Shree TNB Polymers IPO: GMP, Subscription Status, Review and Allotment Odds
Silvassa-based maker of HDPE, PP and DWC pipes, sprinkler and drip irrigation systems and industrial sheets, sold through 325+ dealers in India and exported to the Gulf, Sri Lanka and Germany.
An established pipe maker at a reasonable price with anchor backing, but thin margins, uneven revenue and unusually low promoter holding.
Our own view, not investment advice.
Subscription by category
Times subscribed, snapshot at 5:07 PM on 1 Oct 2026
Key numbers
FY26, restated standalone
| Revenue | ₹198.31 cr |
| Net profit | ₹7.13 cr |
| EBITDA margin | 9.7% |
| Net margin | 3.6% |
| Capacity | 24,000 MT a year |
| Anchor money | ₹9.04 cr |
IPO timeline
2 Oct was a market holiday. Monday 5 Oct is the last bidding day.
Shree TNB Polymers has been making plastic pipes in Silvassa since 2007. Its HDPE, PP and DWC pipes carry irrigation water, drinking water, sewage and telecom cables, and it also sells drip and sprinkler irrigation systems. It is raising ₹31.80 crore on the BSE SME platform, mainly to buy new machinery.
The price is reasonable at about 15.9 times post-issue earnings and 1.5 times book value, and anchors have put in ₹9.04 crore. But pipe-making is a thin-margin business, revenue has been uneven, and promoter holding will fall to just 32.76% after the issue, unusually low for a listed company.
Shree TNB Polymers IPO at a glance
| Detail | Shree TNB Polymers IPO |
|---|---|
| Issue size | ₹31.80 crore (60 lakh shares, entirely fresh issue incl. market maker portion) |
| Price band | ₹50 to ₹53 per share (face value ₹10) |
| Lot size | 2,000 shares |
| Individual investor minimum | 2 lots, 4,000 shares (₹2,12,000) |
| sHNI minimum | 3 lots, 6,000 shares (₹3,18,000) |
| Quota (net issue) | QIB 49.93%, Retail 35.02%, NII 15.05% |
| Anchor round | ₹9.04 crore |
| Bidding dates | 28 Sep to 5 Oct 2026 |
| Allotment | 6 Oct 2026 |
| Refund and demat credit | 7 Oct 2026 |
| Listing | 8 Oct 2026 on BSE SME |
| Market cap at upper band | About ₹113.13 crore |
| Promoter holding | 45.56% before, 32.76% after |
| Lead manager | Corporate Makers Capital |
| Registrar | MUFG Intime India |
| Market maker | Asnani Stock Broker |
Individuals must apply for at least two lots, or ₹2,12,000 at the upper band. Monday 5 October is the last day to bid.
What Shree TNB Polymers actually does
Shree TNB Polymers Ltd was incorporated on 7 March 2007 and has a large promoter group led by Vijay Jaysukhlal Thosani and Rasikbhai Gokalbhai Bhalodi. It makes HDPE pipes and fittings, PP and PPH pipes, double-wall corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems and industrial sheets.
Two plants in Silvassa, Dadra and Nagar Haveli, cover 23,028 square metres with a combined capacity of 24,000 tonnes a year. Products go to farmers, water utilities, sewerage and telecom projects, construction and industry through a network of more than 325 dealers and distributors in India, and are exported to the UAE, Sri Lanka, Oman and Germany. The company had 318 full-time employees in March 2026.
The IPO money will buy machinery (₹15.86 crore), install rooftop solar (₹2.60 crore), build a pre-engineered structure for a new facility (₹1.32 crore) and repay debt (₹5.62 crore).
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 207.97 | 175.7 | 198.31 |
| EBITDA | 15.22 | 15.47 | 19.2 |
| Net profit | 5.03 | 5.77 | 7.13 |
| Net worth | 34.21 | 48.55 | 55.68 |
| Total assets | 105.03 | 127.38 | 145.26 |
What these numbers tell us, in plain language:
- Revenue has been uneven. Total income was ₹208 crore in FY24, fell to ₹175.7 crore in FY25 and recovered to ₹198.3 crore in FY26. Pipe prices track polymer prices, so revenue swings with raw material costs as well as volumes.
