IPO

Polysil Irrigation Systems Limited IPO

NSE SME

Listed On: Feb 16, 2024 at ₹ 56.0

₹ 216000 /4000 Shares
*Min Investment

Check Allotment

08 Feb, 2024

Open Date

13 Feb, 2024

Close Date

14 Feb, 2024

Allotment Date

16 Feb, 2024

Listing Date
Polysil Irrigation Systems Limited IPO Issue Details
  • Issue Price ₹54 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 32,28,000 shares(aggregating up to ₹17.43 crore)
  • Fresh Share 14,44,000 shares(aggregating up to ₹7.8 crore)
  • Offer For Sale 17,84,000 shares(aggregating up to ₹9.63 crore)
  • Listing at NSE SME
  • List Price 56.0
  • Listing Date 2024-02-16
  • Lead Manager Fedex Securities Pvt Ltd
  • Registrar Bigshare Services Pvt Ltd
Market Lot Size

Investors can bid for a minimum of 2000 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)12000₹1,08,000
Retail(max)12000₹1,08,000
NII (min) 24,000₹2,16,000
Polysil Irrigation Systems Limited IPO Reservation

Polysil Irrigation Systems Limited IPO offers total 32,28,000 shares. Out of which NA (NA%) allocated to QIB, NA (NA%) allocated to NII,15,32,000 (47.46%) allocated to RII, NA (NA%) allocated to employees and NA (NA%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares OfferedNA (NA%)
Market Maker Shares Offered1,64,000 (5.08%)
Retail Shares Offered15,32,000 (47.46%)
Total Shares Offered32,28,000 (100%)
Polysil Irrigation Systems Limited IPO Documents
DRHP
RHP
Polysil Irrigation Systems Limited IPO Details


Polysil Irrigation Systems Limited IPO is an SME IPO, priced at ₹54 per equity share. The equity shares have a face value of ₹10 Per Equity Share each and will be listed on the NSE SME platform. The IPO comprises a total issue of 32,28,000 equity shares, aggregating up to ₹17.43 crores..

The IPO bidding window is open from Feb 8, 2024 to Feb 13, 2024. The allotment is expected to be finalized on Feb 14, 2024, and the tentative listing date is Feb 16, 2024.

The minimum lot size for Retail investors is 2000 shares, with a minimum investment of ₹1,08,000. For HNIs, the minimum application size is 2 lots , amounting to ₹ 2,16,000.

Fedex Securities Pvt Ltd is acting as the lead manager to the issue. The registrar of the IPO is Bigshare Services Pvt Ltd, and Market-Hub Stock Broking Private Limited will act as the market maker for this issue.

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Polysil Irrigation Systems Limited IPO Subscription Analysis And Details
Retail
11.62x
Total
6.88x
As onQIB / NIIRetailTotal
Shares Offered / Reserved1,532,0001,532,0003,064,000
Day 1 08-02-24 06:00 PM
0.21 x1.52 x0.87 x
Day 2 09-02-24 06:00 PM
0.40 x4.39 x2.40 x
Day 3 12-02-24 06:00 PM
0.88 x7.40 x4.14 x
Day 4 13-02-24 06:00 PM
2.23 x11.62 x6.88 x
Total No of Applications
8,898
Polysil Irrigation Systems Limited Valuations
EPS Pre IPO ₹1.15/-
EPS Post IPO ₹2.33/-
P/E Pre IPO 47.08
P/E Post IPO 23.13
ROE 7.39%
ROCE 12.81%
Debt/Equity 1.01
RoNW 7.39%
Price to Book Value 3.48
Polysil Irrigation Systems Limited Company Financials
In Lakhs
In Lakh
31-Aug-2331-Mar-2331-Mar-2231-Mar-21
Assets5,671.495,531.464,616.804,178.47
Revenue1,019.744,392.493,767.215,471.58
Profit After Tax110.31113.5333.7564.81
Net Worth1,646.021,535.711,372.061,338.31
Reserves & Surplus656.31546.001,326.561,292.82
Total Borrowing1,566.171,547.251,494.961,104.83
About Polysil Irrigation Systems Limited Company

Polysil Irrigation Systems Limited was incorporated in 1985, which manufactures and supplies HDPE pipes, fittings, and micro irrigation systems including drip irrigation systems and sprinkler irrigation systems, along with their own accessories and associated products under the brand name Polysil.

Its products include HDPE pipes, pipe fittings, irrigation equipment, which also includes disc filters, screen filters, hydrocyclone filters, sand filters, or 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 manufacturing unit of the company is located in Vadodara, Gujarat, and covers an area of 100,000 sq.ft.

At March 31, 2023, the company had 52 people, consisting of skilled and unskilled workers, administrative staff, and the management team.

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Polysil Irrigation Systems Limited - Promoter(s)

Bharatkumar Patel

Prafulbhai Radadia

Pre Issue Share Holding : 33.79%

Post Issue Share Holding : 29.49%

Polysil Irrigation Systems Limited IPO - Issue Objectives
1

Funding our Working Capital Requirements

2

General Corporate Purpose

Polysil Irrigation Systems Limited IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
Polysil Irrigation Systems Limited1.151.1515.5347.087.393.48Consolidated
Captain Polyplast Ltd1.181.1814.3643.937.79N/AConsolidated
R M Drip And Sprinklers Systems Limited0.040.0419.042587.50.23N/AStandalone
Texmo Pipes & Products Ltd.0.390.3964.01228.590.6N/AConsolidated
Jain Irrigation Systems Ltd.13.3313.0887.434.9118.39N/AConsolidated

Notes:

  1. The figures for Polysil Irrigation Systems Limited are based on the Restated Financial Statements for the period ended March 31, 2023.
  2. The figures for the peer group are for the year ended March 31, 2023, and are based on their respective consolidated financial statements filed with the Stock Exchange.
  3. NAV is computed as the closing net worth divided by the closing outstanding number of equity shares. Net worth has been computed as the aggregate of share capital and reserves and surplus (excluding Revaluation Reserves) and as attributable to the owners of the Company.
  4. The P/E Ratio for the peer has been computed based on the closing market price of respective equity shares as on August 28, 2023, sourced from the website of the Stock Exchange and divided by the Basic/Diluted EPS as applicable.
  5. RoNW is computed as net profit after tax, as attributable to the owners of the Company divided by closing net worth. Net worth has been computed as the aggregate of share capital and reserves and surplus (excluding Revaluation Reserves) and as attributable to the owners of the Company.
Contact Details

Polysil Irrigation Systems Limited

Survey No- 340/1, Beside Hystuff Steel, At Post Raniya, Taluka Savli, District Vadodara - 391780

026 6724 4271/2

secretarial@polysilirrigation.com

https://polysilirrigation.com/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200

ipo@bigshareonline.com

https://ipo.bigshareonline.com/ipo_status.html