Shree TNB Polymers IPO Date & Timeline
Tentative schedule from the RHP.
Shree TNB Polymers IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Individual | Total |
|---|---|---|---|---|---|---|
| Shares offered | 11,40,000 | 5,72,000 | 2,86,000 | 8,58,000 | 19,96,000 | 39,94,000 |
| Day 1 · Sep 28 | 0.41× | 0.94× | 0.10× | 0.66× | 0.05× | 0.29× |
| Day 2 · Sep 29 | 0.75× | 1.50× | 0.22× | 1.08× | 0.10× | 0.49× |
| Day 3 · Sep 30 | 0.75× | 1.69× | 0.32× | 1.23× | 0.51× | 0.73× |
| Day 4 · Oct 1 | 0.75× | 2.66× | 0.53× | 1.95× | 0.84× | 1.05× |
| Day 5 · Oct 5 | 1.70× | 3.04× | 3.90× | 3.33× | 1.72× | 2.06× |
Shree TNB Polymers IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 28 – Oct 5, 2026 |
| Price band | ₹50 – 53 per share |
| Face value | ₹10 per share |
| Lot size | 2,000 shares |
| Total issue size | 60,00,000 shares ₹31.80 Cr |
| Fresh issue | 60,00,000 shares ₹31.80 Cr |
| Issue type | Book Built · SME |
| Listing at | BSE SME |
| Market cap | ≈ ₹113.13 Cr |
| Promoter holding | 45.56% → 32.76% |
| Lead manager | Corporate Makers Capital Ltd. |
| Market maker | Asnani Stock Broker Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Offer documents
Shree TNB Polymers IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹53.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual (min) | 2 | 4,000 | ₹2,12,000 |
| Individual (max) | 2 | 4,000 | ₹2,12,000 |
| sHNI (min) | 3 | 6,000 | ₹3,18,000 |
| sHNI (max) | 9 | 18,000 | ₹9,54,000 |
| bHNI (min) | 10 | 20,000 | ₹10,60,000 |
Shree TNB Polymers IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Market maker | 3,00,000 | 5% | — |
| Anchor investors | 17,06,000 | 28.4% | — |
| QIB (ex-anchor) | 11,40,000 | 19% | — |
| NII (HNI) | 8,58,000 | 14.3% | — |
| ↳ bHNI (>₹10L) | 5,72,000 | 9.5% | — |
| ↳ sHNI (₹2–10L) | 2,86,000 | 4.8% | — |
| Individual investors | 19,96,000 | 33.3% | — |
| Total | 60,00,000 | 100% |
Shree TNB Polymers Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31. Revenue is total income as reported by aggregators.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 207.97 | 175.70 | 198.31 | +12.9% |
| EBITDA | 15.22 | 15.47 | 19.20 | +24.1% |
| Profit after tax | 5.03 | 5.77 | 7.13 | +23.6% |
| Total assets | 105.03 | 127.38 | 145.26 | +14.0% |
| Net worth | 34.21 | 48.55 | 55.68 | +14.7% |
| Reserves & surplus | 25.26 | 38.32 | 40.34 | +5.3% |
| Total borrowing | 35.82 | 38.50 | — | — |
Shree TNB Polymers IPO Valuation & Peer Comparison
At the upper band of ₹53. Peers from the RHP "Basis for Offer Price".
Peer comparison
| Company | P/E | P/B | RoNW |
|---|---|---|---|
| Shree TNB Polymers | 15.9× | — | 13.95% |
| Captain Pipes | 40.4× | — | 7.15% |
| Texmo Pipes & Products | 15.7× | — | 5.13% |
| Malpani Pipes & Fittings | 7.7× | — | 17.65% |
About Shree TNB Polymers
Business profile from the RHP.
- 2007Incorporated · Silvassa
- 24,000 MTAnnual capacity across 2 Silvassa plants
- 325+ dealersAcross India, plus exports (UAE, Sri Lanka, Oman, Germany)
- 298Permanent employees (plus 39 contract), Jul 31, 2026
Promoters & holding
Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi, Jalpaben Hasmukhbhai Bhalodi
Objects of the issue
Anchor investors
Allotted Sep 25, 2026 · 17,06,000 shares.
Shree TNB Polymers IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: An established pipe maker with steadily rising profit, moderate debt and a ~15.9× post-issue P/E that funds capacity and debt cuts. But revenue is still below FY24, margins are thin, the band was raised to ₹50–53, promoters will hold only ~33% and analyst views are split (one says skip). The issue closed 2.06× subscribed overall (QIBs 1.7×).
- Long track record: in business since 2007 with two Silvassa plants and 24,000 MT a year of capacity.
