Shree TNB Polymers IPO
Shree TNB Polymers LtdSME
This IPO is now Live.
- Open date
- 28 Sep 2026
- Close date
- 5 Oct 2026
- Min. Investment
- ₹2,12,000
- Lot Size
- -
- Fresh Issue
- ₹31.80 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.41x
- Non-Institutional Investors0.49x
- Retail-Individual Investors0.05x
- Total0.27x
Schedule
- Completed: IPO open date28 Sep 2026
- Current step: IPO close date5 Oct 2026
- Upcoming: Allotment date6 Oct 2026
- Upcoming: Funds unblock or debit7 Oct 2026
- Upcoming: Tentative listing date8 Oct 2026
About
Promoter shareholding in Shree TNB Polymers Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Vijay Jaysukhlal Thosani | 5,25,000 | 3.42% | 5,25,000 | 2.46% |
| Beena Vijay Thosani | 3,75,000 | 2.44% | 3,75,000 | 1.76% |
| Deepak Kumar Qeematrai Raura | 46,200 | 0.30% | 46,200 | 0.22% |
| Reeta Deepak Raura | 6,20,812 | 4.05% | 6,20,812 | 2.91% |
| Rasikbhai Gokalbhai Bhalodi | 3,23,295 | 2.11% | 3,23,295 | 1.51% |
| Shilpaben Rasikbhai Bhalodi | 3,96,000 | 2.58% | 3,96,000 | 1.86% |
| Hasmukhbhai Gokalbhai Bhalodi | 4,20,391 | 2.74% | 4,20,391 | 1.97% |
| Jalpaben Hasmukhbhai Bhalodi | 5,45,440 | 3.55% | 5,45,440 | 2.56% |
| Vipul Gokalbhai Bhalodi | 5,50,752 | 3.59% | 5,50,752 | 2.58% |
| Jignaben Vipulbhai Bhalodi | 6,01,840 | 3.92% | 6,01,840 | 2.82% |
| Kishan Chandulal Patel | 3,50,784 | 2.29% | 3,50,784 | 1.64% |
| Aruna N Tolia | 1,80,000 | 1.17% | 1,80,000 | 0.84% |
| Yash Thosani | 2,25,003 | 1.47% | 2,25,003 | 1.05% |
| Stuti Darshit Sheth | 67,500 | 0.44% | 67,500 | 0.32% |
| Nareshkumar Jaysukhlal Thosan | 18,750 | 0.12% | 18,750 | 0.09% |
| Ila Yogesh Bajaria | 15,000 | 0.10% | 15,000 | 0.07% |
| Malay Rasikbhai Bhalodi | 3,09,387 | 2.02% | 3,09,387 | 1.45% |
| Twinsa Rasikbhai Bhalodi | 1,13,143 | 0.74% | 1,13,143 | 0.53% |
| Maan Hasmukhbhai Bhalodi | 1,86,759 | 1.22% | 1,86,759 | 0.87% |
| Daksh Deepak Raura | 1,15,386 | 0.75% | 1,15,386 | 0.54% |
| Chandani Kishan Patel | 65,967 | 0.43% | 65,967 | 0.31% |
| Chandulal Hansraj Patel | 4,38,075 | 2.85% | 4,38,075 | 2.05% |
| Rashmiben Chandulal Patel | 2,30,463 | 1.50% | 2,30,463 | 1.08% |
| Vishwa Vatsal Kalariya | 1,13,143 | 0.74% | 1,13,143 | 0.53% |
| Amit Amrutbhai Dharsandiya | 22,297 | 0.15% | 22,297 | 0.10% |
| Vruti Vipulbhai Bhalodi | 1,13,143 | 0.74% | 1,13,143 | 0.53% |
| Kaushik Amrutlal Dharsandiya | 22,297 | 0.15% | 22,297 | 0.10% |
Shree TNB Polymers IPO Strengths & Risks
- Strong promoter-driven business with deep market understanding and relationships. Established presence in the polymers/trading/manufacturing segment with long-standing industry experience.
- Diversified product portfolio catering to multiple industrial applications.
- Cordial relationship with the customers/ dealers/ distributors and established manufacturing facilities.
- Quality Products with Certifications.
