Polysil Irrigation Systems IPO Lists with a 3.7% Premium: Lackluster Debut on NSE SME

Polysil Irrigation Systems IPO Lists with a 3.7% Premium: Lackluster Debut on NSE SME

VoM News Desk | February 16, 2024 | 10:38 AM IST | Breaking News | Follow on Google News

Polysil Irrigation Systems IPO Lists with a 3.7% Premium: Lackluster Debut on NSE SME

Polysil Irrigation Systems IPO Lists with a 3.7% Premium: Lackluster Debut on NSE SME

Polysil Irrigation Systems made its stock market debut on the NSE SME platform with a tepid response. The listing price of Polysil Irrigation Systems shares was ₹56, marking a modest 3.7% premium over the issue price of ₹54. The company’s IPO, which opened for subscription on February 8 and closed on February 13, had a lot size of 2,000 shares, with investors allowed to bid for a minimum of 2,000 shares and in multiples thereof.

Founded in 1985, Polysil Irrigation Systems operates under the Polysil brand and specializes in producing and marketing HDPE pipes, fittings, and micro irrigation systems, including sprinkler and drip systems, along with associated products and accessories. The IPO consisted of a combination of a fresh issue of 14.44 lakh shares, aggregating to ₹7.80 crores, and an offer for sale of 17.85 lakh shares, aggregating to ₹9.64 crores. The net proceeds from the offering are intended for funding working capital requirements and general corporate purposes.

Despite the listing premium, the Grey Market Premium (GMP) for Polysil Irrigation Systems IPO was reported at ₹0, indicating that shares were trading at their issue price in the grey market. The GMP reflects investors’ readiness to pay more than the issue price and, in this case, showed a neutral stance.

Fedex Securities Pvt Ltd served as the book running lead manager for the IPO, while Bigshare Services Pvt Ltd acted as the registrar. The lack of significant movement in the grey market suggests a cautious sentiment among investors regarding the company’s market performance.

VoM News Desk

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