Shree TNB Polymers IPO

Shree TNB Polymers Limited, incorporated in 2007, is a Silvassa-based polymer manufacturing company engaged in piping systems and plastic solutions. Its product portfolio includes HDPE pipes and fittings, PP and PPH pipes and fittings, Double Wall Corrugated pipes, sprinkler pipes, drip irrigation systems, industrial sheets and Well pack sheets. These products serve irrigation, agriculture, potable water, sewerage, drainage, telecom cable protection, construction and industrial applications. The company operates two manufacturing facilities in Silvassa spread across 23,028 square metres, with a combined installed capacity of 24,000 MT per annum. It also has in-house quality testing laboratories, BIS and ISO certifications, a 325+ dealer and distributor network, and exports to markets including the UAE, Sri Lanka, Oman and Germany.

Shree TNB Polymers Limited IPO Overview

Shree TNB Polymers Limited IPO is a bookbuilding issue of ₹31.20 crore comprising entirely of a fresh issue of 60,00,000 shares. The IPO will open for subscription on 28 September 2026 and close on 5 October 2026. The tentative allotment date is 6 October 2026, followed by refund initiation and credit of shares to demat accounts on 7 October 2026. The shares are proposed to be listed on the BSE SME platform on 8 October 2026. The price band has been fixed at ₹50 to ₹53 per share, with a lot size of 2,000 shares. Retail investors must apply for at least two lots, or 4,000 shares, requiring ₹2,08,000 at the upper price band. The minimum HNI application is three lots, or 6,000 shares, amounting to ₹3,12,000. Corporate Makers Capital Ltd. is the book running lead manager, MUFG Intime India Pvt. Ltd. is the registrar, and Asnani Stock Broker Pvt. Ltd. is the market maker.

Shree TNB Polymers Limited IPO Details

Particulars	Details
IPO Date	25 September 2026 to 29 September 2026
Listing Date	5 October 2026
Face Value	₹10 per share
Issue Price Band	₹47 to ₹52 per share
Lot Size	2,000 Shares
Total Issue Size	60,00,000 shares (aggregating up to ₹31.20 Cr)
Fresh Issue	60,00,000 shares (aggregating up to ₹31.20 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,53,44,997 shares
Share Holding Post Issue	2,13,44,997 shares
Market Maker Portion	3,00,000 shares

Shree TNB Polymers Limited IPO Reservation

Investor Category	Shares Offered
QIB	49.93% of the Net Issue
Retail	35.02% of the Net Issue
NII (HNI)	15.05% of the Net Issue

Shree TNB Polymers Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	4,000	₹2,08,000
Retail (Max)	2	4,000	₹2,08,000
S-HNI (Min)	3	6,000	₹3,12,000
S-HNI (Max)	9	18,000	₹9,36,000
B-HNI (Min)	10	20,000	₹10,40,000

Shree TNB Polymers Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	45.56%
Post-Issue	32.76%

Shree TNB Polymers Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.65
Price/Earnings (P/E) Ratio	11.18x
Return on Net Worth (RoNW)	13.95%
Net Asset Value (NAV)	₹36.29
Return on Equity	13.69%
Return on Capital Employed (ROCE)	16.02%
EBITDA Margin	9.69%
PAT Margin	3.60%
Debt to Equity Ratio	0.80

Objectives of the Proceeds

I. Capital expenditure for machinery to expand manufacturing capabilities and support increased production capacity: ₹15.86 crore.

II. Purchase and installation of solar panels and rooftop systems to support energy requirements and improve operational efficiency: ₹2.60 crore.

III. Construction and installation of a Pre-Engineered Building structure for the new manufacturing facility: ₹1.32 crore.

IV. Repayment of certain borrowings to reduce outstanding debt obligations and strengthen the company’s financial position: ₹5.62 crore.

V. General corporate purposes to meet business requirements and support the company’s broader operational and corporate needs.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	145.26	127.38	105.03
Revenue	198.31	175.70	207.97
Profit After Tax	7.13	5.77	5.03
Reserves and Surplus	40.34	38.32	25.26
Total Borrowings	—	38.50	35.82

IPO Strengths

I. Strong promoter-driven business with deep market understanding and relationships. Established presence in the polymers/trading/manufacturing segment with long-standing industry experience.

II. Diversified product portfolio catering to multiple industrial applications

III. Cordial relationship with the customers/ dealers/ distributors and established manufacturing facilities

IV. Quality Products with Certifications

Peer Group Comparison

Company Name	EPS (Basic)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Shree TNB Polymers Ltd.	4.65	36.29	—	13.69	—
Peer Group
Captain Pipes Ltd.	0.19	2.78	40.37	7.15	3.50
Texmo Pipes & Products Ltd.	3.86	77.19	15.69	5.13	0.78
Malpani Pipes & Fittings Ltd.	8.38	51.67	7.70	17.65	1.25