Shree TNB Polymers IPO: dates, price band, lot size and GMP
Shree TNB Polymers IPO closed on 5 Oct on the SME; price band ₹50 – ₹53, lot 2,000 shares, no GMP reported yet. Allotment 6 Oct, listing 8 Oct.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Shree TNB Polymers IPO has a price band of ₹50 – ₹53, a lot of 2,000 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 28 Sep – 5 Oct 2026 |
| Price band | ₹50 – ₹53 |
| Lot size | 2,000 shares |
| Issue size | ₹31.80 Cr |
| Fresh issue | ₹30.21 Cr |
| Subscription | 1.98x |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Corporate Makers Capital Ltd. |
| Status | Closed, listing awaited |
Timeline
- Issue opens: 28 Sep
- Issue closes: 5 Oct
- Allotment: 6 Oct
- Refunds: 7 Oct
- Demat credit: 7 Oct
- Listing: 8 Oct
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 1.7x |
| NII | 2.98x |
| sNII | 3.96x |
| bNII | 2.5x |
| Retail | 1.72x |
| Total | 1.98x |
Last updated 5 Oct 2026, 5:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹113.13 Cr |
| P/E (pre-issue) | 11.4x |
| P/E (post-issue) | 15.87x |
| Fresh issue (shares) | 57,00,000 |
| Total shares offered | 57,00,000 |
| Promoter holding pre-issue | 45.56% |
| Promoter holding post-issue | 32.76% |
| Promoters | Vijay Jaysukhlal Thosani, Rasikbhai Gokalbhai Bhalodi, Deepak Kumar Raura, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Reeta Deepak Raura, Kishan Chandulal Patel, Vipul Gokalbhai Bhalodi, Hasmukhbhai Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi, Jalpaben Hasmukhbhai Bhalodi |
| Lead managers | Corporate Makers Capital Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | .smeipo@in.mpms.mufg.com |
| Company website | shreetnbpolymers.in |
| Anchor bid date | 25 Sep 2026 |
| Anchor lock-in ends (50%) | 30 Oct 2026 |
| Anchor lock-in ends (remaining) | 29 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 4,000 | ₹2,12,000 |
| Retail (maximum) | 2 | 4,000 | ₹2,12,000 |
| sNII (minimum) | 3 | 6,000 | ₹2,12,000 |
| bNII (minimum) | 3 | 6,000 | ₹10,60,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.9% | 17,06,000 | |
| QIB | 20% | 11,40,000 | Not more than 50% of the Net Issue |
| NII (HNI) | 15.1% | 8,58,000 | Not less than 15% of the Net Issue |
| sNII | 4.9% | 2,82,000 | |
| bNII | 10.1% | 5,76,000 | |
| Retail | 35% | 19,96,000 | Not less than 35% of the Net Issue. |
| Market Maker | 5.3% | 3,00,000 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 28 Sep | 0.41x | 0.66x | 0.11x | 0.94x | 0.05x | 0.29x |
| Day 2 · 29 Sep | 0.75x | 0.73x | 0.23x | 0.97x | 0.10x | 0.42x |
| Day 3 · 30 Sep | 0.75x | 0.82x | 0.33x | 1.06x | 0.44x | 0.61x |
| Day 4 · 1 Oct | 0.75x | 1.60x | 0.54x | 2.13x | 0.84x | 0.98x |
| Day 5 · 5 Oct | 1.70x | 2.98x | 3.96x | 2.51x | 1.72x | 1.98x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹4.65 |
|---|---|
| EPS (post-issue) | ₹3.34 |
| P/E (pre-issue) | 11.4x |
| P/E (post-issue) | 15.87x |
| RoNW | 13.95% |
| RoCE | 16.02% |
| RoE | 13.69% |
| PAT margin | 3.6% |
| EBITDA margin | 9.69% |
| Price / book | 1.46x |
| NAV per share | ₹36.29 |
| Debt / equity | 0.8 |
| Market cap (upper band) | ₹113.13 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 145.26 | 127.38 | 105.03 | +14% |
| Total Income | 198.31 | 175.7 | 207.97 | +12.9% |
| Profit After Tax | 7.13 | 5.77 | 5.03 | +23.6% |
| EBITDA | 19.2 | 15.47 | 15.22 | +24.1% |
| NET Worth | 55.68 | 48.55 | 34.21 | +14.7% |
| Reserves and Surplus | 40.34 | 38.32 | 25.26 | +5.3% |
| Total Borrowing | — | 38.5 | 35.82 | — |
About Shree TNB Polymers
Shree TNB Polymers Limited is engaged in the manufacturing of polymer-based piping systems and plastic products, catering to a wide range of infrastructure, agricultural, industrial, and utility applications. Headquartered in Silvassa, the Company develops solutions for sectors such as irrigation, agriculture, drinking water distribution, sewerage and drainage networks, telecom cable protection, construction, and industrial projects.
The Company offers a broad range of products, including HDPE pipes and fittings, PP and PPH pipes and fittings, Double Wall Corrugated (DWC) pipes, sprinkler systems, drip irrigation solutions, solid industrial sheets, and Well Pack sheets used in packaging and industrial applications. Its diversified portfolio enables it to address varied customer requirements across multiple end-use industries.
