K V Toys India Ltd IPO SME: Dates, Pricing, GMP, Review & Financials

K V Toys India Ltd IPO is a BSE SME book-built issue of around ₹40.15 crore, with a price band of ₹227–₹239 per share and a market lot of 600 shares (2 lots for retail) at the upper band. The IPO opens on 8 December 2025 and closes on 10 December 2025, with listing expected on 15 December 2025.​

Company Information

K V Toys India Ltd is a major player in the Indian toy manufacturing industry. They make and sell plastic-molded and metal-based toys for kids, both for fun and for learning. The business started out as KV Impex in 2009 and became a corporation in 2023. K V Toys India has changed over the years from an importer and trader to a domestic, brand-owning manufacturer in line with the Government of India’s Make in India policy, which aims to increase the manufacturing of toys in India and decrease the country’s reliance on imports. ​

The company has a wide range of products, with over 700 active SKUs spanning five of its own brands: Alia & Olivia (dolls), Yes Motors (die-cast vehicles), Funny Bubbles (bubble toys), and Thunder Strike (soft bullet guns). It has 11 OEM partners in India that help with production, as well as an in-house facility in Kalher, Bhiwandi, Maharashtra, that covers over 100,000 square feet. K V Toys India is known for putting quality, safety, and new products first. They serve both B2B and OEM-driven business models with strong supplier networks and systems that meet BIS standards. ​

The company has become a major player in India’s burgeoning toy market by focusing on making things in India and building trustworthy sourcing and quality standards. The main office of K V Toys India is in Thane, Maharashtra. Its products are sold all over the country to a wide range of consumers, including toy brands, retailers, and distributors.

IPO Details and Timeline

K V Toys India Ltd is coming out with a fresh issue of about 16.80 lakh equity shares of face value ₹10 each, aggregating to approximately ₹40.15 crore at the upper price band. The shares are proposed to be listed on the BSE SME platform, and the issue is through the book-building route.​

The IPO bidding window for the public is from 8 December 2025 to 10 December 2025, while the anchor book opened on 5 December 2025. The basis of allotment is scheduled for 11 December 2025, refunds on 12 December 2025, credit of shares to demat on 12 December 2025, and listing on 15 December 2025.​

K V Toys India IPO Dates

Price Band, Issue Size and Lot Size

The price band for the K V Toys India IPO is fixed at ₹227 to ₹239 per equity share. At the upper band, the total issue size works out to about ₹40.15 crore, entirely as a fresh issue; there is no offer for sale from existing shareholders.​

The IPO follows SME norms with a market lot of 600 shares, and applications are in multiples of lots. At the upper price band of ₹239, one lot (600 shares) costs ₹1,43,400 and the standard retail application considered on many portals is 2 lots (1,200 shares) amounting to ₹2,86,800.​

K V Toys India IPO issue structure

IPO market lot

Category-wise allocation and anchor investors

As a BSE SME IPO, the issue is allocated among QIB, NII and retail categories with a typical SME book-built split. Around 50% of the net offer is earmarked for QIB (excluding anchors), 15% for non-institutional investors (NII/HNI), and 35% for retail investors.​

Anchor investors are allocated shares a day before the issue opens for the public; the anchor book opened on 5 December 2025. Detailed anchor allotment data (names and exact allocation) is being reported in market channels and social media, but some sources still flag the specific anchor list and anchor size as not fully disclosed in tabular form; investors should track exchanges and the RHP for the final list.​

K. V. Toys India IPO allocation

Promoters

The company is promoted by key individuals who have significant experience in the toys manufacturing segment; pre-issue, the promoters hold a dominant stake. As per available data, promoter holding before the issue stands at about 46,00,000 shares, representing roughly 79.65% of the equity share capital.​

Post issue, promoter holding is expected to dilute to around 62,80,000 shares, which corresponds to about 58.35% of the expanded capital. While dilution is meaningful, promoters will still retain management control and a majority stake, which generally aligns their interests with long-term shareholders.​

Objects of the issue

A dominant part of the net proceeds is earmarked for funding incremental working capital requirements of the company, reflecting growing scale and possibly longer credit cycles with customers. Another significant portion is proposed to be used for repayment or prepayment of certain borrowings, which should help reduce finance costs and improve profitability ratios over time.​

