Shree TNB Polymers Limited IPO
Listed 08 Oct 2026, 1.91× subscribed, on the SME platform.
What the filing says
Arithmetic on the offer document and exchange data.
The filing raises real questions — 1 of 3 signals read negative
- Positive: Out-earns its peersReturn on net worth of 13.7% against a peer median of 7.2%
- Negative: Revenue shrinkingRevenue has contracted at 2.4% a year — the company is coming to market on a declining top line
- Neutral: Institutional book coveredQIB portion subscribed 1.70×
Describes the offering as disclosed, pulled toward neutral for gaps; not a listing-price forecast or advice to apply.
Dates
Issuer's timetable, IST.
- 28 SeptBidding opens
- 5 OctBidding closesRetail UPI mandates by 5 pm IST
- 6 OctAllotmentStatus from MUFG INTIME INDIA PRIVATE LIMITED
- 8 OctListingSME platform
- 28 SeptBidding opens
- 5 OctBidding closesRetail UPI mandates by 5 pm IST
- 6 OctAllotmentStatus from MUFG INTIME INDIA PRIVATE LIMITED
- 8 OctListingSME platform
Demand and allotment odds
Times subscribed by investor category, one shared scale
- InstitutionsQIB1.70×
- Non-institutionalNII2.47×
- Above ₹10 lakhbNII3.02×
- ₹2–10 lakhsNII3.96×
- RetailRII1.72×
Max 4.0×; tick = 1× (fully subscribed). 1,057 applications.
How this is worked out
Retail is 1.72× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 1.7 applications gets one. Bidding for extra lots does not improve these odds.
How this is worked out
HNI is 2.47× subscribed. This category is allotted proportionately, so a bid receives roughly 1/2.5 of the shares applied for, subject to the minimum-lot draw.
From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.
Grey-market premium
Unofficial dealer quotes; not from NSE, BSE or SEBI.
over the upper band, flat since 07 Oct 2026
Unchanged across 20 daily quotes
Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.
The offering
Terms, and valuation at the upper band.
Terms
- Price band
- ₹50 – ₹53
- Face value
- ₹10.00
- Lot size
- 2,000 shares
- Minimum application
- ₹2,12,0002 lots at the upper band
- Total issue size
- —
- Anchor investors
- Allotted
- Registrar
- MUFG INTIME INDIA PRIVATE LIMITED
- Lead managers
- Corporate Makers Capital Limited
- ISIN
- INE935K01018
Company and valuation
- P/E at upper band
- —
- ROE, latest period
- 13.69%
- ROCE, latest period
- 16.02%
- Debt/Equity, latest period
- 0.80
- RoNW, latest period
- 13.95%
- PAT Margin, latest period
- 3.60%
- EBITDA Margin, latest period
- 9.69%
- NAV, latest period
- 36.29
- P/B (x), latest period
- 1.46
“Latest period” rows can be a part year, so ratios there may read low.
Who gets what
Split by investor category, and minimum bids.
- QIB47.4%
- NII (HNI)14.3%
- Retail33.3%
- Market Maker5.0%
| Category | Shares | Share of issue |
|---|---|---|
| QIB | 28,46,000 | 47.43% |
| Anchor Investor | 17,06,000 | 28.43% |
| QIB (Ex. Anchor) | 11,40,000 | 19.00% |
| NII (HNI) | 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 issue 60,00,000 shares. Indented rows sit inside the row above.
What each category may bid
- Individual investors (IND) (Min)
- ₹2,12,0002 lots, 4,000 shares
- Individual investors (IND) (Max)
- ₹2,12,0002 lots, 4,000 shares
- S-HNI (Min)
- ₹3,18,0003 lots, 6,000 shares
- S-HNI (Max)
- ₹9,54,0009 lots, 18,000 shares
- B-HNI (Min)
- ₹10,60,00010 lots, 20,000 shares
Small-HNI minimum is several lots, not one.
