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 opens for subscription on February 8, 2024 and closes on February 13, 2024. The allotment for the Polysil Irrigation Systems IPO is expected to be finalized on Wednesday, February 14, 2024. Polysil Irrigation Systems IPO will list on NSE SME with tentative listing date fixed as Friday, 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 Securities Pvt Ltd is the book running lead manager of the Polysil Irrigation Systems IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Refer to Polysil Irrigation Systems IPO DRHP for detailed information.
Polysil Irrigation Systems IPO Details
| IPO Date | February 8, 2024 to February 13, 2024 |
| Listing Date | [.] |
| 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 |
Polysil Irrigation Systems IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 50% of the net offer |
| Other Shares Offered | 50% of the net offer |
Polysil Irrigation Systems IPO Timeline (Tentative Schedule)
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 |
Polysil Irrigation Systems IPO Lot Size
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 | |||
Polysil Irrigation Systems IPO Promoter Holding
Bharatkumar Patel and Prafulbhai Radadia are the promoters of the company.
| Share Holding Pre Issue | 33.79% |
| Share Holding Post Issue |
About Polysil Irrigation Systems Limited
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, hydrocyclone 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 July 31, 2023, the company sold its products through 8 distributors and around 425 dealers in India.
The company’s manufacturing unit is located in Vadodara, Gujarat, and covers an area of 100,000 square meters.
As of March 31, 2023, the company had 82 people, including skilled and unskilled workers, administrative staff, and the management team.
Polysil Irrigation Systems Limited Financial Information (Restated)
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 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 5,531.46 | 4,616.80 | 4,178.47 |
| Revenue | 4,392.49 | 3,767.21 | 5,471.58 |
| Profit After Tax | 113.53 | 33.75 | 64.81 |
| Net Worth | 1,535.71 | 1,372.06 | 1,338.31 |
| Reserves and Surplus | 546.00 | 1,326.56 | 1,292.82 |
| Total Borrowing | 1,547.25 | 1,494.96 | 1,104.83 |
| Amount in ₹ Lakhs | |||
Key Performance Indicator
The market capitalization of Polysil Irrigation Systems IPO is Rs 61.24 Cr.
| KPI | Values |
|---|---|
| ROE | 13.84% |
| ROCE | 12.81% |
| Debt/Equity | 1.01 |
| RoNW | 7.39% |
| P/BV | 3.48 |
Check Polysil Irrigation Systems IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.15 | 1 |
| P/E (x) | 47.08 | 53.94 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2023 that is available in RHP.
Objects of the Issue (Polysil Irrigation Systems IPO Objectives)
The company proposes to utilize the Net Proceeds from the Offer towards the following objects:
- Funding our Working Capital Requirements; and
- General Corporate Purpose.
Polysil Irrigation Systems Limited Contact Details
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/
Polysil Irrigation Systems IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html