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Simca Advertising Ltd IPO
Simca Advertising Ltd
₹2,08,800 /1200 sharesMinimum investment
IPO details
Minimum investment
₹2,08,800
Price range
₹174 - ₹183
Lot size
600
Issue size
58.04 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
8 May 2026
IPO open date
12 May 2026
IPO close date
13 May 2026
Allotment date
13 May 2026
Funds unblock or debit
15 May 2026
Tentative listing date
About
Founded in
2022
MD/CEO
Mr Fahim Batliwala
Parent organisation
Simca Advertising Ltd
Simca Advertising Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have built a presence in the out-of-home (OOH) advertising industry, supported by a portfolio of over 100 media assets across key locations in Mumbai. These assets are placed in high-traffic areas such as roads, transit hubs, and commercial zones, which may enable consistent audience reach and visibility.
The company claims to offer a mix of traditional OOH formats such as billboards and transit media, along with digital out-of-home (DOOH) solutions like LED displays and programmatic advertising. This range of formats allows it to cater to different campaign requirements and advertiser preferences.
The company claims to operate its media assets across strategically selected locations, including highways, metro hubs, airports, and commercial districts. Such placements may provide repeated exposure to commuters and pedestrians, potentially improving campaign visibility.
The company claims to incorporate digital billboards, real-time content updates, and programmatic advertising into its offerings. These capabilities may allow advertisers to modify campaigns dynamically and target audiences based on factors such as time, location, and audience behaviour.
The company traces its origins to a proprietorship established in 1970 and claims to benefit from the promoter's experience of over two decades in the OOH advertising industry. This experience may support business operations, industry relationships, and strategic decision-making.
The company serves clients across industries such as real estate, entertainment, fashion, insurance, and government organisations. This diversified client base may reduce dependence on any single sector and provide relatively stable demand across business cycles.
The company claims to collaborate with advertising agencies, corporate brands, event organisers, and government bodies. These relationships may support campaign execution, access to advertising spaces, and broader market reach.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 11.95 crore in FY23 to Rs 49.30 crore in FY24 and Rs 74.94 crore in FY25. PAT increased from Rs 1.57 crore in FY23 to Rs 5.77 crore in FY24 and Rs 9.97 crore in FY25.
The company currently operates 29 hoarding sites (equivalent to 59 media slots) that are subleased from its promoter-owned proprietorship, Simca Advertising. These lease and sublease agreements cannot be transferred to the company due to contractual restrictions, limiting its ability to directly own or control these assets. Any adverse outcome in renewing these leases directly in the company’s name upon expiry could disrupt operations and impact its ability to maintain its media asset base.
A significant portion of the company’s current assets is tied up in trade receivables arising from advertising services provided to clients. Given the nature of the OOH business, there is often a delay between campaign execution and payment collection, which can extend beyond agreed credit periods. Extreme delays in receivable collections or defaults by key clients could lead to working capital mismatches, impact liquidity, and require reliance on short-term borrowings, thereby affecting the company’s financial position.
The top 10 customers contributed Rs 34.21 crore (43.97%), Rs 38.68 crore (51.61%), Rs 23.41 crore (47.48%), and Rs 7.72 crore (64.57%) to revenue from operations in the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. The company does not typically have long-term or exclusive agreements with these clients, allowing them to discontinue or reduce business at short notice. Any loss of key clients or reduction in campaign spending could lead to revenue volatility and impact the company’s financials.
The top 10 suppliers accounted for Rs 34.52 crore (63.88%), Rs 38.70 crore (72.54%), Rs 21.79 crore (57.06%), and Rs 5.77 crore (63.59%) of total services availed in the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. The company does not have long-term agreements with several of these vendors and site owners, making it dependent on the continued availability of services such as fabrication, printing, and site access. Any disruption in vendor relationships or withdrawal of site rights could impact campaign execution, increase costs, and affect overall profitability.
The promoter of the company, Fahim Batliwala, is involved in multiple ongoing legal proceedings related to direct and indirect taxation. Although these matters are not directly linked to the company’s operations, they may attract regulatory scrutiny and impact stakeholder perception. Any adverse ruling in these cases could affect the company’s reputation and may indirectly impact its business operations and financial condition. Also, the company, along with its promoters and directors, is involved in certain ongoing legal proceedings across various forums and authorities. These matters are at different stages of adjudication, and there is no assurance of favourable outcomes. Any adverse decision in these proceedings could impact the company’s business operations, financial condition, and overall reputation.
The promoter, Fahim Batliwala, is involved in other proprietorship firms operating in similar outdoor advertising businesses, which may lead to potential conflicts of interest in areas such as client relationships, site acquisition, and vendor partnerships. Additionally, the company does not own its media assets and relies significantly on leased sites, including those from a promoter-owned entity, with fixed monthly payments towards sub-leases. Any conflict of interest or changes in lease terms, including non-renewal or increased costs, could impact operations, financial performance, and investor confidence.
A significant portion of the company’s operations and media assets is concentrated in the Mumbai Metropolitan Region (MMR), making it highly dependent on this geography for revenue generation. Any adverse economic, regulatory, or infrastructural developments in MMR, including changes in municipal policies or a reduction in advertising demand, could impact business performance. The lack of geographic diversification further limits the company’s ability to mitigate region-specific risks, which may affect its financial condition.
Application details
For Simca Advertising IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹174 - ₹183 | ₹2 - ₹5 Lakhs | 600 |