Euro Pratik Sales IPO: Should you subscribe to the issue opening today?

The initial public offering (IPO) of Euro Pratik Sales, the seller and marketer of decorative wall panel and laminates, is opening for subscription on September 16. The company is raising ₹451.3 crore via the IPO, that comprises entirely an offer-for-sale by promoters.

Euro Pratik has fixed a price band of ₹235 to ₹247 per share for its maiden public issue that will close for bidding on September 18.

Investors can bid for a minimum of 60 equity shares and in multiples of 60 shares thereafter. Retail investors can invest a minimum amount of ₹14,820 and their maximum investment in the offer can be ₹1,92,660 for 780 shares.

What analysts say

At the upper end of the price band, the IPO is valued at a P/E (price-to-earnings) multiple of 32.9x on a post-issue basis. The company follows an asset-light business model, enabling it to generate EBITDA margins of over 35% and deliver a return on equity (ROE) of above 30%.

Although performance remained muted over the past three years due to unfavourable industry supply-demand dynamics, the outlook has turned positive with the rising share of the organised market. The firm operates a unique business model with no direct listed peers, SBI Securities said in its note.

Highlighting the company's strong return ratios, wide distribution network, and diversified product portfolio, the brokerage recommended investors to 'Subscribe' to the IPO for a long-term investment horizon.

Euro Pratik IPO structure

Half of the public issue is reserved for qualified institutional buyers. Further, 15% of the offer size has been set aside for non-institutional investors, and the remaining 35% for retail investors.

Euro Pratik Sales will not receive any money from the offer. The main purpose of the IPO launch is to carry out the offer-for-sale, and achieve the benefits of listing the equity shares on the bourses.

The IPO offer size has been reduced from the initially planned ₹730 crore as stated in the draft red herring prospectus (DRHP) filed on January 20, 2025. Approval for the IPO was granted on May 15, 2025, by the market watchdog SEBI.

Company overview

Euro Pratik Sales operates in decorative wall panel and decorative laminates industry. The company is one of India's largest organised Wall Panel brands with market share of 10% based on revenue as of FY24 and 15.9% as of FY23.

The company develops differentiated design templates for Decorative Wall Panels and Decorative Laminates which are tailored to meet contemporary architectural and interior design trends and are sold under the brands 'Euro Pratik' and 'Gloirio'.

Euro Pratik Sales posted a profit of ₹76 crore in the financial year ending March 2025, a 21.5% increase from the previous year's profit of ₹63 crore. Meanwhile, the company's revenue rose by 28% to ₹284 crore, up from ₹221.7 crore. The business derives 66% of its revenue from decorative wall panels and 26% from decorative laminates.

Axis Capital, DAM Capital Advisors are the book running lead manager and MUFG Intime India is the registrar of the issue.

The allotment for the Euro Pratik Sales IPO is expected to be finalised on September 19, 2025, while the company's shares will be listed on BSE and NSE with a tentative listing date fixed as September 23.