SME
IPO ·
BSE SME
Shree TNB Polymers Ltd
Listed
Silvassa maker of HDPE/PP pipes, drip irrigation systems and industrial plastic sheets.
Issue details
Price band
₹50 – ₹53
Face value
₹10
Lot size
2,000 shares
Minimum investment
₹2,12,000
Issue size
₹31.80 Cr
Fresh issue
₹31.80 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
28 Sep 2026
Closes
5 Oct 2026
UPI mandate cut-off
5:00 PM on 5 Oct 2026
Allotment
6 Oct 2026
Refunds
7 Oct 2026
Shares in demat
7 Oct 2026
Listing
8 Oct 2026
Subscription and listing
Subscription
1.98x
Listing price
₹60
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Corporate Makers Capital Ltd
Subscription by category
QIB (Ex Anchor)
1.70x
NII *
2.98x
bNII (> ₹10L)
2.50x
sNII (< ₹10L)
3.96x
Individual Investor
1.72x
Total
1.98x
Total applications
1,061
Anchor investors
Amount raised
₹9.04 Cr
Bid date
25 Sep 2026
50% lock-in ends
4 Nov 2026
Rest lock-in ends
3 Jan 2027
Listing day
Issue price
₹53
Open
₹60.00
High
₹60.00
Low
₹57.00
Day close
₹57.00
Listing gain at open
+13.21%
Issue structure
Shares reserved per category and share of the total issue
QIB
28,46,000
47.43%
Anchor Investor
17,06,000
28.43%
QIB (Ex. Anchor)
11,40,000
19.00%
NII
8,58,000
14.30%
bNII > ₹10L
5,76,000
9.60%
sNII < ₹10L
2,82,000
4.70%
Retail
19,96,000
33.27%
Market Maker
3,00,000
5.00%
Total
60,00,000
100.00%
Finaccle’s quick read
Neutral
PAT up 24% in FY26 and post-issue P/E of 15.87, but PAT margin is only 3.6%, ROE is 13.69%, debt/equity is 0.80 and income has been erratic (₹207.97 Cr in FY24 to ₹198.31 Cr in FY26).
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Shree TNB Polymers manufactures plastic piping systems and sheets from two plants in Silvassa with 24,000 MT of annual capacity. Its range covers HDPE, PP and DWC pipes, sprinkler and drip irrigation systems and industrial sheets, sold through 325+ dealers and exported to the UAE, Oman, Sri Lanka and Germany. It earned about ₹198 Cr in FY26 and employs over 300 people.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
13.69%
ROCE
16.02%
Debt / equity
0.80
PAT margin
3.60%
P/E post issue
15.87
Market cap
₹113.13 Cr
Use of IPO money
Purchase of machinery
₹15.86 Cr
Solar panel/rooftop
₹2.60 Cr
PEB structure for new facility
₹1.32 Cr
Repayment of certain borrowings
₹5.62 Cr
General corporate purposes
₹2.53 Cr
Issue expenses
₹3.87 Cr
Strengths
✓
Nearly two decades of experience in polymer pipes
✓
Wide product range serving agriculture and industry
✓
Dealer network of over 325 and export presence
✓
Entirely fresh issue funding capacity expansion
Risks to watch
!
Thin PAT margin of 3.6%
!
Revenue in FY26 still below the FY24 level
!
Debt/equity of 0.80
!
Low promoter stake of 32.76% after the issue
!
Exposed to polymer price swings
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.