- Profit is rising steadily. Net profit grew from ₹5.0 crore to ₹5.8 crore to ₹7.1 crore, helped by better EBITDA, which rose to ₹19.2 crore.
- Margins are thin. EBITDA margin was 9.7% and net margin 3.6% in FY26. That is normal for plastic pipes, but it leaves little cushion if polymer prices spike.
- Returns are moderate. ROE was 13.7% and ROCE 16%, more modest than most SME issues this week but also more realistic. Debt to equity was 0.80.
How the subscription is playing out, day by day
| Category | Day 2 (1 Oct, 5:07 PM) |
|---|---|
| QIB | 0.75x |
| NII | 1.60x |
| Retail | 0.84x |
| Total | 0.98x |
Anchors put in ₹9.04 crore before the issue opened on 28 September. By 5:07 PM on 1 October the issue was 0.98 times subscribed: NII at 1.60x, retail at 0.84x and QIB at 0.75x. The book should fill on the last day, but demand is not strong.
The GMP story so far
The grey market premium was flat at ₹0 as of 4 October, pointing to a listing near ₹53.
How to check Shree TNB Polymers IPO allotment status
- Go to the MUFG Intime India IPO allotment page, or the BSE allotment status page.
- Select Shree TNB Polymers from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on 6 Oct 2026, with refunds and demat credit on 7 Oct. Shares are due to list on BSE SME on 8 Oct 2026.
The listing outlook
The grey market is pointing to a flat listing around ₹53. Anchor lock-ins (half until 30 October, half until 29 December) reduce early selling, but there is no sign yet of a listing premium.
What to weigh before you apply
Polymer prices drive the business
HDPE and PP prices move with crude oil. When they rise, pipe makers try to pass on costs, but competition from larger listed players often squeezes margins. A 3.6% net margin leaves little room.
Promoter holding of 32.76%
After the issue, promoters will own less than a third of the company. Low promoter holding can make a company more exposed to takeovers or disputes, and it gives the founders less skin in the game.
Strengths and risks
Strengths
- Established since 2007, with two plants and 24,000 MT of capacity
- Dealer network of 325+ and exports to four countries
- Anchor book of ₹9.04 crore
- Profit up 42% in two years
- Reasonable valuation: P/E about 15.9x, P/B about 1.5x
- Demand from irrigation, water supply and telecom projects
Risks
- Net margin of just 3.6%
- Revenue fell 16% in FY25 and depends on polymer prices
- Promoter holding drops to 32.76% after the issue
- Competition from larger listed pipe makers
- GMP flat at ₹0; subscription below 1x on day 2
Scouter verdict: A real manufacturing business with a long record and a fair price, held back by thin margins, uneven revenue and low promoter ownership. Better suited to patient investors than listing-gain seekers. This is our own view, not investment advice.
Your chances of getting an allotment
- The retail quota works out to about 998 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (4,000 shares, ₹2,12,000), so roughly 499 retail applications can be filled in full.
- Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
- Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.
What to watch from here
- Final subscription on 5 October
- Whether the GMP moves off zero
- Allotment status on 6 October through MUFG Intime India
- Listing on 8 October
- After listing: polymer prices and capacity utilisation as the new machinery comes in
Shree TNB Polymers IPO: frequently asked questions
The price band is ₹50 to ₹53 per share with a lot size of 2,000 shares. Individual investors must apply for at least 2 lots (4,000 shares), which costs ₹2,12,000 at the upper band.
By 5:07 PM on 1 October 2026 the issue was subscribed 0.98 times overall, with NII at 1.60x, retail at 0.84x and QIB at 0.75x. The issue closes on 5 October 2026.
The grey market premium was ₹0 on 4 October 2026, pointing to a listing near the upper band. GMP is unofficial and can change quickly.
It makes HDPE, PP and DWC pipes, sprinkler and drip irrigation systems and industrial sheets at two plants in Silvassa.
Yes. It raised ₹9.04 crore from anchor investors by allotting 17,06,000 shares at ₹53.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 11.4x |
| P/E (post-issue) | 15.9x |
| P/B | 1.5x |
| ROE | 13.7% |
| ROCE | 16.0% |
| Debt to equity | 0.80 |
| Anchor money | ₹9.04 cr |
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