Shree TNB Polymers IPO Day 1: Subscribed 0.14x; bHNI leads at 0.87x, QIB demand nil

4 min read | Published on 28 Sept 2026, 11:23 AM |Updated on 28 Sept 2026, 12:25 PM

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Key Highlights

Shree TNB Polymers IPO subscribed to 0.14x on Day 1, with total bids ticking up 7.7% intra-day from 0.13x at 11:15 IST to 0.14x by 12:15 IST.
Non-Institutional Buyers (bHNI) led all categories at 0.87x; QIBs and sHNI recorded zero bids while Retail participation stood at 0.02x.
The IPO is open from September 28, 2026, to October 5, 2026, at a price band of ₹50.00000–₹53.00000 per share with a minimum bid quantity of 4000 shares.
The company reported revenue from operations of ₹198.13 crore and net profit of ₹7.13 crore in FY2026, up from ₹175.65 crore and ₹5.77 crore respectively in FY2025.
IPO proceeds are earmarked for machinery capex (₹15.86 crore), solar installation (₹2.60 crore), PEB structure (₹1.32 crore), debt repayment (₹5.62 crore), and general corporate purposes.

*this image is generated using AI for illustrative purposes only.

Shree TNB Polymers IPO opened to a subdued Day 1, with the issue subscribed to 0.14x of its total size. Non-Institutional Buyers (bHNI) were the sole bright spot, bidding at 0.87x, while QIBs and sHNI remained absent and Retail investors contributed a marginal 0.02x.

Subscription Status

The first day of bidding saw limited participation across investor categories. Total subscription edged up 7.7% during the session — ticking from 0.13x at 11:15 IST to 0.14x by 12:15 IST — driven entirely by the bHNI segment. QIBs, sHNI, and Employee categories recorded zero bids throughout the day.

Subscription Progression

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	28-09-2026	0.00x	0.87x	0.00x	0.02x	0.14x

Intra-day Timeline on 28-09-2026

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	0.00x	0.02x	0.13x
12:15	0.00x	0.00x	0.02x	0.14x

Offer Details

The Shree TNB Polymers IPO is open for subscription from September 28, 2026, to October 5, 2026. The price band is set between ₹50.00000 and ₹53.00000 per share, with a minimum bid quantity of 4000 shares.

Parameter	Details
Price Band	₹50.00000 – ₹53.00000
Issue Size	₹200000 crore – ₹500000 crore
Min Bid Qty	4000 shares
Opening Date	2026-09-28 10:00:00
Closing Date	2026-10-05 17:00:00

About the Company

Shree TNB Polymers Limited, incorporated in 2007 and headquartered in Silvassa, Dadra & Nagar Haveli, is an ISO 9001:2015 & 14001:2015 certified polymer manufacturing company with over 25 years of experience. The company offers a diversified product portfolio under three brands — 'Noble' (HDPE/PP/PPH pipes & fittings, DWC pipes, drip irrigation), 'Tirupati' (solid industrial sheets), and 'Wellpack' (PP corrugated/flute board sheets) — catering to infrastructure, agriculture, and industrial sectors.

The company operates two manufacturing facilities spread across 23,028 sq. mtrs with an installed capacity of 24,000 MT per annum, supported by 325+ dealers across key Indian states. It reported revenue from operations of ₹19,812.73 lakhs in FY2025-26 with a PAT margin of 3.60%. The company operates on a B2B and B2C model and is planning capacity expansion through a new phased manufacturing facility on an additionally leased 10,111 sq. mtr plot adjacent to its existing premises.

Financial Highlights

Metric (₹ crore)	FY2026	FY2025	FY2024
Revenue from Operations	198.13	175.65	207.86
Profit Before Tax	10.16	7.21	6.64
Net Profit	7.13	5.77	5.03
Total Assets	145.26	127.38	105.03

Objects of the Issue

Capital Expenditure for Purchase of Machinery (₹15.86 crore): Deploy funds towards purchasing advanced machinery to expand manufacturing capabilities, enhance product quality, increase production capacity, and improve market competitiveness.
Capital Expenditure for Solar Panel/Roof Top (₹2.60 crore): Allocate net proceeds towards installation of solar panels/rooftop at the new manufacturing facility to reduce electricity costs and promote sustainability.
Part Finance for PEB Structure (₹1.32 crore): Part-finance the construction and installation of a Pre-Engineered Building (PEB) structure for a new manufacturing facility at Silvassa, Dadra & Nagar Haveli.
Repayment of Borrowings (₹5.62 crore): Utilize a portion of net proceeds towards partial repayment or pre-payment of certain outstanding borrowings to reduce debt obligations.
General Corporate Purposes: Meet operating expenses, strengthen business development and marketing capabilities, and address unforeseen business exigencies, subject to a cap of the lower of 15% of gross proceeds or ₹10 crore.

Risk Factors

Customer Concentration Risk: The top 10 customers contributed 61.28%, 29.11%, and 27.04% of revenues from operations for FY2026, FY2025, and FY2024 respectively. The absence of long-term agreements exposes the company to order cancellations and payment defaults.
High Indebtedness and Debt Servicing Risk: As of March 31, 2026, total secured indebtedness stands at ₹4,456.16 lakhs. Failure to service debt could trigger cross-default provisions and potential forfeiture of assets.
Raw Material Supply and Price Volatility Risk: The top 10 suppliers accounted for 61.28%, 64.73%, and 63.72% of total purchases for FY2026, FY2025, and FY2024 respectively. Disruptions in supply or price volatility could hamper production schedules.
Outstanding Litigation and Legal Proceedings: The company, its promoters, and directors are involved in multiple legal proceedings with amounts totalling approximately ₹2,017.58 lakhs against the company and promoters.
Negative Cash Flows and Working Capital Risk: The company reported negative cash flows from investing activities of ₹922.78 lakhs, ₹998.04 lakhs, and ₹170.63 lakhs for FY2026, FY2025, and FY2024 respectively, along with high trade receivables of ₹5,125.02 lakhs as of March 31, 2026.