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Polysil Irrigation Systems IPO is a fixed price issue of Rs 17.44 crores. The issue is a combination of fresh issue of 14.44 lakh shares aggregating to Rs 7.80 crores and offer for sale of 17.85 lakh shares aggregating to Rs 9.64 crores.
Polysil Irrigation Systems IPO bidding started from February 8, 2024 and ended on February 13, 2024. The allotment for Polysil Irrigation Systems IPO was finalized on Wednesday, February 14, 2024. The shares got listed on NSE SME on February 16, 2024.
Polysil Irrigation Systems IPO price is ₹54 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹108,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹216,000.
Fedex SecuritiesPvt Ltd is the book running lead manager of the Polysil Irrigation Systems IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Polysil Irrigation Systems IPO is Market-Hub Stock Broking.
Refer to Polysil Irrigation Systems IPO RHP for detailed information.
| IPO Date | February 8, 2024 to February 13, 2024 |
| Listing Date | February 16, 2024 |
| Face Value | ₹10 per share |
| Price | ₹54 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 3,229,000 shares (aggregating up to ₹17.44 Cr) |
| Fresh Issue | 1,444,000 shares (aggregating up to ₹7.80 Cr) |
| Offer for Sale | 1,785,000 shares of ₹10 (aggregating up to ₹9.64 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 9,897,090 |
| Share holding post issue | 11,341,090 |
| Market Maker portion | 164,000 shares Market-Hub Stock Broking |
Polysil Irrigation Systems IPO offers 3,228,000 shares. 1,532,000 (47.46%) to NII, 1,532,000 (47.46%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 164,000 (5.08%) |
| Other Shares Offered | 1,532,000 (47.46%) |
| Retail Shares Offered | 1,532,000 (47.46%) |
| Total Shares Offered | 3,228,000 (100%) |
Polysil Irrigation Systems IPO opens on February 8, 2024, and closes on February 13, 2024.
| IPO Open Date | Thursday, February 8, 2024 |
| IPO Close Date | Tuesday, February 13, 2024 |
| Basis of Allotment | Wednesday, February 14, 2024 |
| Initiation of Refunds | Thursday, February 15, 2024 |
| Credit of Shares to Demat | Thursday, February 15, 2024 |
| Listing Date | Friday, February 16, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 13, 2024 |
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹108,000 |
| Retail (Max) | 1 | 2000 | ₹108,000 |
| HNI (Min) | 2 | 4,000 | ₹216,000 |
| Lot Size Calculator | |||
Bharatkumar Patel and Prafulbhai Radadia are the promoters of the company.
| Share Holding Pre Issue | 33.79% |
| Share Holding Post Issue | 29.49% |
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.
Polysil Irrigation Systems Limited's revenue increased by 16.6% and profit after tax (PAT) rose by 236.39% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Aug 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 5,671.49 | 5,531.46 | 4,616.80 | 4,178.47 |
| Revenue | 1,019.74 | 4,392.49 | 3,767.21 | 5,471.58 |
| Profit After Tax | 110.31 | 113.53 | 33.75 | 64.81 |
| Net Worth | 1,646.02 | 1,535.71 | 1,372.06 | 1,338.31 |
| Reserves and Surplus | 656.31 | 546.00 | 1,326.56 | 1,292.82 |
| Total Borrowing | 1,566.17 | 1,547.25 | 1,494.96 | 1,104.83 |
| Amount in ₹ Lakhs | ||||
The market capitalization of Polysil Irrigation Systems IPO is Rs 61.24 Cr.
| KPI | Values |
|---|---|
| ROE | 7.39% |
| ROCE | 12.81% |
| Debt/Equity | 1.01 |
| RoNW | 7.39% |
| P/BV | 3.48 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.15 | 2.33 |
| P/E (x) | 47.08 | 23.13 |
The company proposes to utilize the Net Proceeds from the Offer towards the following objects:
[Dilip Davda] The company is operating in a highly competitive and fragmented segment. It marked erratic top and bottom lines for the reported periods. Super earnings for 4.5M of FY24 not only raise eyebrows, but also major concern over its sustainability going forward. Based on FY24 annualized earnings, the issue appears aggressively priced. There is no harm in skipping this pricey bet. Read detail review...
The Polysil Irrigation Systems IPO is subscribed 6.88 times on February 13, 2024 6:20:00 PM. 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) |
|---|---|
| Other | 2.12 |
| Retail | 11.62 |
| Total | 6.88 |
Total Application : 8,898 (11.62 times)
| Listing Date | February 16, 2024 |
| BSE Script Code | |
| NSE Symbol | POLYSIL |
| ISIN | INE517M01028 |
| Final Issue Price | ₹54 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| NSE SME |
|---|
| ₹54.00 |
| ₹56.00 |
| ₹53.50 |
| ₹58.80 |
| ₹54.25 |
Polysil Irrigation Systems Limited
Survey No- 340/1, Beside Hystuff Steel,
At Post Raniya, Taluka Savli,
District Vadodara - 391780
Phone: 026 6724 4271/2
Email: secretarial@polysilirrigation.com
Website: https://polysilirrigation.com/
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html
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Polysil Irrigation Systems IPO is a SME IPO of 3,229,000 equity shares of the face value of ₹10 aggregating up to ₹17.44 Crores. The issue is priced at ₹54 per share. The minimum order quantity is 2000 Shares.
The IPO opens on February 8, 2024, and closes on February 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 February 8, 2024 and closes on February 13, 2024.
Polysil Irrigation Systems IPO lot size is 2000 Shares, and the minimum amount required is ₹108,000.
You can apply in Polysil Irrigation Systems IPO online using either UPI or ASBA as 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 apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, 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 Thursday, February 15, 2024. Check the Polysil Irrigation Systems IPO allotment status.
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