Striders Impex Lists at ₹70, Down 7.64%

Striders Impex Ltd, incorporated in 2021 engaged in licensing, own brand development, and distribution of toys and kids' consumer merchandise offering end-to-end solutions from product design and development to sourcing, manufacturing and distribution catering to retail formats across India and select international markets including premium retail chains such as Timezone and Landmark with 36 employees as of December 31, 2025, made a weak debut on NSE SME on Friday, March 6, 2026. The Striders Impex share price opened at ₹70.00 representing a discount of 2.78% from issue price of ₹72.00 before hitting lower circuit at ₹66.50 (down 7.64%).

Striders Impex Listing Details

Striders Impex launched its IPO at ₹72 per share with minimum investment of 3,200 shares costing ₹2,30,400. The IPO barely scraped through with subscription of only 1.33 times - retail investors undersubscribed at 0.78 times, NII at 1.70 times, QIB at 2.03 times.

First-Day Trading Performance

Listing Price: Striders Impex stock price opened at ₹70.00 representing discount of 2.78% from issue price, quickly hit lower circuit at ₹66.50 (down 7.64%), with VWAP at ₹69.96. The weak listing created investor losses with turnover of ₹3.98 crore, traded volume of 5.70 lakh shares, and market capitalisation declining to ₹123.80 crore against pre-IPO market cap of ₹134.04 crore with 100% sell-side visible in order book indicating complete absence of buying interest.

Growth Drivers and Challenges

Growth Drivers:

Asset-Light Model: Licensing partnerships with global brands enabling toy and merchandise distribution without heavy capital investment, trusted brand equity driving consumer preference across domestic and international markets.

Diversified Channels: Strategic presence across e-commerce platforms and offline distribution network including premium retail chains, expanding retail distribution across more cities with diversified revenue base across channels and geographies.

International Expansion: IPO proceeds allocation for investment in UAE subsidiaries expanding international footprint in high-growth markets.
Challenges:

9M FY26 Setback: PAT of ₹4.01 crore for 9 months FY26 versus ₹8.41 crore for full FY25 hinting at performance slowdown with PAT margin declining from 13.59% to 8.09%.

Aggressive Pricing: Analyst notes issue appears aggressively priced at post-IPO P/E of 25.07x with debt-to-equity of 0.97 and significant promoter dilution from 95.49% to 69.52%.

Utilisation of IPO Proceeds

Working Capital (Company): ₹10.00 crore for funding working capital requirements.

UAE Mainland Subsidiary: ₹6.50 crore for investment in newly wholly owned subsidiary in mainland UAE.

Striders FZ LLC: ₹4.50 crore for investment in wholly owned subsidiary to fund its working capital.

General Corporate Purposes: ₹3.95 crore for general corporate purposes.

Debt Repayment: ₹2.98 crore for repayment of loans.

Financial Performance

Revenue: ₹49.61 crore for 9 months ended December 2025, ₹61.95 crore for FY25, growth from ₹41.77 crore in FY24.

Net Profit: ₹4.01 crore for 9 months FY26, ₹8.41 crore in FY25, growth from ₹4.39 crore in FY24, with post-IPO EPS of ₹2.87 and P/E of 25.07x. 
 

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