Shree TNB Polymers IPO

The Shree TNB Polymers SME IPO is open between 28 Sept 2026 and 5 Oct 2026, offered at a price band of ₹50–53 per share, and is set to list on BSE. The IPO seeks to raise ₹31.8 crore. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,12,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹30.21 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward capital expenditure for purchase of machinery (₹15.86 crore), alongside repayment of certain borrowings (₹5.62 crore). In all, 6 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Shree TNB Polymers reported revenue of ₹198.31 crore and a net profit of ₹7.13 crore. Revenue declined from ₹207.97 crore in FY2024 to ₹198.31 crore in FY2026 (-5.0%). Net worth stood at ₹55.68 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 15.87× post-issue earnings and 1.46× book value, against a return on net worth of 13.95% and a debt-to-equity ratio of 0.8. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Captain Pipes Ltd. and Malpani Pipes & Fittings Ltd., with a median peer P/E of about 15.7×. The issue's own post-issue P/E works out to 15.87×.

Promoters

The promoters of the company are <p>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</p>. Promoter holding stands at 45.56% before the issue and comes down to 32.76% after listing.

Grey market premium (GMP)

In the unofficial grey market, Shree TNB Polymers shares are quoted at a premium of ₹4 implying an expected listing around ₹57, about +7.5% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Shree TNB Polymers IPO was subscribed 1.98 times overall. The strongest demand came from non-institutional investors (NII) at 2.98 times, with qualified institutional buyers (QIB) at 1.7× and retail investors at 1.72×.

Listing performance

Shree TNB Polymers listed on 8 Oct 2026 at ₹60, a premium of +13.2% over the issue price of ₹53.

What to weigh

When evaluating the Shree TNB Polymers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Shree TNB Polymers

Shree TNB Polymers Limited is engaged in the manufacturing of polymer-based piping systems and plastic products, catering to a wide range of infrastructure, agricultural, industrial, and utility applications. Headquartered in Silvassa, the Company develops solutions for sectors such as irrigation, agriculture, drinking water distribution, sewerage and drainage networks, telecom cable protection, construction, and industrial projects. The Company offers a broad range of products, including HDPE pipes and fittings, PP and PPH pipes and fittings, Double Wall Corrugated (DWC) pipes, sprinkler systems, drip irrigation solutions, solid industrial sheets, and Well Pack sheets used in packaging and industrial applications. Its diversified portfolio enables it to address varied customer requirements across multiple end-use industries. Shree TNB Polymers operates two manufacturing facilities in Silvassa with a combined area of approximately 23,028 square metres and an aggregate installed production capacity of 24,000 metric tonnes per annum. The facilities are supported by in-house quality testing laboratories and manufacturing processes that comply with various BIS and ISO-certified standards, ensuring product reliability and adherence to industry specifications. The Company has established a nationwide distribution network comprising more than 325 dealers and distributors, enabling broad market reach across India. In addition to its domestic operations, it exports products to international markets including the UAE, Sri Lanka, Oman, and Germany. As of July 31, 2026, the Company employed 298 full-time personnel and 39 contract workers across manufacturing, operations, sales, administration, and support functions. Competitive Strengths Promoter-led business supported by extensive industry experience and established market relationships. Comprehensive product portfolio serving diverse applications across agriculture, infrastructure, telecom, packaging, and industrial sectors. Strong dealer and distributor network supported by long-standing customer relationships and integrated manufacturing capabilities. Emphasis on product quality, supported by recognised certifications and in-house testing infrastructure.