
Polysil Irrigation Systems saw a lukewarm market debut, with shares listing at a 3.7 percent premium to the IPO price on February 16. The stock commenced trading at Rs 56 on the NSE SME platform, compared to the issue price of Rs 54.
Before its debut, the stock remained stagnant in the grey market, an unofficial platform where shares are traded prior to IPO allotment and until listing day. Many investors monitor the Grey Market Premium (GMP) to gauge potential listing prices.
The Rs 17.44-crore public issue included a fresh issue of 14.44 lakh shares valued at Rs 7.8 crore and an offer-for-sale of 17.85 lakh shares worth Rs 9.64 crore. The net proceeds from the fresh issue will cater to working capital requirements and general corporate purposes.
During February 8-13, the public offer garnered a subscription of 6.8 times, with the retail segment oversubscribed 11.6 times. Fedex Securities acted as the book-running lead manager, while Bigshare Services served as the registrar, and Market-Hub Stock Broking was the market maker. The company’s promoters are Bharatkumar Patel and Prafulbhai Radadia.
Polysil Irrigation Systems specializes in manufacturing and distributing HDPE pipes, fittings, and micro-irrigation systems, including drip and sprinkler irrigation systems, along with their components and accessories under the brand name Polysil. Its operations span across Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana.