In recent years, SME listings have attracted strong investor interest as more niche and specialised businesses tap the capital markets for growth. Within this trend, companies catering to retail, hospitality, and food service infrastructure have seen growing demand, supported by rising consumption and expansion of organised formats across India.
Against this backdrop, Riddhi Display Equipments Limited is set to open its IPO on December 8, 2025. Here is a detailed insight into Riddhi Display Equipments Limited, its IPO structure, financials, and business outlook.
About Riddhi Display Equipments Ltd.
Incorporated in 2006, Riddhi Display Equipments Limited is engaged in the manufacturing and supply of innovative display solutions, including:
- Display Counters used in restaurants, cafes, retail shops, supermarkets and similar outlets
- Commercial Kitchen Equipment used in hotels, restaurants, hospitals and institutional kitchens
- Commercial Refrigeration Equipment serving hotels, restaurants, hospitals and other commercial establishments
The company focuses on delivering high-quality and cost-efficient products tailored to the needs of diverse industries such as retail, advertising and exhibitions.
Riddhi Display Equipments operates a manufacturing facility in Gondal, Gujarat, where skilled technical engineers oversee operations, optimise processes, and work toward higher yields and lower production costs.
As of August 31, 2025, the company has 55 employees on its payroll.
Competitive strengths include:
- Experienced promoters and a qualified technical team
- Consistent delivery of quality products
- Ability to provide customised solutions with strong after-sales service
- Well-established manufacturing facilities
- Strong marketing team
- Diversified client base across multiple sectors
Riddhi Display Equipments IPO Details
Riddhi Display Equipments IPO is a book-built issue aggregating up to ₹24.68 crore. The issue consists entirely of a fresh issue of 24,68,400 equity shares.
The IPO opens for subscription on December 8, 2025 and closes on December 10, 2025. The shares are proposed to be listed on BSE SME, with a tentative listing date of December 15, 2025.
The price band has been set at ₹95 to ₹100 per share, with a face value of ₹10 per share.
Jawa Capital Services Pvt. Ltd. is the book running lead manager, Maashitla Securities Pvt. Ltd. is the registrar to the issue, and Aftertrade Broking Pvt. Ltd. is the Market Maker.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Monday, December 8, 2025 |
| IPO Close Date | Wednesday, December 10, 2025 |
| Tentative Allotment | Thursday, December 11, 2025 |
| Initiation of Refunds | Friday, December 12, 2025 |
| Credit of Shares to Demat | Friday, December 12, 2025 |
| Tentative Listing Date | Monday, December 15, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wednesday, December 10, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹95 to ₹100 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 24,68,400 shares (aggregating up to ₹24.68 Cr) |
| Fresh Issue | 24,68,400 shares (aggregating up to ₹24.68 Cr) |
| Offer for Sale | Not applicable |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Reserved for Market Maker | 1,23,600 shares (aggregating up to ₹1.24 Cr) |
| Net Offered to Public | 23,44,800 shares (aggregating up to ₹23.45 Cr) |
| Listing At | BSE SME |
| Shareholding Pre Issue | 61,71,589 shares |
| Shareholding Post Issue | 86,39,989 shares |
Riddhi Display Equipments IPO Reservation
| Investor Category | Shares Offered | Percentage |
| Market Maker | 1,23,600 | 5.01% |
| QIB | 25,200 | 1.02% |
| NII (HNI) | 11,55,600 | 46.82% |
| Retail (RII) | 11,64,000 | 47.16% |
| Total | 24,68,400 | 100.00% |
Riddhi Display Equipments IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter.
| Application Category | Lots | Shares | Amount (at ₹100) |
| 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 |
Riddhi Display Equipments IPO Promoter Holding
The company is promoted by Mr. Shailehsbhai Ratibhai Pipaliya, Mrs. Hansaben Shailehsbhai Pipaliya, and Mr. Jay Shailehskumar Pipaliya.
| Particulars | Shareholding |
| Promoter Holding Pre Issue | 99.99% |
| Promoter Holding Post Issue | 71.43% |
Riddhi Display Equipments Ltd. Financials
Riddhi Display Equipments has reported healthy growth in both revenue and profitability in recent years. The company’s revenue increased by 33%, while profit after tax (PAT) rose by 105% between the financial years ending March 31, 2025 and March 31, 2024, reflecting improved operating leverage and better cost management.
