Roopa Screen Limited IPO: price band ₹60–₹64, ₹19.2 crore SME fresh issue opens September 24, 2026

Roopa Screen Limited is launching an SME initial public offering (IPO) of ₹19.2 crore at a price band of ₹60 to ₹64 per share. The issue opens on September 24, 2026 and closes on September 28, 2026, with listing scheduled for October 1, 2026. The IPO is entirely a fresh issue with no offer for sale (OFS), which means the proceeds go to the company.

What Roopa Screen does: rotary nickel screens for textile printing

Roopa Screen Limited manufactures rotary nickel screens, which are cylindrical, perforated nickel stencils used in rotary screen-printing machines for continuous, high-speed printing of textile fabric. In the textile printing workflow, these screens are precision consumables: they need to meet mesh and specification requirements for repeat use across printing runs.

The company supplies multiple screen variants, including Standard, Delta, Penta and Nova, across different mesh sizes and specifications. Its stated customer base is primarily domestic textile printing customers.

Alongside its manufacturing operations, Roopa Screen also undertakes ancillary trading of nickel cathodes. In the company’s description, this trading activity supports raw-material availability for its manufacturing operations, given nickel’s central role as an input.

IPO context: expansion plans and the proposed Sanand facility

The IPO is being undertaken in the context of expanding Roopa Screen’s rotary nickel screen manufacturing business through investment in a new manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad. The offer narrative in this extract states that the proposed facility is expected to materially increase installed capacity.

The same narrative links demand outlook to textile-sector growth and policy support referenced in the offer materials, including the Production-Linked Incentive (PLI) scheme and textile-park initiatives. Separately, the disclosures also flag that operational execution and regulatory requirements around facilities and approvals are important considerations for manufacturing continuity and timelines.

Because the stated plan is capacity-led expansion, the operating pathway after the IPO is closely tied to how the new facility progresses from expenditure to commissioning and stabilised output.

Milestones and operating footprint

Roopa Screen was incorporated in 2013 as Roopa Screen Private Limited under the Companies Act, 1956. It commenced operations at its first unit at 6, Sudama Estate, Narol, Ahmedabad, Gujarat, and later began operations at a second unit at 190, Gallops Industrial Park–II, Sanand, Ahmedabad, Gujarat, in 2017.

As a scale marker, the company has stated that revenue from operations crossed ₹30 crore in FY2023–24. In 2025, the company converted from a private limited company to a public limited company and was renamed Roopa Screen Limited.

On the sales side, the company highlights a domestic footprint spread across multiple states and a customer base of more than 200 customers. At the same time, the disclosures note that customer concentration exists despite this breadth, with the top 10 customers contributing around 27–35% of revenue across recent years. The disclosures also highlight product mix concentration, with Penta Screen described as a large revenue driver.

Financial trajectory and KPI context

The financial information in this extract shows an upward trajectory in reported total revenue and profit after tax (PAT) from FY2024 to FY2026, alongside an increase in total assets over the same period. These movements provide context on scale and balance-sheet expansion across the reported periods, while the operating narrative and risk disclosures frame the dependencies investors typically monitor for a manufacturing issuer.

The disclosed key performance indicators (KPIs) include earnings per share (EPS), return on equity (ROE), return on capital employed (ROCE), and return on net worth (RoNW). The extract also discloses EBITDA margin (with EBITDA referenced as a margin percentage), reported PAT margin, debt-to-equity, and valuation references such as pre-IPO price-to-earnings (P/E) and price-to-book (P/B).

For this IPO, these KPIs are typically read alongside business specifics disclosed in the same materials: sensitivity to nickel availability and pricing, the domestic orientation of sales, and concentration trends across products and customers.

Issue structure, reservations, GMP, and proposed use of proceeds

Roopa Screen’s IPO is a fresh issue of ₹19.2 crore with no OFS. In practical terms, this means the fundraising is for stated corporate objectives, and there is no secondary sale of shares by existing shareholders through this issue.

The stated objects of the issue are:

1. Funding of capital expenditure towards setup of a new manufacturing facility
2. Funding of working capital requirements
3. General corporate purpose

In this extract, the proposed allocation amounts are specified for the first two objects (capex for the new facility and working capital). An allocation amount for general corporate purpose is not specified in the provided slice.

The IPO has category-wise reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail Individual Investors (RII). The structure also includes an anchor allocation within the QIB portion, with a stated reservation for domestic mutual funds within the anchor book.

The lot size is 2,000 shares. The timeline provided in the extract includes September 29, 2026 as the expected allotment date and September 30, 2026 as the refund date.

On grey market premium (GMP), the available observations in this extract show a GMP of ₹0 against a referenced issue price of ₹64 on September 21 and September 22, 2026. GMP is an unofficial indicator and can change between observations.

Key risks and monitoring points from the disclosures

The disclosures describe a set of risks that sit across compliance, sector exposure, input dependence, competition, and technology requirements.

Regulatory and compliance risk is highlighted in the extract through disclosure of a past shutdown for missing approvals and the recent discontinuation of manufacturing at the Narol unit due to missing statutory approvals. The narrative also notes that delays or disruptions related to approvals for the proposed new facility could affect production timelines and costs.

End-market exposure is another central theme. The company’s primary customers are domestic textile printing players, and the disclosures note that order flows can swing with the textile industry, which can affect revenue and factory utilisation.

Input-cost and supply risk is tied to nickel, given its role as a key input. The extract flags sensitivity to nickel price volatility and also cites supply disruptions and policy actions in nickel-producing countries, including export restrictions, as factors that can affect availability and pricing.

Competitive and technology risks are also outlined, including a fragmented competitive landscape with organised and unorganised players, and compatibility requirements with newer inks, higher-speed equipment, and greener processes that may require sustained research and development (R&D) spending.

Monitoring points to track post-issue, based on the stated plans and disclosures:

1. Progress on the setup, commissioning, and ramp-up of the proposed manufacturing facility at Gallops Industrial Park-II, Sanand, Ahmedabad.

2. Continuity of statutory approvals and compliance at operating locations, given the disclosures around missing approvals.

3. Movement in nickel availability and pricing, and how raw-material sourcing is managed alongside the ancillary trading of nickel cathodes.

4. Trends in product mix and customer concentration, including dependence on the Penta Screen line and the contribution from the top 10 customers.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (22 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.