The balance funds are allocated to general corporate purposes, which may include brand-building, strengthening systems, and other strategic initiatives. For SME investors, this mix suggests a combination of growth funding and balance-sheet repair, which can be positive if execution remains disciplined.​

Use of IPO proceeds

Experts Review

From a qualitative perspective, strengths include a focused niche in toys manufacturing, strong RoNW, healthy recent growth in revenue and PAT, and clear use of proceeds towards working capital and debt reduction. Risks include SME liquidity constraints, dependence on a limited set of customers as a contract manufacturer, sector cyclicality, and valuation that already embeds a premium relative to scale.​

Short-term investors may look at subscription data, GMP trend and overall market sentiment to decide on listing-gain strategies, while long-term investors should evaluate order book visibility, margin sustainability, and diversification of clients. As with all SME IPOs, only risk-tolerant investors comfortable with lower liquidity and higher volatility should consider meaningful exposure, and position sizing should remain conservative.

K. V. Toys India Ltd. Financial Performance

K V Toys India has shown a sharp ramp-up in revenue between FY24 and FY25, reflecting scale-up post-pandemic and increased orders. For the period ended FY25 (latest available), revenue is around ₹85.60 crore, with expenses of approximately ₹79.53 crore and profit after tax (PAT) of about ₹4.56 crore.​

The company’s total assets stand near ₹48.58 crore for the latest reported year, indicating a reasonably capital-intensive manufacturing base. Profitability metrics such as Return on Net Worth (RoNW) are healthy, with RoNW disclosed at around 50.36%, supported by an EPS of about ₹9.91 (basic) on the pre-issue equity base.​

K V Toys India financials (₹ in crore)

Key Ratios

Valuation analysis

On the upper price band of ₹239 and pre-issue EPS of about ₹9.91, the implied pre-issue price-to-earnings (P/E) multiple is roughly in the mid-20s, assuming no material change in equity base; some portals quote P/E as “NA” pending final post-issue EPS computation. On a post-issue basis, EPS will dilute because of the larger share capital, so the effective P/E will be somewhat higher than the simple pre-issue math.​

The issue is being pitched on the strength of high RoNW, improving scale, and a niche within the branded and educational toys manufacturing ecosystem. On valuation, investors should compare P/E and RoNW with listed small-cap/SME peers in toys, plastics and contract manufacturing to judge whether the premium is justified.​

K V Toys India valuation metrics

Grey market premium (GMP) and listing expectations

The grey market premium (GMP) for K V Toys India IPO is reported around ₹75–₹80 above the upper price band in the latest updates before listing. This implies an estimated listing price in the vicinity of ₹310–₹320 per share if sentiment sustains, translating to indicative listing gains of about 30–35% over the issue price.​

GMP reflects informal market sentiment and can change quickly based on subscription numbers, market conditions and last-minute news flows. Investors should not rely solely on GMP while taking decisions and must focus on fundamentals, risk profile and personal asset allocation.​

K V Toys India IPO GMP snapshot

Merchant bankers and other intermediaries

The lead manager/merchant banker to the K V Toys India IPO is reported as GYR Capital Advisors Pvt. Ltd., which has handled multiple SME mandates in the past. The registrar and market maker details are available in the RHP and SME exchange notice; SME issues typically appoint at least one market maker to provide quotes post listing and support liquidity.​

Investors should always refer to the final RHP and exchange announcements to confirm the appointed intermediaries, their responsibilities and any changes prior to listing.​

Key intermediaries for K V Toys India IPO

Peer comparison

There are limited direct listed peers focused purely on toys contract manufacturing, so most comparisons use broader plastic toys and children’s products players. One peer frequently referenced is Ok Play India Limited, which operates in children’s toys and playground equipment.​

Ok Play India has reported negative EPS and RoNW in the latest data, highlighting that the sector can be cyclical and competitive. In contrast, K V Toys India shows positive EPS and strong RoNW, though scale is smaller and liquidity as an SME scrip will be constrained compared to mainboard peers.​

K V Toys India vs Ok Play India

Nadim

Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.