Riddhi Display Equipments IPO
Riddhi Display Equipments Ltd. is launching a book-built SME IPO of Rs. 24.68 crore, comprising an entirely fresh issue of 24,68,400 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. 95 to Rs. 100 per share, and the lot size is 1,200 shares.
As per SME rules and Chanakya guideline, the minimum investment for retail investors is Rs. 2,40,000 (2,400 shares – 2 lots), and for HNI investors, Rs. 3,60,000 (3,600 shares – 3 lots).
Lead Manager: Jawa Capital Services Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Aftertrade Broking Pvt. Ltd.
🕗 Last Update: 10 December 2025, 6.00 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. 24.68 Crore (Subscription figures to be updated after issue closes)
QIB | NII x | RII x | Total x | Applications
-
| – | – | – | –
Subscription Review:
To be updated on the last day of subscription.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 95 to Rs. 100 per share |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 24,68,400 shares (Rs. 24.68 Cr) |
| Market Maker Portion | 1,23,600 shares (Rs. 1.24 Cr) – Aftertrade Broking Pvt. Ltd. |
| Net Offer to Public | 23,44,800 shares (Rs. 23.45 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 61,71,589 shares |
| Shareholding Post-Issue | 86,39,989 shares |
Reservation
Riddhi Display Equipments IPO offers a total of 24,68,400 shares. Out of this, 25,200 (1.02%) are allocated to QIB, 11,55,600 (46.82%) to NII and 11,64,000 (47.16%) to Retail.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 1,23,600 (5.01%) |
| QIB Shares Offered | 25,200 (1.02%) |
| NII (HNI) Shares Offered | 11,55,600 (46.82%) |
| Retail Shares Offered | 11,64,000 (47.16%) |
| Total Shares Offered | 24,68,400 (100.00%) |
Application Details
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter.
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | 2,40,000 |
| Individual investors (Retail) (Max) | 2 | 2,400 | 2,40,000 |
| S-HNI (Min) | 3 | 3,600 | 3,60,000 |
| S-HNI (Max) | 8 | 9,600 | 9,60,000 |
| B-HNI (Min) | 9 | 10,800 | 10,80,000 |
Promoter Holding
Mr. Shailehsbhai Ratibhai Pipaliya, Mrs. Hansaben Shailehsbhai Pipaliya, and Mr. Jay Shailehskumar Pipaliya are the promoters of the company.
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 99.99% |
| Promoter Holding Post-Issue | 71.43% |
About Riddhi Display Equipments Ltd.
Incorporated in 2006, Riddhi Display Equipments Ltd. is engaged in the manufacturing and supply of innovative display solutions such as display counters, commercial kitchen equipments and commercial refrigeration equipments.
Its products serve restaurants, cafes, retail stores, supermarkets, hotels, hospitals and institutional kitchens.
The company operates a manufacturing facility at Gondal, Gujarat, equipped to deliver quality, cost-efficient solutions with the support of skilled technical engineers and a strong production setup.
As on August 31, 2025, the company has 55 employees on its payroll.
Competitive Strengths
Experienced promoters and qualified technical team.
Consistent delivery of quality products.
Customized solutions with strong after-sales service.
Well-established manufacturing facilities at Gondal.
Strong marketing team.
Catering to a diversified client base across multiple sectors.
Financial Snapshot (Rs. crore)
Riddhi Display Equipments Ltd.’s revenue increased by 33% and profit after tax (PAT) rose by 105% between FY24 and FY25.
| Period Ended | 31 Jul 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 36.63 | 32.34 | 19.15 | 17.01 |
| Total Income | 11.23 | 25.09 | 18.90 | 17.54 |
| Profit After Tax | 2.00 | 4.14 | 2.02 | 0.21 |
| EBITDA | 3.19 | 6.93 | 3.77 | 1.08 |
| Net Worth | 12.36 | 10.36 | 3.21 | 1.17 |
| Reserves and Surplus | 6.19 | 4.19 | 2.93 | 0.91 |
| Total Borrowing | 8.63 | 10.79 | 8.10 | 6.65 |
Key Performance Indicators
(KPI as of March 31, 2025)
| KPI | Values |
|---|---|
| ROE | 62.87% |
| ROCE | 58.40% |
| Debt/Equity | 1.04 |
| RoNW | 39.94% |
| PAT Margin | 16.53% |
| EBITDA Margin | 27.68% |
| Price to Book Value | 6.08 |
| Market Capitalization | Rs. 86.40 Cr. |
Pre IPO / Post IPO EPS and P/E:
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs.) | 6.71 | 6.95 |
| P/E (x) | 14.91 | 14.40 |
Objects of the Issue (Riddhi Display Equipments IPO Objectives)
The company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (in Millions) |
|---|---|---|
| 1 | Capital expenditure towards interior work and purchase of new equipment/machineries for setting up Manufacturing-cum-Assembly Unit at Lucknow, Uttar Pradesh | 49.65 |
| 2 | Capital expenditure towards purchase of new equipment/machineries/software etc. for upgradation of existing Manufacturing Unit at Gondal, Rajkot | 37.91 |
| 3 | Capital expenditure towards setting up of Showroom at Gondal, Rajkot | 14.27 |
| 4 | Funding working capital requirements | 97.37 |
| 5 | General Corporate Purpose | Balance |
Riddhi Display Equipments IPO Review
Riddhi Display Equipments Ltd. is engaged in manufacturing and supply of display counters, kitchen equipments and refrigeration equipments. It has reported growth in both top line and bottom line for the reported periods, with a sharp jump in profits from FY24 due to better cost management and higher value-added, tailor-made products. Based on recent financials, the issue appears fully priced. The relatively small post-IPO equity base also implies a longer gestation period for possible mainboard migration. Well-informed investors with a long-term view may consider parking funds.
Riddhi Display Equipments Ltd. Contact Details
Riddhi Display Equipments Ltd.
Plot No.1, Survey No.2/1 P4/P2,
National Highway-27 Gondal Highway,
Village Bhojpara, Gondal,
Rajkot, Gujarat – 360311
Phone: +91 98250 72799
Email: info@riddhidisplay.com
Website: https://riddhidisplay.com/
Lead Manager
Jawa Capital Services Pvt. Ltd.
Registrar
Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: investor.ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Riddhi Display Equipments has built a focused presence in display counters, commercial kitchen and refrigeration equipment, catering to hotels, restaurants, retail chains and institutional clients. Revenues and profits have grown steadily, with PAT more than doubling between FY24 and FY25, and return ratios (ROE, ROCE) staying at very attractive levels. However, the valuation appears full with P/E in mid-teens and a relatively small equity base.
Chanakya View: Strong growth, efficient returns and sectoral tailwinds make this issue suitable for well-informed investors with a long-term horizon. Short-term listing gains will depend on overall SME sentiment and subscription strength.
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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.