Key Company Financials (Restated)
Amount in ₹ 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 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 | Value |
| 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 | ₹86.40 Cr. |
Pre IPO and Post IPO Valuation Metrics
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 6.71 | 6.95 |
| P/E (x) | 14.91 | 14.40 |
Objects of the Issue
Riddhi Display Equipments proposes to utilise the net proceeds from the IPO for the following purposes:
| S.No. | Objects of the Issue | Expected Amount (₹ in Millions) |
| 1 | Capital expenditure towards interior work and purchase of new equipment and machinery for setting up a manufacturing cum assembly unit at Lucknow, Uttar Pradesh | 49.65 |
| 2 | Capital expenditure towards the purchase of new equipment, machinery, software, etc., for the upgradation of the 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 purposes | Balance |
Riddhi Display Equipments Ltd.: Industry Outlook
Riddhi Display Equipments operates within the display solutions, commercial kitchen, and commercial refrigeration space, catering largely to restaurants, cafes, hotels, supermarkets, and other retail and institutional customers.
Growth in organised retail, food service chains, cloud kitchens, and modern trade formats is driving sustained demand for:
- Aesthetic and functional display counters
- Commercial kitchen equipment suited for high-throughput food preparation
- Reliable cold storage and refrigeration solutions for food and beverages
As more players expand across Tier 2 and Tier 3 cities and as existing outlets refurbish and upgrade their infrastructure, suppliers like Riddhi Display Equipments, with customised solutions and after-sales support, are well placed to benefit from this trend.
Riddhi Display Equipments IPO Review
According to the review summary, Riddhi Display Equipments Limited has demonstrated growth in both its top line and bottom line, with a notable improvement in profitability from FY24 onward, supported by better cost management and value-added tailor-made products. Based on recent financial data, the IPO is considered fully priced, and the relatively small paid-up equity base post issue points to a longer gestation period for potential migration to the main board.
Well-informed and cash surplus investors who are comfortable with SME risks and seeking exposure to a niche manufacturing and display solutions business may consider parking moderate funds for the long term, after evaluating their own risk appetite and portfolio allocation.
Riddhi Display Equipments IPO: Peer Comparison
Riddhi Display Equipments’ IPO can be compared with peers such as Western Refrigeration Pvt Ltd, Elanpro, Celfrost Innovations Pvt Ltd, Blue Star Ltd, and Voltas Ltd. Reviewing these companies helps investors gauge Riddhi Display Equipments’ positioning within the commercial display, refrigeration, and kitchen equipment sector, offering insights into its competitive standing and enabling more informed investment decisions.
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Conclusion
Riddhi Display Equipment’s IPO offers investors an opportunity to participate in the growth of a specialised manufacturer that serves multiple demand drivers across retail, hospitality, and institutional segments. The company’s:
- Established presence in display counters, commercial kitchen and refrigeration equipment
- Strong growth in revenue and profitability
- High return ratios and improving net worth
- Clear capex and expansion-focused use of proceeds
make it an interesting SME IPO candidate.
At the same time, investors should keep in mind:
- The nature of SME listings, which can involve lower liquidity and higher volatility
- Valuations that appear fully priced on recent earnings
- Execution risks associated with expansion into new locations and capacity additions
Those with a higher risk tolerance and a long-term view may evaluate Riddhi Display Equipment’s IPO as part of their broader allocation to emerging and niche manufacturing businesses.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