Anchor book
- Shares allotted
- 17,06,000 shares
- Anchor portion
- ₹9.04 Cr
- Bid date
- 25 Sept 2026
- Lock-in ends, first 50%
- 30 Oct 2026
- Lock-in ends, the rest
- 29 Dec 2026
Lock-in dates = when anchor shares may first be sold.
What the money is for
Stated use of net proceeds, ₹ Cr.
- CapexCapital Expenditure for purchase of machineries₹15.86 Cr
- CapexCapital Expenditure for the purchase and installation of Solar panel/…₹2.60 Cr
- CapexPart finances the capital expenditure for construction/ installation…₹1.32 Cr
- Debt repaymentRepayment of certain borrowings₹5.62 Cr
- General purposesTo meet out the General Corporate Purposes—
Unstated amounts (general purposes) mean the rows do not sum to the issue.
Financials
Restated, ₹ crore.
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 207.856 | — | 5.031 | — | — |
| 2025 | 175.652 | — | 5.771 | — | — |
| 2026 | 198.127 | — | 7.135 | — | — |
— = not printed.
How the issuer compares
Peers named by the issuer itself.
| Company | EPS (₹) | P/E | NAV (₹) | RoNW |
|---|---|---|---|---|
| Shree TNB Polymers Limitedthis issue | 4.65 | — | 36.29 | 13.69% |
| Captain Pipes Limited | 0.19 | 40.4× | 2.78 | 7.15% |
| Texmo Pipes and Products Limited | 3.86 | 15.7× | 77.19 | 5.13% |
| Malpani Pipes and Fittings Limited | 8.38 | 7.7× | 51.67 | 17.65% |
The offer document prints no P/E for the issuer; figures are pre-listing.
Risks worth reading
Ranked by severity.
- Shrinking revenuemedium
Restated revenue CAGR of -2.4%.
mediumThe Company, its Promoters, and Directors are involved in various legal proceedings, including tax, disciplinary, and civil matters, which may have an adverse impact on the business, financial condition, and cash flows.
mediumA significant portion of the Company's manufacturing facilities and warehouses are located on leased premises. If lease agreements are not renewed on commercially suitable terms, it may have a material adverse effect on the business, results of operations, and financial condition.
mediumThe Company's revenues are significantly dependent on a limited number of customers. For the period ended March 31, 2026, the top 10 customers contributed 61.28% of revenue from operations.
What happened to comparable issues
Last 8 listings, most comparable first. Context, not a forecast.
| Issue | Subscribed | Listing gain | Listing gain bar |
|---|---|---|---|
| Vedant Poly Fabs Limited | 1.9× | unchanged 0.0% | |
| Maxwell Engineering Solutions Limited | 491× | up +90.0% | |
| HGS (India) Limited | 231× | up +33.3% | |
| Ravita Engineering Services Limited | 6.7× | unchanged 0.0% | |
| Vaibhav Vyapaar Limited | 3.1× | down minus 2.0% | |
| R.K. Fashion Accessories Limited | 2.6× | down minus 2.4% | |
| Eventions Limited | 2.3× | down minus 5.9% | |
| Papadmalji Agro Foods Limited | 2.5× | up +0.4% |
Different companies at different prices. Bars share one scale (full = 90%).
Offer documents
Primary sources.
- PROSPECTUS25 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
Common questions
What is the Shree TNB Polymers Limited IPO GMP today?
The most recent grey-market premium recorded for Shree TNB Polymers Limited is ₹4 per share — about 7.5% over the ₹53 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Shree TNB Polymers Limited IPO subscribed?
Shree TNB Polymers Limited is subscribed 1.91× overall (QIB 1.70×, NII 2.47×, retail 1.72×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG INTIME INDIA PRIVATE LIMITED.
What is the minimum investment in the Shree TNB Polymers Limited IPO?
One lot is 2,000 shares, so a retail application at the ₹53 cut-off price blocks ₹1,06,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Shree TNB Polymers Limited IPO?
The retail portion is subscribed 1.72×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Shree TNB Polymers Limited IPO allotment date?
Allotment is scheduled for 2026-10-06, with listing on 2026-10-08. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG INTIME INDIA PRIVATE LIMITED.
Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.