Shree TNB Polymers IPO Day 3: Subscribed 0.52x; Retail demand ticks up to 0.12x
- Shree TNB Polymers IPO closed Day 3 with a cumulative subscription of 0.52x.
- Retail demand increased slightly to 0.12x, while QIB interest remained flat at 0.75x.
- NII (sHNI) subscriptions rose marginally to 1.53x, showing mixed institutional trends.
- The issue size ranges from ₹2,00,000 crore to ₹5,00,000 crore with a price band of ₹50.00000 - ₹53.00000.
*this image is generated using AI for illustrative purposes only.
Shree TNB Polymers IPO closed Day 3 with a cumulative subscription of 0.52x. Retail demand ticked up to 0.12x, while QIB interest remained flat at 0.75x.
Subscription Status
The issue failed to gain significant momentum on the final day of its initial subscription window, ending with an overall subscription rate of 0.52x. The total subscription moved from 0.49x on Day 2 to 0.52x by the close of Day 3. Institutional interest plateaued, with QIBs maintaining their subscription level from the previous day, while retail investors showed a slight increase in participation.
Subscription Progression
| 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 | 0.23x | 1.49x | 0.10x | 0.49x |
| Day 3 | 30-09-2026 | 0.75x | 0.33x | 1.53x | 0.12x | 0.52x |
Category-wise Breakdown
Qualified Institutional Buyers (QIBs) subscribed to 0.75x of their allocated portion, showing no incremental movement between Day 2 and Day 3. Non-Institutional Investors (NIIs) displayed mixed trends; high-net-worth individuals (bHNI) saw a slight uptick to 0.33x, while small HNI (sHNI) subscriptions rose marginally to 1.53x. Retail Individual Investors (RII) remained largely indifferent, with subscription levels ticking up slightly to 0.12x. Employee subscriptions stood at 0x.
Intra-day Timeline
The latest snapshot for Day 3 indicates that subscription levels had stabilized early in the trading session, with only minor changes observed throughout the day.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.75x | 0.33x | 0.11x | 0.51x |
| 12:15 | 0.75x | 0.33x | 0.12x | 0.52x |
Offer Details
The company is offering shares in a price band of ₹50.00000 - ₹53.00000. The minimum bid quantity is set at 4000 shares. The issue size ranges from ₹2,00,000 crore to ₹5,00,000 crore based on the final price band selection. The IPO opened on 2026-09-28 and is scheduled to 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 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.
Financial Highlights
The company reported revenue from operations of ₹198.13 crores in FY2026, up from ₹175.65 crores in FY2025. Profit After Tax (PAT) stood at ₹7.13 crores in FY2026, compared to ₹5.77 crores in FY2025.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 198.13 | 175.65 | 207.86 |
| Profit Before Tax (₹ crore) | 10.16 | 7.21 | 6.64 |
| Profit After Tax (₹ crore) | 7.13 | 5.77 | 5.03 |
Objects of the Issue
The company intends to deploy net proceeds towards:
- Capital Expenditure for Purchase of Machinery (₹15.86 crores)
- Repayment of Certain Borrowings (₹5.62 crores)
- Capital Expenditure for Purchase and Installation of Solar Panel / Roof Top (₹2.60 crores)
- Part Finance of Capital Expenditure for Construction/Installation of Pre-Engineered Building (PEB) Structure (₹1.32 crores)
- General Corporate Purposes
Risk Factors
Key risks highlighted in the offer documents include:
- Customer Concentration Risk: Top 10 customers contributed 61.28% of revenues from operations for the period ended March 31, 2026.
- High Indebtedness: Total secured indebtedness stood at ₹4,456.16 Lakhs as of March 31, 2026.
- Raw Material Supply Risk: Top 10 suppliers accounted for 61.28% of total purchases for FY2026.
- Litigation: Outstanding legal proceedings involving approximately ₹2,017.58 Lakhs against the company and promoters.
How might the significant under-subscription of Shree TNB Polymers' IPO impact its listing price and initial trading volatility?
Will the company be forced to revise its capital expenditure plans or debt repayment schedule given the shortfall in IPO proceeds?
What specific factors in the polymer sector's current macroeconomic outlook are driving institutional investors to remain cautious on this issue?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
