Shares of Polysil Irrigation Systems made a tepid debut in the market, listing at a 3.7 percent premium to the IPO price on February 16. The stock opened at Rs 56 against an issue price of Rs 54 on the NSE SME platform.
Ahead of the debut, the stock was trading flat in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the GMP to get an idea of the listing price.
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The Rs 17.44-crore public issue comprised a fresh issue of 14.44 lakh shares worth Rs 7.8 crore and an offer-for-sale of 17.85 lakh shares worth Rs 9.64 crore. The net fresh issue proceeds from the issue will be used to fund working capital requirements and general corporate purposes.
The public offer was subscribed 6.8 times with the retail portion getting booked 11.6 times during February 8-13.
The book-running lead manager for the issue was Fedex Securities, while Bigshare Services was the registrar and Market-Hub Stock Broking was the market maker. Bharatkumar Patel and Prafulbhai Radadia are the promoters of the company.
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Polysil Irrigation Systems manufactures and distributes HDPE pipes, fittings, and micro irrigation systems, such as drip irrigation systems and sprinkler irrigation systems as well as their components, accessories, and related products under the brand name Polysil. The company operates in Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan and Haryana.
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