Shree TNB Polymers Limited IPO — Subscription & GMP
- Price band
- ₹50 – ₹53
- Lot size
- 2000
- Issue size
- ₹22.76 Cr
- Bidding
- 28 Sept 2026 → 05 Oct 2026
- Allotment
- —
- Listing
- 08 Oct 2026
Listing outcome
Official exchange pricesNo grey market premium was recorded at the close of bidding, so there is nothing to score this listing against.
Schedule
- 28 Sept 2026IPO open date
- 05 Oct 2026IPO close date
- 06 Oct 2026Allotment date†
- 06 Oct 2026Funds unblock or debit†
- 08 Oct 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsShree TNB Polymers makes plastic piping systems and industrial polymer sheets used in irrigation, water supply, sewerage, cable protection and construction. Incorporated in 2007 in Gujarat, it took over the businesses of four earlier partnership firms.
How it makes money
The product range has three divisions, each with its own brand:
- Piping — "NOBLE": HDPE pipes and fittings, PP and PPH pipes, double-wall corrugated (DWC) pipes, and sprinkler and drip irrigation systems. HDPE pipes go into borewells, underground water lines and specialised uses such as seawater intake and desalination plants. DWC pipes are used in sewerage, drainage, culverts, cable ducts and highways.
- Solid industrial sheets — "TIRUPATI": for chemical tanks, scrubber linings, CNC machining and fabrication.
- Flute board sheets — "WELLPACK": for packaging, signage, floor protection during construction, partitions and advertising boards.
Demand is tied closely to agriculture, government water and sanitation schemes, and infrastructure spending.
The numbers
- Revenue: ₹198.1 Cr in FY26, against ₹175.7 Cr (FY25) and ₹207.9 Cr (FY24)
- Profit after tax: ₹7.1 Cr in FY26, up from ₹5.8 Cr and ₹5.0 Cr
- PAT margin: about 3.6% in FY26
- Net worth: ₹42.7 Cr; debt-to-equity of about 1.0
- EPS: ₹4.65 for FY26, about 11.4× earnings at the top of the band
Revenue has not grown over the period: it fell 15% in FY25 and recovered 13% in FY26, ending below the FY24 level. Profit has grown steadily despite that.
Where the money goes
This is entirely a fresh issue, with no offer for sale. The money is for new machinery (up to about ₹15.9 Cr), rooftop solar panels (up to about ₹2.6 Cr), part of a pre-engineered building (up to about ₹1.3 Cr), repayment of some borrowings, and general corporate purposes.
Worth knowing
- Margins are thin. At 3.6%, small moves in polymer prices — which track crude oil — can swing profit sharply.
- The company is leveraged, with debt roughly equal to net worth; part of the issue goes to reducing it.
- Revenue in FY26 was still below FY24, so the case rests on margin improvement rather than growth so far.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹4.65 | — |
| P/E ratio | 11.40× | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 44 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from BSE · fetched 747 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers (QIBs) | 11.40 L | 8.52 L | 0.75× |
| 1(a)Foreign Institutional Investors (FIIs) | — | — | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | — | — |
| 1(c)Mutual Funds | — | — | — |
| 1(D)Others | — | 8.52 L | — |
| 2Non Institutional Investors | 11.58 L | 16.36 L | 1.41× |
| 2(a)Corporates | — | 8.16 L | — |
| 2(b)Individuals (Other than RIIs) | — | 8.20 L | — |
| 3Retail Individual Investors (RIIs) | 19.96 L | 12.24 L | 0.61× |
| 3(a)Cut Off | — | — | — |
| 3(b)Price Bids | — | 12.24 L | — |
| 4Employee Reserved | — | 0 | — |
| 4(a)Employee (Cut off) | — | — | — |
| 4(b)Employee (Price) | — | — | — |
| 5Reservation PortionShareholder | — | 0 | — |
| 5(a)RPS (Cut off) | — | — | — |
| 5(b)RPS (Price) | — | — | — |
| Total | 42.94 L | 37.12 L | 0.86× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹50 → ₹53 · peak 82.22 L shares bid
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹50 – ₹53
- Lot size
- 2000 shares
- Min. bid quantity
- 4000
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 42.94 L
- Issue size
- ₹22.76 Cr
- Max bid · QIB
- 39.94 L
- Max bid · NII
- 28.54 L
Timeline & process
- Bidding opens
- 28 Sept 2026
- Bidding closes
- 05 Oct 2026
- Allotment
- —
- Listing
- 08 Oct 2026
Intermediaries
- Registrar
- MUFG INTIME INDIA PRIVATE LIMITED
- Sponsor bank
- ICICI BANK
- Lead managers
- Corporate Makers Capital Limited