Shree TNB Polymers IPO Day 5: Subscribed 1.05x; NII leads at 2.65x
- Shree TNB Polymers IPO subscribed 1.05x by Day 5
- NII category led demand with 2.65x subscription
- QIB category remained under-subscribed at 0.75x
- Retail investors subscribed 0.84x of their quota
- Issue closes on October 5, 2026
*this image is generated using AI for illustrative purposes only.
Shree TNB Polymers IPO concluded its fifth day of subscription on October 2, 2026, with an overall subscription level of 1.05x. Non-Institutional Investors (NII) led the demand with a subscription rate of 2.65x in the big HNI category, while Qualified Institutional Buyers (QIB) remained under-subscribed at 0.75x.
Subscription Status
The issue saw a steady progression towards full subscription over the five-day period. The total subscription crossed the 1x mark on Day 4 and held steady through Day 5. The following table details the day-wise subscription trends:
| 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 | 0.54x | 2.65x | 0.84x | 1.05x |
| Day 5 | 02-10-2026 | 0.75x | 0.54x | 2.65x | 0.84x | 1.05x |
Category-wise Breakdown
Non-Institutional Buyers (NII) The NII segment showed the strongest interest, particularly among big HNIs. The bHNI category recorded a subscription of 2.65x, up from 0.54x on Day 1. Small HNIs contributed a modest 0.54x subscription.
Qualified Institutional Buyers (QIB) Institutional interest remained cautious throughout the offering. The QIB category subscribed only 0.75x of its reserved portion, showing no movement from Day 2 through Day 5.
Retail Individual Investors Retail investors participated moderately, subscribing 0.84x of their allocated quota by the end of Day 5. This represents a significant increase from the negligible 0.05x seen on the opening day.
Intra-day Timeline
On Day 5 (October 2, 2026), the subscription figures remained stable compared to the previous day's close, as reflected in the early morning snapshot:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.75x | 0.54x | 0.84x | 1.05x |
| 12:15 | 0.75x | 0.54x | 0.84x | 1.05x |
Offer Details
The Shree TNB Polymers IPO is priced in the band of ₹50.00 to ₹53.00 per share. The minimum bid quantity is set at 4000 shares. The issue size ranges between ₹200000 crore and ₹500000 crore based on the final price band selection. The subscription window opened on September 28, 2026, and closes on October 5, 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, the company operates two manufacturing facilities spread across 23,028 sq. mtrs with an installed capacity of 24,000 MT per annum. It supports a network of 325+ dealers across key Indian states.
The company offers a diversified product portfolio under three brands:
- Noble: HDPE/PP/PPH pipes & fittings, DWC pipes, drip irrigation.
- Tirupati: Solid industrial sheets.
- Wellpack: PP corrugated/flute board sheets.
These products cater to infrastructure, agriculture, and industrial sectors. The company operates on a B2B and B2C model.
Financial Highlights
The company reported revenue from operations of ₹198.13 crore in FY2025-26, with a Profit After Tax (PAT) of ₹7.13 crore. The PAT margin stood at 3.60% for the same period.
| Metric | FY2025-26 | FY2024-25 | FY2023-24 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 198.13 | 175.65 | 207.86 |
| Total Revenue (₹ Cr) | 198.31 | 175.70 | 207.97 |
| Profit Before Tax (₹ Cr) | 10.16 | 7.21 | 6.64 |
| Profit After Tax (₹ Cr) | 7.13 | 5.77 | 5.03 |
| Total Equity (₹ Cr) | 55.68 | 48.55 | 34.21 |
Objects of the Issue
The company intends to deploy net proceeds from the issue towards the following purposes:
- Capital Expenditure for Purchase of Machinery: ₹15.86 crore for purchasing advanced machinery to expand manufacturing capabilities and enhance product quality.
- Repayment of Certain Borrowings: ₹5.62 crore for partial repayment or pre-payment of outstanding borrowings to reduce debt obligations.
- Capital Expenditure for Solar Panel/Roof Top: ₹2.60 crore for installation at the new manufacturing facility to reduce electricity costs.
- Part Finance of PEB Structure: ₹1.32 crore for construction/installation of a Pre-Engineered Building structure for a new facility in Silvassa.
- General Corporate Purposes: Balance proceeds for operating expenses and business development, capped at the lower of 15% of gross proceeds or ₹10 crore.
How might the persistent QIB under-subscription at 0.75x impact Shree TNB Polymers' stock price performance on its listing day?
What specific valuation concerns or sector headwinds are likely driving institutional investors to avoid this polymer manufacturing IPO despite the company's revenue growth?
Will the significant reliance on Big HNI demand (2.65x) lead to higher volatility and potential selling pressure in the secondary market post-listing?
20
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