- Risks Relating to the Business: There are outstanding litigation proceedings involving the Company, its Promoters, an adverse outcome in which, may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Some of the manufacturing facilities and warehouses of the Company is located on leased premises. If the company is unable to renew such lease agreements or relocate on commercially suitable terms, it may have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company's revenue has been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on the company's results of operations.
- Risks Relating to the Business: The company has experienced negative cash flows and any negative cash flows in the future could adversely affect its financial conditions and results of operations.
- Risks Relating to the Business: There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- Risks Relating to the Business: In addition to the company's existing indebtedness for its existing operations, the company may incur further indebtedness during the course of business. Its cannot assure that the company would be able to service its existing and/ or additional indebtedness.
- Risks Relating to the Business: The Company has delayed in complying with certain statutory filings with Registrar of Companies. Such delayed compliance /lapses may attract certain penalties.
- Risks Relating to the Business: Absence of Formal Agreement in Relation to Business Acquisition of M/s Tirupati Plastic Industries, M/s Noble Polymers, M/s Shreeji Plastic Industries and M/s Balaji Polymers, erstwhile partnership firms.
- Risks Relating to the Business: Trade payable forms a major part of the company's Current Liabilities. Failures to manage its trade payables could have an adverse effect on the company's purchase, profitability, cash flow and liquidity.
- Risks Relating to the Business: Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Risks Relating to the Business: The company generally does business with its customers on purchase order basis and does not enters into long term contracts with most of them.
- Risks Relating to the Business: Failures to obtain or maintain or renew licenses, registrations, permits and approvals in a timely manner or at all may adversely affect the company's business and results of operations.
- Risks Relating to the Business: The company has entered into and may continue to enters into related party transactions and there can be no assurance that such transactions have been on favourable terms.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoter may be less than the Issue Price.
- Risks Relating to the Business: The company's lenders have charge over its movable properties in respect of finance availed by the company. Any delay or default in repayment may lead to forfeiture of property by the lender and it may adversely affect the company's business, financial condition or results of operations.
- Risks Relating to the Business: The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
- Risks Relating to the Business: Volatility in the supply and pricing of the company's raw materials, or failures by suppliers to meet their obligations, may have an adverse effect on its business, cash flows, financial condition and results of operations. The Company does not have any longterm agreements with suppliers for supply of raw materials. The company's inability to obtain raw material in a timely manner, in sufficient quantities could adversely affect its operations, financial condition and/or profitability.
- Risks Relating to the Business: The company's business operations are majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on the company's revenue and results of operations.
- Risks Relating to the Business: The company derives significant portion of its revenue from sale of limited variety of the company's products under separate brands. An inability to adapt to evolving consumer preferences and demand for particular products or ensure product quality may adversely impact demand for the company's products and consequently its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has taken guarantees from Promoter & Promoter Group in relation to debt facilities availed by the Company.
- Risks Relating to the Business: Any delay or default in payment from the company's dealers could result in the reduction of its profits and affect the company's cash flows.
- Risks Relating to the Business: The company intends to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders for such capital expenditure machinery.
- Risks Relating to the Business: The company continued operations are critical to its business and any shutdown of the company's manufacturing unit may adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company sell its products through various dealers/ distributors, any inability to expand or effectively manage the company's growing distribution and sales network may have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company relies on its distributors and stockists for the sale and distribution of the company's products. A termination of its sales arrangements or if the company's dealers/ distributors does not effectively sell or market its products, the company's business, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business.
- Risks Relating to the Business: The company operates in a highly competitive industry. Any inability to compete effectively may lead to a lower market share or reduced operating margins.
- Risks Relating to the Business: The company is susceptible to risks relating to fluctuations in currency exchange rates.
- Risks Relating to the Business: The company's business may expose it to potential product liability claims and recalls, which could adversely affect the company's results of operation, goodwill and the marketability of its products.
- Risks Relating to the Business: If the company is unable to comply with the material covenants of the borrowing or payment of principal or interest payment on borrowing, its business and prospects may be materially and adversely affected.
- Risks Relating to the Business: The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Risks Relating to the Business: Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- Risks Relating to the Business: The Company is dependent on third party transportation providers for the delivery of its input materials and products and any disruption in their operations or a decrease in the quality of their services could affect the Company's reputation and results of operations.
