NSE SME Polysil Irrigation Systems is a damp squib on debut

Shares of Polysil Irrigation Systems were quoting at Rs 54.05 on the NSE, a premium of 0.09% compared with the issue price of Rs 54.

The scrip was listed at Rs 56, a premium of 3.70% compared with the initial public offer (IPO) price. The stock is currently trading lower by 3.48% over its listing price.

The counter hit a high of Rs 58.80 and a low of Rs 53.50. About 7.56 lakh shares of the company changed hands at the counter.

Polysil Irrigation Systems' IPO was subscribed 6.57 times. The issue opened for bidding on 8 February 2024 and it closed on 13 February 2024. The price of the IPO was fixed at Rs 54 per share.

The IPO comprised fresh issue of 14,44,000 shares and an offer for sale of 17,84,000 equity share. The promoter and promoter shareholding diluted to 29.49% from 33.79% pre-IPO.

The company intends to utilize the net proceeds for funding the working capital requirements and general corporate purposes.

Polysil Irrigation Systems is a fully integrated company in the drip and sprinkler irrigation sectors, offering micro irrigation solutions. The company manufactures and sells HDPE pipes, fittings, and a range of irrigation equipment under the brand "Polysil." Its products are distributed through institutional markets and open market sales, with a network of distributors and dealers in India. Customers are eligible for government subsidies, managed by the company's distributors and dealers. Polysil operates in multiple states through dealer and distributor networks or an institutional model. As of 31 December 2023, the company employed a total of 52 staff.

The company recorded revenue from operations of Rs 10.19 crore and net profit of Rs 1.10 crore for the period as on August 2023.

Powered by Capital Market - Live News