Shree TNB Polymers IPO Day 4: Subscribed 0.76x; bHNI leads at 1.67x, QIB flat
- Shree TNB Polymers IPO reached 0.76x overall subscription on Day 4 (01-10-2026), up marginally from 0.73x on Day 3.
- The bHNI segment led all categories at 1.67x; QIB held flat at 0.75x for the third consecutive day with zero incremental bids.
- Retail subscription stood at 0.54x while the sHNI segment was at 0.41x and the Employee quota remained at 0x.
- The IPO is priced at a band of ₹50.00000–₹53.00000 with a minimum bid quantity of 4,000 shares and closes on 05-10-2026.
- The company reported net profit of ₹7.13 crore on revenue from operations of ₹198.13 crore in FY2026, with a PAT margin of 3.60%.
*this image is generated using AI for illustrative purposes only.
Shree TNB Polymers IPO ticked up marginally on Day 4 (01-10-2026), reaching an overall subscription of 0.76x — a slim gain of 0.01x over Day 3's 0.73x. The bHNI segment continued to lead at 1.67x, while QIB held flat at 0.75x and Retail remained subdued at 0.54x, leaving the issue below the fully subscribed threshold.
Subscription Status
The issue has struggled to build momentum across its four subscription days. From an overall 0.29x on Day 1, the IPO has crept to 0.76x by Day 4, never crossing the fully subscribed mark. QIB demand has been static since Day 2, showing no incremental interest through the final hours of Day 4.
| 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 | 1.67x | 0.51x | 0.73x |
| Day 4 | 01-10-2026 | 0.75x | 0.41x | 1.67x | 0.54x | 0.76x |
Category-wise Breakdown
As of the latest update on Day 4, the category-wise subscription details are as follows:
- Qualified Institutional Buyers (QIB): 0.75x
- Non-Institutional Buyers (bHNI): 1.67x
- Non-Institutional Buyers (sHNI): 0.41x
- Retail: 0.54x
- Employees: 0x
The bHNI segment is the sole category to have crossed the fully subscribed mark, holding steady at 1.67x since Day 3. QIB demand has been completely flat from Day 2 through Day 4, registering zero incremental bids. Retail picked up pace between Day 2 and Day 3 — jumping from 0.10x to 0.51x — but added only a marginal 0.03x on Day 4. The sHNI segment at 0.41x and the Employee quota at 0x remain the weakest performers.
Intra-day Timeline (01-10-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.75x | 0.41x | 0.54x | 0.75x |
| 12:15 | 0.75x | 0.41x | 0.54x | 0.76x |
The intra-day picture on Day 4 was largely static. The total nudged from 0.75x to 0.76x between 11:15 and 12:15, with no movement recorded in QIB, bHNI, or Retail during that window.
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹50.00000 – ₹53.00000 |
| Issue Size | ₹2,00,000 – ₹5,00,000 crore |
| Min Bid Qty | 4,000 shares |
| Open Date | 28-09-2026 |
| Close Date | 05-10-2026 |
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. It 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 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
The company reported revenue from operations of ₹19,812.73 lakhs in FY2025-26 with a PAT margin of 3.60%.
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 198.13 | 175.65 | 207.86 |
| Total Income (₹ Cr) | 198.31 | 175.70 | 207.97 |
| Profit Before Tax (₹ Cr) | 10.16 | 7.21 | 6.64 |
| Net Profit (₹ Cr) | 7.13 | 5.77 | 5.03 |
| Total Assets (₹ Cr) | 145.26 | 127.38 | 105.03 |
| Total Equity (₹ Cr) | 55.68 | 48.55 | 34.21 |
Objects of the Issue
The company intends to deploy funds from net proceeds towards:
- Capital Expenditure for Purchase of Machinery (₹15.86 crore): To expand manufacturing capabilities, enhance product quality, increase production capacity, and improve market competitiveness.
- Capital Expenditure for Solar Panels/Roof Top (₹2.60 crore): For installation at the new manufacturing facility to reduce electricity costs and promote sustainability.
- Part Finance of PEB Structure (₹1.32 crore): For construction/installation of a Pre-Engineered Building structure for a new manufacturing facility at Silvassa.
- Repayment of Certain Borrowings (₹5.62 crore): To partially repay or pre-pay outstanding borrowings to reduce debt obligations.
- General Corporate Purposes: Balance of net proceeds for operating expenses and business development.
Risk Factors
Key risks disclosed 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.
- Outstanding Litigation: Legal proceedings involving amounts totalling approximately ₹2,017.58 Lakhs against the company and promoters.
- Geographical Concentration: Maharashtra alone contributed approximately 50.05% of revenue from operations for FY2026.
How might the persistent QIB apathy and overall undersubscription impact the grey market premium and potential listing gains for Shree TNB Polymers?
Given the 61.28% customer concentration risk, what specific diversification strategies will management implement post-listing to mitigate revenue volatility?
Will the planned capacity expansion and debt repayment significantly improve Shree TNB Polymers' margins in FY2027, addressing the thin 3.60% PAT margin?
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