- Risks Relating to the Business: The company's inability to accurately forecast demand for its products, and accordingly manage the company's inventory, may have an adverse effect on its business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The Company failures to maintain the quality standards of the products or keep pace with the technological developments could adversely impact its business, results of operations and financial condition.
- Risks Relating to the Business: The company is heavily dependent on its Promoters, Key Managerial Personnel and Senior Management for the continued success of the company's business through their continuing services and strategic guidance and support, the loss of any of the Promoter, KMP, SMP may adversely affect the company's business operations and financial results.
- Risks Relating to the Business: The company is subject to the risk of failures of, or a material weakness in, its internal control systems.
- Risks Relating to the Business: The company has contingent liabilities and capital commitments. Its financial condition could be adversely affected if any of these contingent liabilities or capital commitments materialize.
- Risks Relating to the Business: Educational documents of some of Directors/ Promoters are not traceable.
- Risks Relating to the Business: The Company may not be successful in penetrating new geographical markets and expanding in any new geographical regions may lead to additional risks associated with establishing and conducting operations which may adversely affect its business operations and financial results.
- Risks Relating to the Business: The company's results of operations and cash flows could be adversely affected, if the company is unable to collect its dues and receivables from, or invoice the company unbilled services to its clients.
- Risks Relating to the Business: Failures to effectively manage labour or failures to ensure availability of sufficient labour could affect the business operations of the Company.
- Risks Relating to the Business: The Company has during the preceding one year from the date of the Prospectus have allotted Equity Shares at a price which is lower than the Issue Price.
- Risks Relating to the Business: Any delay or defaults in receipt of payments or dues from the company's customers could result in a reduction of its profits.
- Risks Relating to the Business: The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
- Risks Relating to the Business: The company's inability to respond adequately to increased competition from both organized and unorganized players in the market, which may significantly affect the fixation and realisation of the price for the company's product, which may adversely affect its business, financial condition and results of operations. The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realization of the price for its product, which may adversely affect the company's business operation and financial condition.
- Risks Relating to the Business: Its Promoters will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Risks Relating to the Business: Information relating to the company's production capacities and the historical capacity utilization of its production facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.
- Risks Relating to the Business: The company could become liable to customers and incur substantial costs as a result of defects in the company's products, which in turn could adversely affect the value of the company's brand, and its sales could be diminished if the company is associated with negative publicity.
- Risks Relating to the Business: If the company fails to maintain and enhance its brand and reputation, the company's clients recognition of, and trust in the company, and its business may be materially and adversely affected.
- Risks Relating to the Business: Changes in technology may render the company's current technologies obsolete or requires it to make substantial investments.
- Risks Relating to the Business: Negative publicity could adversely affect its revenue model and profitability of the Company.
- Risks Relating to the Business: If the company is unable to source business opportunities effectively, its may not achieve the company's financial objectives.
- Risks Relating to the Business: The Company requires significant amounts of working capital for a continued growth. The company's inability to meet its working capital requirements may have an adverse effect on the company's results of operations.
- Risks Relating to the Business: The company's Promoters, Directors and Key Management Personnel or Senior Management have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- Risks Relating to the Business: The company is exposed to the risks of significant breaches of data security, and malfunctions or disruptions of information technology systems.
- Risks Relating to the Business: The company intends to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders for such capital expenditure machinery.
- Risks Relating to the Business: The company requires certain approvals, licenses, registrations and permits to operates its business, and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company's business may adversely affect its operations and financial conditions.
- Risks Relating to the Business: There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- Risks Relating to the Business: The company's insurance coverage may not adequately protect it against certain operating risks and this may have an adverse effect on the results of the company's business.
- Risks Relating to the Business: The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in the company's financing arrangements.
- Risks Relating to the Business: Certain key performance indicators of listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Risks Relating to the Business: There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company's Board of Directors, though it shall be monitored by the Audit Committee.
- Risks Relating to the Business: The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Risks Relating to the Business: The Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- Risks Relating to the Business: Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: Any future issue of Equity Shares may dilute your shareholding and sales of the company's Equity Shares by its Promoters or other major shareholders may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: The company may be subject to Indian taxes arising out of capital gains on the sale of its Equity Shares.
- Risks Relating to the Business: The company's inability to manage growth could disrupt its business and reduce profitability. The company's business strategy is to continuously grow by expanding the size and geographical scope of its businesses.
