In 2025, India’s IPO market continues to attract niche companies looking to raise capital. Among these is Riddhi Display Equipments Limited, a manufacturer and supplier of display and commercial kitchen solutions. The company is set to open its IPO on September 24, 2025, offering investors a chance to participate in the growth of a firm with innovative products and expanding market reach.
About Riddhi Display Equipments Ltd.
Incorporated in 2006, Riddhi Display Equipments Limited specialises in display counters, commercial kitchen equipment, and refrigeration equipment for sectors such as retail, hospitality, and exhibitions.
The company’s manufacturing facility in Gondal, Gujarat, is equipped with advanced technology to produce high-quality, cost-efficient products. Skilled technical engineers manage operations, optimising production and ensuring consistent quality.
Product Portfolio:
- Display Counter: For restaurants, cafes, retail shops, supermarkets, etc.
- Commercial Kitchen Equipment: Used in hotels, hospitals, restaurants, and catering businesses.
- Commercial Refrigeration Equipment: For hotels, restaurants, hospitals, and commercial setups.
Competitive Strengths:
- Experienced promoters and a qualified technical team
- Consistent delivery of high-quality products
- Customised solutions with focus on after-sales service
- Well-established manufacturing facilities
- Strong marketing team
- Catering to clients across diverse sectors
As of August 31, 2025, the company has 55 employees on its payroll.
Riddhi Display Equipments IPO Details
The Riddhi Display Equipments IPO is a book-building issue of ₹24.68 crore, entirely a fresh issue comprising 0.25 crore shares. The IPO will list on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 24, 2025 |
| IPO Close Date | Sep 26, 2025 |
| Tentative Allotment | Sep 29, 2025 |
| Initiation of Refunds | Sep 30, 2025 |
| Credit of Shares to Demat | Sep 30, 2025 |
| Tentative Listing Date | Oct 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 26, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹95 – ₹100 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 24,68,400 shares (₹24.68 Cr) |
| Reserved for Market Maker | 1,23,600 shares (₹1.24 Cr) |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 61,71,589 shares |
| Shareholding Post-Issue | 86,39,989 shares |
Investor Category Reservation:
- QIB: Not more than 50% of the Net Issue
- Retail: Not less than 35% of the Net Issue
- NII: Not less than 15% of the Net Issue
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,40,000 |
| 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:
The promoters are Mr. Shailehsbhai Ratibhai Pipaliya, Mrs. Hansaben Shailehsbhai Pipaliya, and Mr. Jay Shailehskumar Pipaliya.
- Pre-IPO: 99.99%
- Post-IPO: 71.43%
Book Running Lead Manager: Jawa Capital Services Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Aftertrade Broking Pvt. Ltd.
Riddhi Display Equipments Ltd.: Financials
Financial Highlights (₹ Crore):
| 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 & Surplus | 6.19 | 4.19 | 2.93 | 0.91 |
Key Performance Indicators (FY2025):
| KPI | Values |
| Market Cap | ₹86.40 Cr |
| 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 | 17.42 |
| KPI | Pre-IPO | Post-IPO |
| EPS (₹) | 6.71 | 6.95 |
| P/E (x) | 14.91 | 14.4 |
Objects of the Issue
The IPO proceeds are proposed to be utilised as follows:
| Object | Amount (₹ Million) |
| Capital expenditure for new manufacturing cum assembly unit at Lucknow | 49.65 |
| Capital expenditure for upgradation of existing manufacturing unit at Gondal, Rajkot | 37.91 |
| Capital expenditure for setting up showroom at Gondal, Rajkot | 14.27 |
| Working Capital Requirements | 97.37 |
| General Corporate Purposes | Balance |
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Conclusion
Riddhi Display Equipments Ltd. offers an opportunity to invest in a specialised manufacturer of display, kitchen, and refrigeration solutions for diverse sectors. The company’s consistent revenue and profit growth, coupled with skilled technical and management teams, make it an attractive IPO for long-term investors. However, potential investors should be aware of risks related to operational scalability, market competition, and dependence on select industry verticals.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
