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    Euro Pratik Sales IPO sees modest response so far on Day 1, NIIs lead

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    By Madhu Balaji

    Copyright thehindubusinessline

    Euro Pratik Sales IPO sees modest response so far on Day 1, NIIs lead

    The ₹451.32-crore IPO of Euro Pratik Sales Ltd, a decorative wall panel company, opened for public subscription on a modest note today, receiving a subscription of 17 per cent as of 11.48 am.

    Among the investor categories, the non-institutional investors (NIIs) portion led with 0.41 times subscription, while the retail quota saw a lower response at 0.16 times. The employee segment recorded a subscription of 0.52 times. However, there was no participation from qualified institutional buyers (QIBs) at the time of writing.

    Anchor portion

    Ahead of the IPO, the company mobilised ₹135 crore from anchor investors. It allotted over 54.64 lakh equity shares at ₹247 per share to investors, including 360 One group, Motilal Oswal Mutual Fund (MF), ITI MF, Alchemy Capital Management, Nuvama Wealth, Ashish Kacholia-backed Bengal Finance and Investment, Turnaround Opportunities Fund, Neo Asset Management, SB Opportunities Fund II and US-based PineBridge Investments, according to exchange data.

    IPO details

    The IPO is a complete offer for sale (OFS) of 1.83 crore share by the promoters and promoter group, aggregating to ₹451.32 crore. The price band has been fixed at ₹235 to ₹247 per share, and the minimum application lot is 60 shares.

    Half of the offer size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs).

    It will conclude on September 18, 2025. The allotment process is expected to be finalised by September 19. The shares will likely list on both BSE and NSE on September 23, 2025.

    Axis Capital and DAM Capital Advisors are the book-running lead managers of the issue.

    Business portfolio

    Euro Pratik Sales operates with an asset-light model, outsourcing manufacturing while focusing on design, branding, and distribution. The company has built a broad product portfolio, sold under the flagship brands Euro Pratik and Gloirio. Financially, it reported 28 per cent increased revenue in fiscal 2025 at ₹284.23 crore. Profit after tax rose by nearly 22 per cent to ₹76 crore.

    The company’s heavy reliance on foreign suppliers exposes it to currency fluctuations. The company also depends significantly on distributors and third-party vendors, making its supply chain vulnerable.

    On valuation, brokerages noted that the IPO is reasonably priced at around 31–33 times FY25 earnings, making it attractive compared with peers in the decorative interiors space, though the risk profile is relatively higher.

    Some recommendations suggest that the IPO is better suited for long-term investors who want to tap into the growing organised decorative materials market, while short-term traders should temper expectations.

    In contract, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said that investors may avoid the IPO as high valuation and operational risks warrant cautious consideration.

    Published on September 16, 2025

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