Fixed Price IPO | ₹17 Cr | Listed at NSE SME | Thu, Feb 8, 2024 - Tue, Feb 13, 2024
Polysil Irrigation Systems IPO is a fixed price issue of ₹17.43 crores. The issue is a combination of fresh issue of 0.14 crore shares aggregating to ₹7.80 crores and offer for sale of 0.18 crore shares aggregating to ₹9.63 crores.
Polysil Irrigation Systems IPO bidding started from Feb 8, 2024 and ended on Feb 13, 2024. The allotment for Polysil Irrigation Systems IPO was finalized on Feb 14, 2024. The shares got listed on NSE SME on Feb 16, 2024.
Polysil Irrigation Systems IPO price is ₹54 per share. The lot size for an application is 2,000. The minimum amount of investment required by an individual investor (retail) is ₹1,08,000 (2000 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (4,000 shares), amounting to ₹2,16,000.
Fedex Securities Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Market-Hub Stock Broking Pvt.Ltd..
Refer to Polysil Irrigation Systems IPO RHP for detailed Information.
IPO Open
Thu, Feb 8, 2024
IPO Close
Tue, Feb 13, 2024
Issue Price
₹54 per share
Market Cap (Pre-IPO)
₹61.24 Cr
| IPO Date | 8 to 13 Feb, 2024 |
| Listed on | Fri, Feb 16, 2024 |
| Face Value | ₹10 per share |
| Issue Price | ₹54 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Total Issue Size | 32,28,000 shares (agg. up to ₹17 Cr) |
| Reserved for Market Maker | 1,64,000 shares Market-Hub Stock Broking Pvt.Ltd. (agg. up to ₹0.8856 Cr) |
| Fresh Issue (Ex Market Maker) | 12,80,000 shares (agg. up to ₹7 Cr) |
| Offer for Sale | 17,84,000 shares of ₹10 (agg. up to ₹10 Cr) |
| Net Offered to Public | 30,64,000 shares (agg. up to ₹17 Cr) |
| Share Holding Pre Issue | 98,97,090 shares |
| Share Holding Post Issue | 1,13,41,090 shares |
| NSE Symbol | POLYSIL |
| ISIN | INE517M01028 |
Polysil Irrigation Systems IPO comprises a total issue size of 32,28,000 shares. The net offer to the public is 30,64,000 shares, after excluding 1,64,000 shares allotted on a firm basis. Of the Net offer 15,32,000 (50.00%) allocated to NII 15,32,000 (50.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| NII (HNI) Shares Offered | 15,32,000 | 50.00% | 47.46% |
| Retail Shares Offered | 15,32,000 | 50.00% | 47.46% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,64,000 | 5.08% | |
| Total Shares Offered | 32,28,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹1,08,000 |
| Retail (Max) | 1 | 2,000 | ₹1,08,000 |
| HNI (Min) | 2 | 4,000 | ₹2,16,000 |
Polysil Irrigation Systems Limited was established in 1985 and manufactures and distributes HDPE pipes, fittings, and micro irrigation systems, such as drip irrigation systems and sprinkler irrigation systems as well as their components, accessories, and related products under the brand name Polysil.
The company's product range includes HDPE pipes, pipe fittings, and irrigation equipment, including disc filters, screen filters, hydro cyclone filters, sand filters (gravel), compression fittings, valves (electrical and mechanical), fertilizer tanks, digital controllers, pressure gages, etc.
Polysil Irrigation Systems operates in Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan and Haryana. The company sells its products through institutional markets and the open market. As of August 15, 2023, the company sold its products through 9 distributors and around 425 dealers in India.
The company's manufacturing unit is located in Vadodara, Gujarat, and covers an area of 100,000 sq.ft.
As of March 31, 2023, the company had 52 people, including skilled and unskilled workers, administrative staff, and the management team.
| Period Ended | 31 Aug 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 56.71 | 55.31 | 46.17 | 41.78 |
| Total Income | 10.20 | 43.92 | 37.67 | 54.72 |
| Profit After Tax | 1.10 | 1.14 | 0.34 | 0.65 |
| NET Worth | 16.46 | 15.36 | 13.72 | 13.38 |
| Reserves and Surplus | 6.56 | 5.46 | 13.27 | 12.93 |
| Total Borrowing | 15.66 | 15.47 | 14.95 | 11.05 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the Working Capital Requirements | 5.00 |
| 2 | General corporate purposes | 1.05 |
| KPI | |
|---|---|
| ROE | 7.39% |
| ROCE | 12.81% |
| Debt/Equity | 1.01 |
| RoNW | 7.39% |
| PAT Margin | 2.59% |
| Price to Book Value | 3.48 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 1.15 | 2.33 |
| P/E (x) | 47.08 | 23.13 |
| Promoter Holding | 33.79% | 29.49% |
| Market Cap | ₹61.24 Cr. |
The Polysil Irrigation Systems IPO is subscribed 6.88 times on February 13, 2024 6:20:00 PM (Day 4). The public issue subscribed 11.62 times in the retail category, [.] times in the QIB category, and 2.12 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| NII* | 2.12 | 15,32,000 | 32,54,000 |
| Retail | 11.62 | 15,32,000 | 1,77,96,000 |
| Total | 6.88 | 30,64,000 | 2,10,68,000 |
Total Application : 8,898
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Lead manager(s) fees | 0.15 |
| 2 | Fees payable to the Registrar to the Offer, Legal Advisors, Advisor to the Offer, Advertising, Expenses, Printing and Distribution of issue stationery, Brokerage, Selling, Commission and upload fees | 0.35 |
| 3 | Regulators fees including stock exchanges | 0.08 |
| 4 | Others, if any (including Underwriting Commission, Market making, advisory fees, depositories, marketing fees etc.) | 1.16 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹54.00 |
| Open | ₹56.00 |
| Low | ₹53.50 |
| High | ₹58.80 |
| Last Trade | ₹54.25 |
Lead Manager Reports
Polysil Irrigation Systems IPO is a SME IPO of 32,28,000 equity shares of the face value of ₹10 aggregating up to ₹17 Crores. The issue is priced at ₹54 per share. The minimum order quantity is 2000.
The IPO opens on Thu, Feb 8, 2024, and closes on Tue, Feb 13, 2024.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Polysil Irrigation Systems IPO using UPI as a payment gateway. Zerodha customers can apply in Polysil Irrigation Systems IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Polysil Irrigation Systems IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Polysil Irrigation Systems IPO opens on Thu, Feb 8, 2024 and closes on Tue, Feb 13, 2024.
Polysil Irrigation Systems IPO lot size is 2000, and the minimum amount required for application is ₹1,08,000.
You can apply in Polysil Irrigation Systems IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Polysil Irrigation Systems IPO will be done on Wednesday, February 14, 2024, and the allotted shares will be credited to your demat account by Thu, Feb 15, 2024. Check the Polysil Irrigation Systems IPO allotment status.
The Polysil Irrigation Systems IPO listing date is on Fri, Feb 16, 2024.
