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Polysil Irrigation Systems Limited IPO (Polysil Irrigation Systems IPO) Detail

February 8, 2024 - February 13, 2024

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.

Polysil Irrigation Systems IPO Details

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 Size3,229,000 shares
(aggregating up to ₹17.44 Cr)
Fresh Issue1,444,000 shares
(aggregating up to ₹7.80 Cr)
Offer for Sale1,785,000 shares of ₹10
(aggregating up to ₹9.64 Cr)
Issue Type Fixed Price Issue IPO
Listing At NSE SME
Share holding pre issue9,897,090
Share holding post issue11,341,090
Market Maker portion164,000 shares
Market-Hub Stock Broking

Polysil Irrigation Systems IPO Reservation

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 Offered164,000 (5.08%)
Other Shares Offered1,532,000 (47.46%)
Retail Shares Offered1,532,000 (47.46%)
Total Shares Offered3,228,000 (100%)

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 29.49%

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, 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 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 Ended31 Aug 202331 Mar 202331 Mar 202231 Mar 2021
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 and Surplus656.31546.001,326.561,292.82
Total Borrowing1,566.171,547.251,494.961,104.83
Amount in ₹ Lakhs

Key Performance Indicator

The market capitalization of Polysil Irrigation Systems IPO is Rs 61.24 Cr.

KPI Values
ROE7.39%
ROCE12.81%
Debt/Equity1.01
RoNW7.39%
P/BV3.48
Pre IPO Post IPO
EPS (Rs) 1.152.33
P/E (x) 47.0823.13
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 August 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:

  1. Funding our Working Capital Requirements; and
  2. General Corporate Purpose.

Polysil Irrigation Systems IPO Review (Avoid)

[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...


Polysil Irrigation Systems IPO Subscription Status (Bidding Detail)

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)

CategorySubscription (times)
Other2.12
Retail11.62
Total6.88

Total Application : 8,898 (11.62 times)

Polysil Irrigation Systems IPO Prospectus

Polysil Irrigation Systems IPO Rating

3
3.7
Rating:Rated 3.7 stars
Vote Here ...

Polysil Irrigation Systems IPO Listing Details

Listing Date February 16, 2024
BSE Script Code
NSE Symbol POLYSIL
ISIN INE517M01028
Final Issue Price ₹54 per share

Pre-Open Session - NSE

Listing Day Trading Information

Price Details
Final Issue Price
Open
Low
High
Last Trade
NSE SME
₹54.00
₹56.00
₹53.50
₹58.80
₹54.25

Check IPO Performance…

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

Polysil Irrigation Systems IPO - Buy or Not

Polysil Irrigation Systems IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 0 0 1
Members 0 0 1

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Polysil Irrigation Systems IPO FAQs

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

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Polysil Irrigation Systems IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

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.

The Polysil Irrigation Systems IPO listing date is on February 16, 2024.
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Polysil Irrigation Systems IPO Message Board

