Shakti Polytarp IPO Day 1: Subscribed 0.33x; Retail jumps 200% intraday
- Shakti Polytarp IPO subscribed 0.33x on Day 1
- NII (bHNI) leads with 1.11x subscription
- Retail demand jumps 200% intraday to 0.06x
- QIB and Employee categories remain at 0.00x
*this image is generated using AI for illustrative purposes only.
Shakti Polytarp IPO is subscribed 0.33 times on Day 1. Non-Institutional Buyers (bHNI) lead the demand with a subscription of 1.11x. Retail interest accelerated sharply, jumping 200% intraday to reach 0.06x, while QIB and Employee categories remain at 0.00x.
Subscription Status
The issue opened on 2026-09-15. As of the end of Day 1, the total subscription stands at 0.33x. The Non-Institutional Buyer (bHNI) category is the primary driver of demand.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 15-09-2026 | 0.00x | 0.11x | 1.11x | 0.06x | 0.33x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) account for the majority of the current demand at 1.11x. Small HNI (sHNI) subscription stands at 0.10x. Retail investors have subscribed 0.06x. Qualified Institutional Buyers (QIB) and Employees have not yet placed bids, remaining at 0.00x.
Intra-day Timeline
Demand ticked up during the trading session on 15-09-2026. Total subscription more than doubled from 0.14x at 11:15 IST to 0.33x by 13:15 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.08x | 0.02x | 0.14x |
| 12:15 | 0.00x | 0.10x | 0.04x | 0.31x |
| 13:15 | 0.00x | 0.11x | 0.06x | 0.33x |
Momentum highlights show significant intraday movement:
- QIB: 0.00x → 0.00x (Δ +0.00x)
- NII (bHNI): 0.08x → 0.11x (Δ +0.03x (+37.5%))
- Retail: 0.02x → 0.06x (Δ +0.04x (+200.0%))
- Total: 0.14x → 0.33x (Δ +0.19x (+135.7%))
Standout intraday moves include a 200.0% jump in Retail and a 37.5% increase in NII (bHNI).
Offer Details
- Price band: ₹56.00000 - ₹59.00000
- Issue size: 224000 - 500000
- Min bid qty: 4000
- Open: 2026-09-15 10:00:00
- Close: 2026-09-17 16:00:00
About the Company
Shakti Polytarp is engaged in the production of tarpaulins, water-resistant materials designed to safeguard goods from rain, moisture, and weather exposure. The company operates a manufacturing unit in Nimrani, Madhya Pradesh, spanning 1,98,450 sq. ft., capable of producing tarpaulins ranging from 70 GSM to 450 GSM. Products are sold under the brand name Dinotarp. The business primarily operates on a B2B model but also caters to the B2C segment. Founded in 2018, the company is led by MD Ravi Singhal and CEO Trisha Singhal.
Financial Highlights
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 215.65 | 166.24 | 62.01 |
| Profit Before Tax (₹ crores) | 13.59 | 6.90 | 1.15 |
| Total Profit (₹ crores) | 10.06 | 4.97 | 0.98 |
| Total Assets (₹ crores) | 110.12 | 71.39 | 40.29 |
Objects of the Issue
- Capital Expenditure: ₹20.88 crores for purchase of plant and machinery to enhance production capacity and operational efficiency.
- General Corporate Purposes: Balance proceeds for strategic initiatives, marketing network strengthening, and brand building, not exceeding 15% of gross proceeds or ₹10 crores.
Risk Factors
- Customer Concentration: Top customer contributed 41.16% of total revenue in FY2026.
- Leased Facilities: Registered office and manufacturing facility are leased; non-renewal could disrupt operations.
- Capacity Utilization: Operated at 60.17% capacity utilization in FY2024-25.
- Supplier Dependence: Top supplier contributes 55.87% of total purchases.
- Negative Cash Flow: Experienced negative operating cash flows in FY2025 and FY2024 due to working capital requirements.
Will the lack of Qualified Institutional Buyer (QIB) interest on Day 1 signal potential listing gains or indicate underlying valuation concerns for Shakti Polytarp?
How might the high customer concentration risk, with one client contributing over 41% of revenue, impact investor confidence during the remaining subscription days?
Given the negative operating cash flows in recent years, will institutional investors prioritize the proposed capital expenditure for capacity expansion over immediate profitability metrics?
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