- Profit has grown each year, from ₹5.0 Cr in FY24 to ₹7.1 Cr in FY26, with ROE ~13.7% and ROCE ~16%.
- Price is not stretched versus listed peers: ~15.9× post-issue earnings, close to Texmo Pipes and far below Captain Pipes.
- Entirely a fresh issue; most of the money goes to new machinery, solar and buildings, plus ₹5.6 Cr of debt repayment.
- Wide product range and end markets (irrigation, water supply, sewerage, telecom) with 325+ dealers and some exports.
- Revenue fell ~16% in FY25 and, at ₹198 Cr in FY26, is still below FY24's ₹208 Cr; one reviewer (Dilip Davda on IPOWatch) questions whether FY26 profit is sustainable and flags rising receivables.
- Thin margins (PAT ~3.6%, EBITDA ~9.7%) in a crowded plastic-pipe market exposed to polymer price swings.
- The issue was rescheduled and the band raised from ₹47–52 to ₹50–53, making it slightly pricier than first offered.
- Promoter holding falls to ~33% after the issue, spread across 11 promoters; the lead manager's recent SME listings have a weak record per the same review.
- High SME entry ticket (₹2.12 lakh for 2 lots) and typical SME liquidity risk; debt/equity ~0.8 and FY26 borrowings were not published by the sources.
Shree TNB Polymers Listing Performance Updates after Oct 8
We close the loop: issue vs listing price, and how our score compared.
Shree TNB Polymers IPO Allotment Status & Contact Details
Allotment was finalised on Oct 6. Check it with your PAN or application number.
MUFG Intime India Pvt. Ltd.
- Phone
- 022-49186000
- smeipo@in.mpms.mufg.com
- Website
- in.mpms.mufg.com
Shree TNB Polymers Ltd.
- Address
- Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Silvassa, Dadra and Nagar Haveli and Daman and Diu 396230
- Phone
- +91 96626 02584
- cs@shreetnbpolymers.in
- Website
- shreetnbpolymers.in
Shree TNB Polymers IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Shree TNB Polymers IPO?
Shree TNB Polymers IPO is a ₹31.80 Cr SME book built issue, entirely a fresh issue. The shares will list on BSE SME.
What is the price band of Shree TNB Polymers IPO?
The price band is ₹50 – ₹53 per equity share of face value ₹10.
What is the lot size of Shree TNB Polymers IPO?
The minimum lot is 2,000 shares. Individual investors must apply for exactly 2 lots (4,000 shares).
What is the minimum investment for Shree TNB Polymers IPO?
The minimum individual investment is ₹2,12,000 (4,000 shares at ₹53).
When does Shree TNB Polymers IPO open and close?
The IPO opens on Sep 28, 2026 and closes on Oct 5, 2026.
What is the allotment date of Shree TNB Polymers IPO?
The basis of allotment is finalised on Oct 6, 2026. Refunds and demat credit are expected on Oct 7, 2026.
When will Shree TNB Polymers IPO be listed?
The tentative listing date is Oct 8, 2026 on BSE SME.
What is Shree TNB Polymers IPO subscription status?
At the end of Day 5 (Oct 5 · 5:00 PM IST), the issue was subscribed 2.06× overall — QIB 1.70×, bHNI 3.04×, sHNI 3.90×, Individual 1.72×.
What is the P/E ratio and valuation of Shree TNB Polymers IPO?
At the upper band, the P/E is 11.4× pre-issue and 15.9× post-issue, with a market cap of about ₹113.13 Cr. Listed peers include Captain Pipes (40.4×) and Texmo Pipes & Products (15.7×).
Should I apply for Shree TNB Polymers IPO?
IPOSignal scores it 50/100 (Mixed Signal), with data confidence Medium (65%). An established pipe maker with steadily rising profit, moderate debt and a ~15.9× post-issue P/E that funds capacity and debt cuts. But revenue is still below FY24, margins are thin, the band was raised to ₹50–53, promoters will hold only ~33% and analyst views are split (one says skip). The issue closed 2.06× subscribed overall (QIBs 1.7×). The score describes the issue; it is research, not investment advice or a prediction of listing gains.
How to check Shree TNB Polymers IPO allotment status?
Check on the registrar MUFG Intime India Pvt. Ltd.'s site (in.mpms.mufg.com/Initial_Offer/public-issues.html), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Shree TNB Polymers IPO?
The registrar is MUFG Intime India Pvt. Ltd.. The book-running lead manager is Corporate Makers Capital Ltd.. The market maker is Asnani Stock Broker Pvt. Ltd..