Shakti Polytarp IPO GMP, Price Band, Allotment Date
Shakti Polytarp IPO is a SME issue open from 15-17 Sept. The company is raising ₹27 Cr at a price band of ₹56 to ₹59 per share. One lot is 2,000 shares.
Shakti Polytarp IPO GMP (grey market premium)
₹0
Implied listing gain: ₹- (0.00%)
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Shakti Polytarp IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,18,000
2000 shares at the upper band of ₹59
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~5 days
from the closing date to listing
Fresh issue share
96.3%
₹26 Cr of the ₹27 Cr issue
Revenue growth
+29.8%
31 Mar 2025 → 31 Mar 2026
Profit growth
+102.4%
PAT ₹4.97 Cr → ₹10.06 Cr
Net profit margin
4.7%
was 3% in 31 Mar 2025
Debt to equity
2.6
lower is safer
Return on equity
44.04%
ROE
Peer listing record
4 of 5 listed above issue price
median listing move +7.6%
Promoter holding
90.9% → 66.67%
diluted by 24.2 percentage points
Shakti Polytarp is an SME issue raising ₹27 Cr, offered in a band of ₹56–₹59 per share. At the upper end that is 5.9 times the ₹10 face value, so ₹49 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Shakti Polytarp needs one lot of 2000 shares, which works out to ₹1,18,000 at the upper band of ₹59. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 9 lots.
For Shakti Polytarp, bidding runs 15-17 Sept, allotment is finalised on 18 Sep 2026, the shares list on 22 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.
The issue is reserved 30.37% to qualified institutional buyers, 29.97% to non-institutional investors, 34.62% to retail. At 34.62%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹26 Cr of fresh capital (96.3%) and ₹1 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹166.5 Cr in 31 Mar 2025 to ₹216.1 Cr in 31 Mar 2026 (+29.8%), while profit after tax went from ₹4.97 Cr to ₹10.06 Cr (+102.4%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 12.1. Comparing that with the multiple implied by this issue's ₹56–₹59 band is a more useful test of pricing than looking at the grey market premium alone.
Skyline Financial Services Pvt.Ltd. is the registrar for this issue, which means the allotment status for Shakti Polytarp is published on their portal from 18 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
What looks good
- Profit is growing faster than revenue, suggesting improving operating efficiency.
- Return on equity of 44.04% is strong for the sector.
What to watch
- Net margin is thin at 4.7%, leaving little cushion if costs rise.
- Debt to equity of 2.6 means the company carries more debt than equity.
- There is no grey market premium on this issue at present, which points to muted listing-day expectations.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 15-17 Sept |
| Face Value | ₹10 Per Share |
| Price Range | ₹56 to ₹59 |
| Issue Size | ₹27 Cr |
| Lot Size | 2,000 Shares |
| Allotment Date | 18 Sep 2026 |
| Listing Date | 22 Sep 2026 |
| Registrar | Skyline Financial Services Pvt.Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 34.62% |
| QIB (Qualified Institutional Buyers) | 30.37% |
| HNI (High Net Worth Individuals) | 29.97% |
IPO Details
| Total Issue Size | 45,64,000 shares (agg. up to ₹27 Cr) |
| Reserved for Market Maker | 2,30,000 shares (agg. up to ₹1 Cr)Prabhat Financial Services Ltd. |
| Fresh Issue (Ex Market Maker) | 43,34,000 shares (agg. up to ₹26 Cr) |
| Net Offered to Public | 43,34,000 shares (agg. up to ₹26 Cr) |
| Share Holding Pre Issue | 1,25,64,000 shares |
| Share Holding Post Issue | 1,71,28,000 shares |
IPO Timetable (Tentative)
| IPO Open | Tue, Sep 15, 2026 |
| IPO Close | Thu, Sep 17, 2026 |
| Allotment | Fri, Sep 18, 2026 |
| Refund | Mon, Sep 21, 2026 |
| Credit of Shares | Mon, Sep 21, 2026 |
| Listing | Tue, Sep 22, 2026 |
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|
| QIB | 13,86,000 | 31.98% | 30.37% |
| − Anchor Investor | 8,22,000 | | 18.01% |
| − QIB (Ex. Anchor) | 5,64,000 | | 12.36% |
| NII (HNI) | 13,68,000 | 31.56% | 29.97% |
| − bNII > ₹10L | 9,12,000 | | 19.98% |
| − sNII < ₹10L | 4,56,000 | | 9.99% |
| Retail | 15,80,000 | 36.46% | 34.62% |
| Firm Reservations |
| Market Maker | 2,30,000 | | 5.04% |
| Total | 45,64,000 | 100.00% | 100.00% |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Individual investors (IND) (Min) | 2 | 4000 | ₹2,36,000 |
| Individual investors (IND) (Max) | 2 | 4000 | ₹2,36,000 |
| S-HNI (Min) | 3 | 6000 | ₹3,54,000 |
| S-HNI (Max) | 8 | 16000 | ₹9,44,000 |
| B-HNI (Min) | 9 | 18000 | ₹10,62,000 |
IPO Anchor Investors
| Bid Date | Fri, Sep 11, 2026 |
| Shares Offered | 8,22,000 |
| Anchor Portion (₹ Cr.) | 4.85 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Oct 18, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Dec 17, 2026 |
Company Financials (Restated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 110.12 | 71.39 | 40.29 |
| Total Income | 216.10 | 166.50 | 62.23 |
