Shree TNB Polymers IPO Day 2: Subscribed 0.41x; QIB demand steady at 0.75x
- Shree TNB Polymers IPO subscribed 0.41x on Day 2
- QIB demand leads at 0.75x; Retail at 0.08x
- Issue size ranges between ₹200000 crore and ₹500000 crore
- Subscription window closes on 2026-10-05
*this image is generated using AI for illustrative purposes only.
Shree TNB Polymers IPO recorded a cumulative subscription of 0.41x by the end of Day 2, with QIBs leading demand at 0.75x and Retail interest rising marginally to 0.08x.
Subscription Status
The issue witnessed a modest uptick in overall subscription from Day 1 to Day 2. Total bids moved from 0.29x to 0.41x, driven primarily by steady institutional interest and a slight increase in retail participation. Non-Institutional Investors showed mixed trends, with bHNI subscriptions remaining flat while sHNI demand adjusted.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-09-2026 | 0.41x | 0.11x | 0.94x | 0.05x | 0.29x |
| Day 2 | 29-09-2026 | 0.75x | 0.13x | 1.01x | 0.08x | 0.41x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) continued to dominate the subscription landscape with a multiple of 0.75x. Among Non-Institutional Buyers, the High Net-worth Individual (bHNI) segment stood at 0.13x, while the Small HNI (sHNI) category recorded 1.01x. Retail individual investors contributed 0.08x, showing a slight increase from the previous day. Employee quota subscriptions remained at 0x.
Intra-day Timeline
The latest snapshot for Day 2 (29-09-2026) indicates the following subscription levels as of 12:15 IST:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.75x | 0.13x | 0.07x | 0.39x |
| 12:15 | 0.75x | 0.13x | 0.08x | 0.41x |
Offer Details
The Shree TNB Polymers IPO has a price band of ₹50.00000 - ₹53.00000 per share. The minimum bid quantity is set at 4000 shares. The issue size ranges between ₹200000 crore and ₹500000 crore based on the upper and lower price bands respectively. The subscription window opened on 2026-09-28 and will close on 2026-10-05.
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. It operates two manufacturing facilities with an installed capacity of 24,000 MT per annum. The company offers products under brands 'Noble', 'Tirupati', and 'Wellpack' catering to infrastructure, agriculture, and industrial sectors. It maintains a network of 325+ dealers across key Indian states.
Financial Highlights
The company reported revenue from operations of ₹198.13 crores in FY2026, up from ₹175.65 crores in FY2025. Profit after tax stood at ₹7.13 crores in FY2026.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 198.13 | 175.65 | 207.86 |
| Total Revenue | 198.31 | 175.70 | 207.97 |
| Profit Before Tax | 10.16 | 7.21 | 6.64 |
| Total Profit (PAT) | 7.13 | 5.77 | 5.03 |
| Total Equity | 55.68 | 48.55 | 34.21 |
Objects of the Issue
The company intends to utilize net proceeds for:
- Capital Expenditure for Purchase of Machinery: ₹15.86 crores
- Repayment of Certain Borrowings: ₹5.62 crores
- Capital Expenditure for Solar Panel/Roof Top: ₹2.60 crores
- Part Finance for PEB Structure Construction: ₹1.32 crores
- General Corporate Purposes
Risk Factors
- Customer Concentration: Top 10 customers contributed 61.28% of revenues in FY2026.
- High Indebtedness: Total secured indebtedness stood at ₹4,456.16 Lakhs as of March 31, 2026.
- Raw Material Supply: Top 10 suppliers accounted for 61.28% of total purchases in FY2026.
- Litigation: Outstanding legal proceedings involve amounts totaling approximately ₹2,017.58 Lakhs against the company and promoters.
How might the persistent low retail subscription impact the IPO's listing price and post-listing volatility?
Will the final Day 3 subscription surge enough to avoid a potential undersubscription scenario given the current 0.41x rate?
How could the high customer concentration risk affect institutional confidence in the company's long-term revenue stability?
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