Euro Pratik Sales IPO Day 3: Subscription, GMP, and Expert Views

Key Highlights

• Euro Pratik Sales IPO dates: Opened September 16, closes September 18, 2025.

• IPO size: ₹451.31 crore, structured as a pure offer for sale (OFS) of 1.83 crore shares.

• Price band: ₹235–₹247 per share.

• Subscription status (Day 3, 11:00 am): Overall 0.86x; retail 0.93x; NII 1.42x; QIB 0.28x; employees 3.17x.

• GMP: ₹5, implying a listing price of ~₹252 (2.02% above issue price).

• Allotment date: September 19, 2025.

• Listing date: September 23, 2025, on NSE and BSE.

• Company background: Founded in 2010; operates in decorative wall panels and laminates; product lines include Louvres, Chisel, and Auris; holds 15.87% revenue market share in the organized segment.

• Brokerage views: HEM Securities and Ventura Securities both recommended Subscribe, citing market leadership, diversified portfolio, and strong financial performance.

Introduction

The initial public offering (IPO) of Euro Pratik Sales Limited opened for subscription on September 16, 2025, and is set to close today, September 18, 2025. The issue is valued at ₹451.31 crore and has been structured as a pure offer for sale (OFS), with no fresh issue component. A total of 1.83 crore shares are being offered for sale through the IPO.

Investors can bid within the price band of ₹235 to ₹247 per share. Retail investors are required to apply in lots of 60 shares, translating into a minimum investment of ₹14,820 at the upper end of the price band. Since the entire issue is an OFS, the company itself will not receive any proceeds from the IPO.

The allotment of shares is expected to be finalized on September 19, 2025, and the listing of the company’s shares is scheduled for September 23, 2025, on both the NSE and BSE. Axis Capital Ltd is acting as the book-running lead manager, while MUFG Intime India Pvt. Ltd. is serving as the registrar to the issue.

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Subscription Status on Day 3

As of 11:00 am on Day 3, the Euro Pratik Sales IPO had been subscribed 0.86 times. The issue had received bids for 1.10 crore shares against 1.28 crore shares on offer.

Breaking down the subscription across categories, the retail portion of the IPO was subscribed to 0.93 times, indicating decent participation from small investors. The non-institutional investor (NII) category witnessed stronger demand, being subscribed to 1.42 times. However, the qualified institutional buyer (QIB) segment remained relatively muted at 0.28 times.

Meanwhile, the employee quota saw robust demand, with subscriptions reaching 3.17 times. This indicates strong confidence among the company’s employees, even as institutional participation lagged behind retail and HNI segments in the early part of Day 3.

Grey Market Premium (GMP)

The Euro Pratik Sales IPO is witnessing modest activity in the grey market. According to market observers, the IPO’s grey market premium (GMP) stands at ₹5. This suggests that the shares are trading slightly above the issue price in the unofficial market.

Based on the current GMP, the stock could list at around ₹252 per share, which is about 2.02 percent higher than the upper end of the price band fixed at ₹247. While the premium is modest, it indicates cautious optimism among grey market participants regarding listing gains.

Company Overview

Founded in 2010, Euro Pratik Sales Limited is engaged in the decorative wall panels and laminates segment, focusing on premium designs and innovative product offerings. Over the last seven years, the company has built a diverse product portfolio, catering to both residential and commercial customers.

Its product line includes well-known designs such as Louvres, Chisel, and Auris, which have contributed to its positioning as a leading and organized brand in India’s decorative wall panel industry. The company has established a strong pan-India distribution network, supported by long-term global partnerships and an asset-light business model.

In terms of market presence, Euro Pratik Sales holds a 15.87% revenue market share in India’s organized decorative wall panels segment. As of FY2023, the company reported revenues of ₹1,742.89 million from its decorative wall panels division, reflecting its leadership in the organized segment of the industry.

Expert Reviews and Brokerage Recommendations

Brokerages and analysts have shared their recommendations on the Euro Pratik Sales IPO, with most assigning a “Subscribe” rating based on the company’s market position, growth strategy, and financial strength.

HEM Securities Review

HEM Securities assigned a subscribe rating, noting that the IPO is being offered at a price-to-earnings (P/E) multiple of approximately 39x on a post-issue FY25 basis. The brokerage highlighted the company’s standing as one of India’s largest organized wall panel brands, with a comprehensive product portfolio and strong merchandising capabilities.

The report also underlined the company’s focus on product novelty, innovative designs, asset-light model, global partnerships, and experienced management team, along with its low leverage levels. These factors, combined with a proven financial track record, led HEM Securities to recommend that investors subscribe to the IPO.

Ventura Securities Review

Ventura Securities also recommended a subscribe rating for the issue, citing the company’s leadership in the decorative wall panels and laminates industry. With a 15.87% market share by revenue, Ventura highlighted Euro Pratik Sales’ resilience and ability to sustain growth through strategic acquisitions and an expanding product portfolio.

The brokerage emphasized the company’s diversified approach across products and markets, noting that this business model provides stability and positions Euro Pratik Sales to withstand industry shifts.

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