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46 Comments

27. IPOse Dukhi Atma |   Link |  Bookmark |February 16, 2024 11:57:29 AM (200+ Posts)
Exited @ 58.8 as soon as it opened at 10,, Happy with whatever premium I got for this risky bet.
27.1. IPOmentor |   Link |  Bookmark |February 16, 2024 12:59:35 PM (200+ Posts)
Right decision you will get @40 later on
27.2. IPOse Dukhi Atma |   Link |  Bookmark |February 22, 2024 10:43:07 AM (200+ Posts)
I feel myself lucky :) Heading towards 40
26. Udayk |   Link |  Bookmark |February 16, 2024 10:22:18 AM (200+ Posts)
Exit at 56
25. Udayk |   Link |  Bookmark |February 15, 2024 8:04:27 PM (200+ Posts)
@KAPPO Allotted 1 lot.GMP?
25.1. KAPPO |   Link |  Bookmark |February 15, 2024 8:29:02 PM
IPO Guru IPO Guru (1200+ Posts, 800+ Likes)
No idea bro
24. PrabS |   Link |  Bookmark |February 15, 2024 11:04:56 AM
I got one lot, whether to hold or not
23. GrayIsTheNewBlack |   Link |  Bookmark |February 14, 2024 10:23:41 PM
IPO Guru IPO Guru (2700+ Posts, 1800+ Likes)
Looks like nobody from the forum applied ...
I've also skipped but this issue has sailed through without any assistance in subscription from Grey Market.
I think it should give some listing gains
22. Anuj agarwal |   Link |  Bookmark |February 14, 2024 10:09:31 PM (300+ Posts)
Reasnbly priced
My only concern is low promoter holding
Apart from that good ratios
Formidable name in drip
Old company
They have loan arrangements from leading banks
Solving a problem
Legit work
LM is fine apart from one two hiccups
Let's see
22.3. Udayk |   Link |  Bookmark |February 15, 2024 11:32:30 PM (200+ Posts)
@Anuj agarwalWhat's ur view on listing?
22.4. Anuj agarwal |   Link |  Bookmark |February 16, 2024 8:38:35 AM (300+ Posts)
Can't say abt listing...will hold allotment....have put risk management in place...
21. ARJUN'S EYE |   Link |  Bookmark |February 14, 2024 12:28:10 AM
IPO Mentor IPO Mentor (900+ Posts, 700+ Likes)
Skipped....
20. Agrawal S |   Link |  Bookmark |February 13, 2024 3:45:40 PM
IPO Mentor IPO Mentor (1200+ Posts, 300+ Likes)
Aankh mich k avoid
20.1. Agrawal S |   Link |  Bookmark |February 13, 2024 4:18:38 PM
IPO Mentor IPO Mentor (1200+ Posts, 300+ Likes)
*avoided
19. ipo share |   Link |  Bookmark |February 13, 2024 3:04:11 PM
IPO Guru IPO Guru (1600+ Posts, 800+ Likes)
Avoiding
18. Sanchit Jain |   Link |  Bookmark |February 13, 2024 2:01:54 PM
IPO Mentor IPO Mentor (600+ Posts, 200+ Likes)
Avoiding..
18.1. Anil Mwt |   Link |  Bookmark |February 13, 2024 2:52:25 PM (400+ Posts)
Avoided
17. Pbdrajkot |   Link |  Bookmark |February 13, 2024 2:43:36 PM (200+ Posts)
Skipped for preserve our wealth 🤑 and health 🤢
16. MuStrFc |   Link |  Bookmark |February 13, 2024 2:41:58 PM
IPO Guru IPO Guru (3000+ Posts, 2300+ Likes)
At times, as the saying goes : "Avoidance is Bliss"
15. CB☺ |   Link |  Bookmark |February 13, 2024 1:52:46 PM
IPO Mentor IPO Mentor (1400+ Posts, 400+ Likes)
My strategy, if DD sir given AVOID rating and subscription less than 50x then it is clear avoid for me. Also market is in correction mood and better chance to buy listed SME space.
14. Dowg |   Link |  Bookmark |February 13, 2024 1:45:35 PM
Top Contributor Top Contributor (300+ Posts, 100+ Likes)
I salute to Retailers here
13. SOAM |   Link |  Bookmark |February 13, 2024 1:34:36 PM
Top Contributor Top Contributor (900+ Posts, 100+ Likes)
Avoiding this sme as well
12. Mskreddy |   Link |  Bookmark |February 13, 2024 1:16:17 PM
Subscription details not updated it shows yesterday subscription only
11. GrayIsTheNewBlack |   Link |  Bookmark |February 13, 2024 9:27:49 AM
IPO Guru IPO Guru (2700+ Posts, 1800+ Likes)
@rohiitian any positives you see here ?

I'm seeing only negatives
- Financials don't look good with top-line not showing any consistent trend, bottom line can be cooked up.
- SME euphoria seems to have taken a pause now with finally one SME listing negative. Else every damn SME was listing well and hitting UC's for fun.
- LM - FedEx (Those who have Moxsh and KEL experience, their hands should shake while applying in this :P)

@KAPPO bhai - are you applying ?
11.1. rohiitian |   Link |  Bookmark |February 13, 2024 10:07:22 AM
IPO Guru IPO Guru (1200+ Posts, 800+ Likes)
@GrayIsTheNewBlack There are 3-4 peers in exact same space - most confusing is RM Drip, which is trading at 8x sales, and has very similar inconsistent numbers. It's half the size of Polysil, and twice the MCap. All other peers trade at less than 1x sales and 15-20 PE (but are much larger).

Not able to determine if Polysil will trade like RM Drip, or it's other larger peers. Purely on fundamental basis, I don't see much positive to thinking of skipping - will wait for others opinions also
10. Justalearner |   Link |  Bookmark |February 13, 2024 8:04:12 AM
IPO Mentor IPO Mentor (700+ Posts, 500+ Likes)
No conviction to apply. Skipping this n entero as well.
Although I feel this SME wouldn't list in discount. Still reasons to avoid outnumbers reasons to apply. Hence skipping
9. CL BASSI |   Link |  Bookmark |February 12, 2024 8:05:28 PM
Top Contributor Top Contributor (500+ Posts, 100+ Likes)
Is ipo main Apply Banta h.
8. svh |   Link |  Bookmark |February 12, 2024 6:30:04 PM
IPO Guru IPO Guru (2600+ Posts, 3700+ Likes)
Avoiding both issues closing on 13th.

I don't think issue price is fair enough matching with the financials.

In this issue also market maker underwrites 85% & LM 15% like Italian.
Pure broking has the equally worse record like rikhav.
🙏👍