| Profit After Tax | 10.06 | 4.97 | 0.98 |
| EBITDA | 19.29 | 10.69 | 3.83 |
| NET Worth | 27.86 | 17.80 | 10.84 |
| Reserves and Surplus | 15.30 | 5.24 | 5.13 |
| Total Borrowing | 72.51 | 48.00 | 23.36 |
| Amount in ₹ Crore |
Recently Listed IPOs in Packaging
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| Dhaval Packaging Ltd. | SME | ₹36.36 Cr | ₹97 | 12.05 | ₹111.68 | +15.13% | ₹114.00 |
| Diksha Polymers Ltd. | SME | ₹17.90 Cr | ₹112 | 9.79 | ₹120.20 | +7.32% | ₹200.00 |
| RFBL Flexi Pack Ltd. | SME | ₹35.33 Cr | ₹50 | 9.75 | ₹55.10 | +10.20% | ₹89.00 |
| Ecoline Exim Ltd. | SME | ₹76.42 Cr | ₹141 | 12.12 | ₹140.50 | -0.35% | ₹167.50 |
| Knack Packaging Ltd. | Mainboard | ₹439.50 Cr | ₹170 | 18.33 | ₹182.98 | +7.64% | ₹183.27 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Capital Expenditure | 20.88 |
| 2 | General Corporate Purposes | |
| Total | 20.88 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|
| ROE | 44.04% |
| ROCE | 17.87% |
| Debt/Equity | 2.60 |
| RoNW | 44.04% |
| PAT Margin | 4.66% |
| EBITDA Margin | 8.94% |
| NAV | 22.18 |
| Price to Book Value | 2.66 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 8.00 | 5.87 |
| P/E (x) | 7.38 | 10.05 |
| Market Cap at Offer Price | ₹74.13 Cr. | ₹101.06 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 90.9% | 66.67% |
| Public | 9.10% | 33.33% |
| Total | 100% | 100% |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
About Shakti Polytarp
Incorporated in March 2018 as Shakti Polytarp Limited, the Company is engaged in the manufacturing of tarpaulins and other plastic-based products, including shade nets. Tarpaulins are water-resistant and durable sheets used to protect goods, equipment and other materials from rain, moisture, sunlight and other environmental conditions.
The Company manufactures tarpaulins using Polypropylene (PP) granules, Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE) and High-Density Polyethylene (HDPE). Its products are available in different sizes, colours, thicknesses and specifications as per customer requirements, with a particular focus on manufacturing six-layer and eight-layer durable tarpaulins. The products are marketed under the “Dinotarp” brand and find applications across agriculture, construction, automotive, transportation and logistics, consumer goods and other industries.
The Company primarily operates under a B2B business model, supplying products through bulk orders to businesses and industrial customers, while also catering to the B2C segment. In addition to manufacturing tarpaulins, the Company is engaged in the sale of plastic granules, which are used as raw materials in the production of tarpaulins. The Company also provides design and customisation options based on the intended application of its products.
The Company's manufacturing facility is located at Nimrani, Khargone, Madhya Pradesh, spread across approximately 1,98,450 sq. ft. The facility is equipped with high-speed extrusion tapelines, extra-wide extrusion lamination machines, high-speed wide-width circular looms, high-strength sealing machines and recycling machines. The integrated machinery and in-built software systems support production efficiency, accuracy and quality control. The facility is capable of producing tarpaulins ranging from 70 GSM to 450 GSM.
As of June 30, 2026, the Company had 114 permanent employees, with the majority engaged in operations and manufacturing activities.
Established client relationships.
Product customisation capabilities.
Experienced and qualified management team.
Diverse applications across multiple industries.
In-house manufacturing facility with integrated machinery.
Six-layer and eight-layer tarpaulin manufacturing capabilities.
Shakti Polytarp IPO — common questions
What is Shakti Polytarp IPO?
Shakti Polytarp IPO is a SME issue open from 15-17 Sept. The company is raising ₹27 Cr at a price band of ₹56 to ₹59 per share. One lot is 2,000 shares.
When does Shakti Polytarp IPO open and close?
The issue is open 15-17 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Shakti Polytarp IPO price band?
The price band is ₹56 to ₹59 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Shakti Polytarp IPO lot size?
The minimum application is 2,000 shares, and bids must be in multiples of that lot.
What is the Shakti Polytarp IPO issue size?
The total issue size is ₹27 Cr.
How is Shakti Polytarp IPO reserved between investor categories?
The issue is reserved as retail 34.62%, QIB 30.37%, HNI 29.97%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Shakti Polytarp IPO allotment date?
Basis of allotment is expected to be finalised on 18 Sep 2026. You can check your status on the registrar's website (Skyline Financial Services Pvt.Ltd.) using your PAN.
When does Shakti Polytarp IPO list?
Listing is expected on 22 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
