investors, Rs. 4,30,200 (1,800 shares – 3 lots).
Lead Manager: GYR Capital Advisors Pvt. Ltd.
Registrar: Purva Sharegistry (India) Pvt. Ltd.
Market Maker: Giriraj Stock Broking Pvt. Ltd.
🕗 Last Update: 14 November 2025, 8.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 8, 2025 |
| IPO Close Date | December 10, 2025 |
| Allotment Date | December 11, 2025 |
| Refunds Initiation | December 12, 2025 |
| Credit to Demat | December 12, 2025 |
| Listing Date | December 15, 2025 |
Final Subscription Status
Size Rs. 40.15 Crore (Subscription data will be updated after issue closes)
QIB | NII x | RII x | Total x | Applications
– | – | – | – | –
Subscription Review:
To be updated on closing day.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 227 to Rs. 239 per share |
| Lot Size | 600 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 16,80,000 shares (Rs. 40.15 Cr) |
| Market Maker Portion | 1,00,800 shares (Rs. 2.41 Cr) – Giriraj Stock Broking Pvt. Ltd. |
| Net Offer to Public | 15,79,200 shares (Rs. 37.74 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 46,00,000 shares |
| Shareholding Post-Issue | 62,80,000 shares |
Reservation
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 1,00,800 (6.00%) |
| QIB Shares Offered | 7,80,600 (46.46%) |
| NII (HNI) Shares Offered | 2,39,400 (14.25%) |
| Retail Shares Offered | 5,59,200 (33.29%) |
| Total Shares Offered | 16,80,000 (100.00%) |
Anchor Investor Details
| Particulars | Details |
|---|---|
| Anchor Bid Date | December 5, 2025 |
| Shares Offered | 4,68,000 |
| Anchor Portion Size | Rs. 11.19 Cr |
| Lock-in (50%) Ends | January 10, 2026 |
| Lock-in (Remaining) Ends | March 11, 2026 |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 1,200 | 2,86,800 |
| S-HNI (Min) | 3 | 1,800 | 4,30,200 |
| S-HNI (Max) | 6 | 3,600 | 8,60,400 |
| B-HNI (Min) | 7 | 4,200 | 10,03,800 |
Promoter Holding
Promoters: Mr. Karan Narang, Mr. Vishal Narang, Ms. Namita Narang, Mr. Ayush Jain & Mr. Yash Jain
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 79.65% |
| Promoter Holding Post-Issue | 58.35% |
About K. V. Toys India Ltd.
Incorporated in 2009, K. V. Toys India Ltd. is engaged in the contract manufacturing and sale of plastic-moulded and metal-based toys for children, across educational and recreational categories.
Its portfolio includes friction-powered toys, soft bullet guns, ABS toys, die-cast metal vehicles, pullback toys, battery-operated toys, dolls, bubble toys and electronic toys.
The company markets multiple proprietary brands such as Alia & Olivia, Yes Motors, Funny Bubbles, and Thunder Strike, each serving distinct consumer segments.
K. V. Toys follows an asset-light model and operates through exclusive partnerships with 11 OEM facilities across India.
Competitive Strengths
Diverse product range across price segments.
OEM-based manufacturing enabling scalability.
Strong in-house design and packaging capabilities.
Asset-light model with integrated supply chain.
Proprietary brands with growing recognition.
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 57.46 | 48.53 | 9.17 |
| Total Income | 80.90 | 85.60 | – |
| Profit After Tax | 4.06 | 4.59 | -0.11 |
| EBITDA | 6.10 | 6.36 | -0.14 |
| Net Worth | 13.14 | 16.86 | -0.01 |
| Reserves & Surplus | 8.54 | 4.49 | -0.11 |
| Total Borrowing | 25.57 | 44.03 | 9.17 |
Key Performance Indicators
(KPI based on FY25 financials)
| KPI | Values |
|---|---|
| EPS (Pre / Post IPO) | Rs. 9.98 / Rs. 12.91 |
| P/E (Pre / Post) | 23.94x / 18.51x |
Objects of the Issue
| S.No. | Objects of the Issue | Expected Amount (Rs. Cr) |
|---|---|---|
| 1 | Funding working capital requirements | 20.92 |
| 2 | Repayment / prepayment of borrowings | 11.70 |
| 3 | General corporate purposes | Balance |
Company Contact
K. V. Toys India Ltd.
Office No. 1508, 15th Floor, Solus Business Park,
Hiranandani Estate, Ghodbunder Road,
Thane, Maharashtra – 400607
Phone: +91 89768 23566
Email: cs@kvtoysindia.com
Website: https://kvtoys.com/
Lead Manager
GYR Capital Advisors Pvt. Ltd.
Registrar
Purva Sharegistry (India) Pvt. Ltd.
Phone: +91-022-23018261 / 23016761
Email: newissue@purvashare.com
Website: https://www.purvashare.com/investor-service/ipo-query
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
K. V. Toys India is an established player in India’s fast-growing toy segment with a wide and diversified product mix under multiple proprietary brands.
Revenues have been stable with improving profitability versus earlier years, and the shift to an asset-light OEM-based structure provides scalability.
The valuation at post-issue P/E of ~18.5x appears moderate considering the industry’s growth momentum. However, rising borrowings and fluctuating margins remain risk factors.
Chanakya View: Suitable for investors seeking exposure to the emerging branded-toy manufacturing segment. Listing gains will depend on subscription strength and overall SME sentiment.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