Shree TNB Polymers operates two manufacturing facilities in Silvassa with a combined area of approximately 23,028 square metres and an aggregate installed production capacity of 24,000 metric tonnes per annum. The facilities are supported by in-house quality testing laboratories and manufacturing processes that comply with various BIS and ISO-certified standards, ensuring product reliability and adherence to industry specifications.
The Company has established a nationwide distribution network comprising more than 325 dealers and distributors, enabling broad market reach across India. In addition to its domestic operations, it exports products to international markets including the UAE, Sri Lanka, Oman, and Germany.
As of July 31, 2026, the Company employed 298 full-time personnel and 39 contract workers across manufacturing, operations, sales, administration, and support functions.
Objects of the issue
- Capital Expenditure for purchase of machinery — ₹15.86 Cr
- Capital Expenditure for the purchase and installation of Solar panel/ Roof top — ₹2.6 Cr
- Part finances the capital expenditure for construction/ installation of Pre-Engineered Building (PEB) structure for new manufacturing facility — ₹1.32 Cr
- Repayment of certain borrowings — ₹5.62 Cr
- General Corporate Purpose
Net proceeds: ₹25.4 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Shree TNB Polymers Ltd. (issuer) | 4.65 | 36.29 | — | 13.69% | — | Consolidated |
| Captain Pipes Ltd. | 0.19 | 2.78 | 40.37x | 7.15% | 3.5 | Consolidated |
| Texmo Pipes & Products Ltd. | 3.86 | 77.19 | 15.69x | 5.13% | 0.78 | Consolidated |
| Malpani Pipes & Fittings Ltd. | 8.38 | 51.67 | 7.7x | 17.65% | 1.25 | Consolidated |
Note: As per Restated financials for the period ended March 31st, 2026. Current Market Price is taken as Closing on September 16th, 2026 and EPS, NAV & RoNW as per Audited Financials of March 31st, 2026 available on relevant Stock Exchange Portal. We have calculated P/E Ratio by dividing the Current Market Price prevailing as on September 21st, 2026 and EPS as on March 31st, 2026.
Risk factors (as disclosed by the company)
- There are certain instances of delays in payment of statutory dues — There have been certain instances on delay in payment of statutory dues in the Financial year ending of March 31, 2026, March 31, 2025 and March 31, 2024 which inter-alia include, Income-Tax, Goods…
- In addition to our existing indebtedness for our existing operations, we may incur further indebtedness during the course of business — As on March 31, 2026, our Company’s total indebtedness is ₹ 4,456.16 Lakhs.
- Our Company has delayed in complying with certain statutory filings with Registrar of Companies. Such delayed compliance /lapses may attract certain penalties — In the past, there have been some instances of delays/ non-filing/ non-compliance with certain statutory authorities with certain provision of statutory regulations applicable to us.
- Absence of Formal Agreement in Relation to Business Acquisition of M/s Tirupati Plastic Industries, M/s Noble Polymers — We have acquired certain business assets and operations of the erstwhile partnership firms namely M/s Tirupati Plastic Industries, M/s Noble Polymers, M/s Shreeji Plastic Industries and M/s Balaji…
- Trade payable forms a major part of our Current Liabilities — 37 | P a g e We are subject to counterparty high creditors outstanding and a significant delay in making such payments or non-payments may adversely impact our results of operations.
- Under-utilization of our manufacturing capacities and an inability to effectively utilize our expanded manufacturing capacities could have an adverse effect… — As of March 31, 2026, we operate two manufacturing facilities situated at 132/1/1/4, Behind Prince Pipe, Athal Road, Athal, Silvassa, Dadra and Nagar Haveli and Daman and Diu – 396230 and Sr.
- We generally do business with our customers on purchase order basis and do not enter into long term contracts with most of them — Our business is dependent on our continuing relationships with our customers.
- Failure to obtain or maintain or renew licenses, registrations — As part of our business and operations, we are required to obtain various licenses and permits from local and government authorities to run our business.
From the RHP (risk factors pages 25–41). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Shree TNB Polymers IPO GMP today and trend
- Shree TNB Polymers IPO subscription status, day by day
- Shree TNB Polymers IPO allotment status and how to check
Frequently asked questions
When does the Shree TNB Polymers IPO open and close?
The issue is scheduled for 28 Sep – 5 Oct 2026.
What is the Shree TNB Polymers IPO price band?
The price band is ₹50 – ₹53 per share with a lot size of 2,000 shares.
How big is the Shree TNB Polymers IPO?
The total issue size is ₹31.80 Cr.
When will Shree TNB Polymers list?
The tentative listing date is 8 Oct on the SME platform.
How do I apply for the Shree TNB Polymers IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Shree TNB Polymers · as filed with SEBI · bsesme.com
- Red herring prospectus (RHP), Shree TNB Polymers · as filed · bseindia.com
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 6 Oct · in.mpms.mufg.com
- BSE SME issues page · listing 8 Oct · bsesme.com
- Shree TNB Polymers company website · shreetnbpolymers.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 6 Oct, 08:02 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Shree TNB Polymers IPO”, https://buyunlistedshares.com/ipo/shree-tnb-polymers-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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