Polysil Irrigation Systems Ltd IPO

About Company

Established in 1985, Polysil Irrigation Systems Limited is a company deeply involved in drip irrigation and sprinkler irrigation fields. They are known for their high-quality products that adhere to BIS standards, offering valuable solutions to customers. Their product range includes HDPE pipes, fittings, various irrigation systems like drip and sprinkler systems, and their components and accessories.

Operating under the brand name "Polysil," the company manufactures and sells various irrigation equipment such as disc filters, screen filters, valves, digital controllers, and pressure gauges. Their distribution channels include institutional markets and open market sales through distributors and dealers, who sell the products to farmers.

As of August 15, 2023, Polysil Irrigation Systems Limited had 9 distributors and approximately 425 dealers across India. They primarily operate in states like Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana. Additionally, their end customers may be eligible for government subsidies managed by the company's distributors, dealers, or the customers themselves.

Manufacturing Facility:

Polysil Irrigation Systems Limited operates a manufacturing unit in Vadodara, Gujarat, spread across 1,00,000 sq. ft. The facility has the necessary machinery and a testing laboratory for quality control. 

The company’s products, including polyethene pipes for water supply and irrigation equipment, meet various Indian standards, such as IS 4984:2016 and IS 13487:2016. Polysil purchases irrigation equipment and accessories from third-party manufacturers, who produce them according to Polysil's specifications under the brand name "Polysil."

Industry Outlook 

1. The Indian Agricultural Irrigation Machinery market is projected to grow at 5.3% annually. Factors driving this growth include water scarcity concerns, rising awareness of micro-irrigation, and the need for increased productivity to feed a growing population.
2. Data from the Ministry of Agriculture and Farmer’s Welfare in 2021 reveals that India has a total irrigated area of 68,649 hectares, with micro-irrigation covering 12,908.44 hectares. 
3. This system contributes 18-20% of total irrigation, with states like Karnataka, Gujarat, Andhra Pradesh, Rajasthan, Maharashtra, and Haryana leading in adoption due to their large cultivable areas and irrigation infrastructure.

Polysil Irrigation Systems Limited IPO Details

Polysil Irrigation Systems Limited IPO Date

The IPO of Polysil Irrigation Systems Limited is open for subscription from February 8, 2024, to February 13, 2024.

Polysil Irrigation Systems Limited IPO's Price Band

Polysil Irrigation Systems Limited’s IPO is a fresh issue IPO of up to ₹17.44 crore. It is a book-building issue. The price range is set to ₹54 per share.

Polysil Irrigation Systems Limited IPO’s Lot Size

The lot size for Polysil Irrigation Systems Limited’s IPO is 2000 shares with a minimum investment of ₹1,08,000.

Polysil Irrigation Systems Limited IPO’s Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. Funding the working capital requirement of the company 
2. General corporate purposes 

Peer Details

As per RHP, the listed peers whose business portfolio is comparable to the company are as follows: 

• Captain Polyplast Limited (Consolidated)
• RM Drip and Sprinklers Systems Limited (Standalone)
• Texmo Pipes and Products Limited (Consolidated)
• Jain Irrigation Systems Limited (Consolidated)

How To Check the Allotment Status of Polysil Irrigation Systems Limited’s IPO?

Steps to check IPO allotment status on Angel One’s app:

• Log in to the Angel One app
• Go to the IPO Section and then to IPO Orders
• Select the individual IPO that you had applied for and check the allotment status.
• As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Polysil Irrigation Systems Limited

Registered office: Survey No- 340/1, Beside Hystuff Steel, At Post Raniya, Taluka Savli, District Vadodara, - 391780, Gujarat, India.

Contact Person: Neha Gupta (Company Secretary and Compliance Officer)

Phone: 026 6724 4271/2

E-mail: secretarial@polysilirrigation.com