Minerva Capital Research Solutions

Sollfege Smart Electronics

ListedListed 8 Oct 2026BSE SMENSE: SOLLFEGECheck allotment
Current price₹ 54.99−0.02% since issue
Listing day+89.82%
Issue price
₹ 55
Issue size
₹ 21.78 Cr.
Min. investment
₹ 1,10,000
Listing price
₹ 104.4
Subscribed
2.08x
Lot size
2,000 shares
P/E
25.11
RoNW
18.86%
RoCE
23.57%
Debt / Equity
0.60
PAT margin
9.86%
EBITDA margin
18.02%
RoE
20.82%
EPS
₹ 2.19
NAV
₹ 19.24
Promoter stake
60.38%

About

Sollfege Smart Electronics Limited was incorporated in November 2012. It began by distributing high-end audio and video equipment and has since moved into fitting out whole homes, offices and institutions with integrated technology. Its range covers audio solutions such as speakers, home theatre systems, soundbars, wireless speakers and background music systems, video solutions such as premium displays and projectors, and smart living solutions covering home automation, networking, security and surveillance, lighting and climate control, smart door locks, CCTV and integrated monitoring. It works with OEM brands including Bose, Yamaha, Panasonic, Lutron, Sonos, Devialet, Focal, Epson and LG. The company sells through an experience-before-purchase approach, with experience centres in Kolkata and Gurgaon where customers can see the products working, and three showrooms in Kolkata, Gurgaon and Bhubaneswar. Its teams handle site assessment, system design, installation and after-sales service. It does not manufacture, so the model is asset light. As on August 2026 it had 32 employees.

Timeline

  1. Opens
    30 Sep
    done
  2. Closes
    5 Oct
    done
  3. Allotment
    6 Oct
    done
  4. Refunds
    7 Oct
    done
  5. Demat credit
    7 Oct
    done
  6. Listing
    8 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 10 on 7 Oct 2026
Lowest
₹ 0 on 26 Sep 2026
First quoted
₹ 0 on 26 Sep 2026

Subscription

How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,10,000
Retail (Max)12,000₹ 1,10,000
HNI (Min)24,000₹ 2,20,000

Company overview

Financials

Financials by year
Assets30.3724.8312.3
Total Income22.2221.2819.84
Profit After Tax2.192.131.76
EBITDA43.241.73
NET Worth11.629.433.75
Reserves and Surplus5.587.922.74
Total Borrowing6.984.462.87

Strengths

  • Profit has grown every year, from Rs 1.76 crore in FY2024 to Rs 2.13 crore in FY2025 and Rs 2.19 crore in FY2026.
  • EBITDA has more than doubled in two years, from Rs 1.73 crore in FY2024 to Rs 4.00 crore in FY2026, an EBITDA margin of 18.02%.
  • Return on capital employed is 23.57% and return on net worth is 18.86%, helped by a model that owns no factory.
  • Net worth has grown from Rs 3.75 crore in FY2024 to Rs 11.62 crore in FY2026, and debt to equity is 0.60.
  • It holds dealerships for well known brands including Bose, Yamaha, Panasonic, Lutron, Sonos and Devialet, which are hard for a new entrant to obtain.
  • The whole Rs 21.78 crore issue is fresh capital with no offer for sale, of which Rs 8.54 crore opens 12 new showrooms and Rs 9.67 crore funds working capital.
  • It earns on both the product and the service, doing site assessment, system design, installation and after-sales support in house.

Risks

  • Control sits with a single promoter, Umesh Kumar Agarwal, who holds 99.97% before the issue and 60.38% after it.
  • Sales have barely moved. Total income was Rs 19.84 crore in FY2024, Rs 21.28 crore in FY2025 and Rs 22.22 crore in FY2026, a rise of about 4% in the latest year.
  • The reserves row does not fit the rest of the table, falling from Rs 7.92 crore in FY2025 to Rs 5.58 crore in FY2026 while net worth rose from Rs 9.43 crore to Rs 11.62 crore.
  • The issue is priced at 25.11 times post issue earnings on an EPS of Rs 2.19, against 15.15 times on a pre issue EPS of Rs 3.63, so the dilution lifts the multiple by about two thirds.
  • Borrowing has more than doubled in two years, from Rs 2.87 crore in FY2024 to Rs 6.98 crore in FY2026.
  • The business rests on dealership arrangements with foreign OEM brands. Those can be changed or ended, and the company makes nothing of its own to fall back on.
  • Premium audio, video and home automation is discretionary spending by high-end buyers, which falls away first when property and luxury demand slows.
  • It is a small operation, with 32 employees and three showrooms, and plans to add 12 more showrooms at once out of issue money.
  • Promoter holding falls from 99.97% to 60.38%, and this is a fixed price issue at Rs 55 per share, so there is no price discovery through bidding.
  • This is an SME issue. One lot is 2,000 shares, which is about Rs 1.10 lakh at the upper band of Rs 55, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding Capital Expenditure for expansion of our Retail Network by launching 12 new Showrooms8.54
Working Capital Requirements9.67
General Corporate Expenses1.8
Issue Expenses1.76

Promoters

  • Umesh Kumar Agarwal
Promoter holding99.97%→60.38%before → after the issue · down 39.59 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Finshore Management Services Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.