Polysil Irrigation Systems was incorporated on 9 October 1985. The company is a fully integrated player within the drip irrigation and sprinkler irrigation sectors, with a presence in the micro-irrigation industry.
| Bidding Dates |
|---|
| 08 Feb 2024 - 13 Feb 2024 |
| Subscription |
|---|
| 6.57x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,08,000 | 1 | 1 | 2000 | 3.2 M | ₹54 | 15.43 % | ₹174.3 M | RHP DOC |
Polysil Irrigation IPO SUBSCRIPTION STATUS
13 Feb '24Polysil Irrigation IPO overall subscription rate was 6.57 times the total available shares
Polysil Irrigation IPO retail subscription rate was 11.02 times in the retail segment
Polysil Irrigation IPO non-institutional investor subscription rate was 2.12 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
13 Feb 2024 (Day 4) | 11.02x | 2.12x | - |
12 Feb 2024 (Day 3) | 6.93x | 0.92x | - |
09 Feb 2024 (Day 2) | 4.09x | 0.48x | - |
08 Feb 2024 (Day 1) | 1.42x | 0.2x | - |
Polysil Irrigation FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| As at August 15, 2023 | 11.0 | 101.9 | 2.0 | 1.3 | 25.2% |
| FY23 | 11.4 | 438.8 | 20.0 | 3.8 | 10.5% |
| FY22 | 3.4 | 376.2 | -4.1 | -25.9 | 7.6% |
| FY21 | 6.5 | 545.9 | -4.2 | -10.3 | 5.6% |
Polysil Irrigation IPO SUBSCRIPTION STATUS DETAILS
Polysil Irrigation had 3.2 M shares on offer
Polysil Irrigation IPO offer price was ₹54
Polysil Irrigation IPO minimum Investment was ₹108000
Polysil Irrigation IPO issue size was ₹ 174.3 M
Polysil Irrigation had a minimum lot size of 2000 Shares per application
Polysil Irrigation NUMBER OF SHARES ON OFFER
Polysil Irrigation IPO IMPORTANT DATES
| Issue Open Date | 08 Feb 2024 |
| Issue close Date | 13 Feb 2024 |
| Allotment Date | 14 Feb 2024 |
| Refund Date | 15 Feb 2024 |
| Demat Account Credit Date | 15 Feb 2024 |
| Listing Date | 16 Feb 2024 |
| Listing on Exchange(s) | NSE |
| Polysil Irrigation Allotment Status | Exchange |
Polysil Irrigation IPO subscription opened on 08 Feb 2024, and closed on 13 Feb 2024
IPO allotment for Polysil Irrigation was finalized on Wednesday, 14 Feb 2024
IPO listing for Polysil Irrigation was on NSE on Friday, 16 Feb 2024
Polysil Irrigation IPO LISTING GAINS
| Issue Price (adjusted) | 54.0 |
| Listing Open Price | 56.0 |
| Listing Close Price | 54.3 |
| Listing Gain% | 3.7% |
| Current Gain% | 38.9% |
Polysil Irrigation Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Polysil Irrigation Systems Ltd. | 75 | 85.1 | 70.8 | -0.4 | 1.8 | 4.9 | 2.1 | 47 | 232.8 | 2.8 | 251.6 | 1.1 | -164.9 |
| Supreme Industries Ltd. | 3442 | 43722.7 | 42.4 | 2.6 | 3.9 | 15.5 | 12.2 | 11262.5 | 7.2 | 954 | -0.7 | 81.3 | 16 |
| Astral Ltd. | 1444 | 38793.1 | 72.3 | 29.6 | 5.9 | 13.2 | 9.2 | 6615.9 | 12.6 | 536.6 | 2.4 | 20 | 2.4 |
| Shaily Engineering Plastics Ltd. | 3162.3 | 14531.6 | 82.2 | 1.6 | 14.2 | 23.7 | 14.8 | 998.4 | 26.5 | 169.9 | 82.5 | 38.5 | 51.3 |
| Finolex Industries Ltd. | 164.4 | 10202.5 | 16.6 | 0.3 | 2.6 | 9.6 | 7.9 | 4324.8 | -1.5 | 599 | -25.1 | 9.9 | 54.8 |
| Time Technoplast Ltd. | 204.9 | 10113.6 | 20.6 | 1 | 1.6 | 11.5 | 8.3 | 6114.4 | 11.9 | 468.7 | 20.8 | 9.9 | 21.3 |
Polysil Irrigation INFORMATION ON IPO ISSUE
About Polysil Irrigation
Polysil Irrigation Systems was incorporated on 9 October 1985. The company is a fully integrated player within the drip irrigation and sprinkler irrigation sectors, with a presence in the micro-irrigation industry.
Object of the Issue
- Funding working capital requirements
- General corporate purpose
Polysil Irrigation - PROMOTERS
| Name |
|---|
| Bharatkumar Patel |
| Prafulbhai Radadia |
Polysil Irrigation Lead Manager to the Issue
Fedex Securities Private Limited
mb@fedsec.in
Polysil Irrigation Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Polysil Irrigation Strengths
Diversified customer base
The company has a well-diversified customer base all over India, wherein it provides products and services as per their requirements. Its products are used in various industries like agriculture and the horticulture sector. Furthermore, the customer base is widely spread, and it is not dependent on a few customers
Diversified product portfolio
The company has a varied product base to cater to the requirements of our customers. Its product portfolio includes a diversified variety of products that find their application in irrigation systems. Its irrigation equipment includes drip irrigation systems, sprinkler irrigation systems, disc filters, screen filters, etc
Distribution network
The company has 425 dealers and around 8 distributors covering 6 states, viz. Maharashtra, Madhya Pradesh, Gujarat, Haryana, Tamil Nadu, and Uttar Pradesh. It has a strong distribution system, which includes different stock points at various places across these states
Polysil Irrigation Risks
Litigation
The company, its promoter, and directors are involved in certain litigation, which is currently pending at various stages. Any adverse decisions in these cases may impact the company
Negative cash flows
The company has experienced negative cash flows in previous years. Any operating losses or negative cash flows in the future could adversely affect the results of operations and financial condition
Seasonal demand
Demand for the product is seasonal and largely depends on the farm produce and subsidy cycle. The company's inability to estimate demand and consequently maintain an optimal level of inventory in depots and manufacturing facilities may impact the operations adversely
IPO FAQs
This IPO consists of an offer for sale of up to Rs 9.6 crore, of 1,784,000 shares. It also consists of a fresh issue of Rs 7.8 crore.
The promoters of the company are Bharatkumar Patel and Prafulbhai Radadia.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 54.0 - 54.0.
The IPO application opens on Feb 08, 2024 and closes on Feb 13, 2024.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 108,000.0, the maximum value for this IPO is Rs 108,000.0.
This IPO will be allotted on Feb 14, 2024.
The refund will be credited to your account on Feb 15, 2024.
The allotted shares will be credited to your demat on Feb 15, 2024.
Polysil Irrigation Systems Ltd.’s shares listed on the stock exchanges on Feb 16, 2024.