Renol Polychem SME IPO
ListedNSE SMEOpens 31 July 2025Closes 4 August 2025
Renol Polychem Limited, established in 2008 (manufacturing commenced in 2020), is a manufacturer and supplier of color masterbatches, color pigments, filler granules, anti-moisture powder, carbon noodles, superpack &…
Renol Polychem Limited, established in 2008 (manufacturing commenced in 2020), is a manufacturer and supplier of color masterbatches, color pigments, filler granules, anti-moisture powder, carbon noodles, superpack & onepack, impact modifier, processing AID, and titanium dioxide. The company specializes in customized masterbatches and pigments to suit specific customer requirements. They also offer all-in-one additive stabilizers, impact modifiers, and color pigments for the manufacturing of UPVC & CPVC pipes, pipe fittings, and other plastic products. Renol Polychem operates on a B2B model, selling and distributing its products directly to commercial and manufacturing organizations. They serve over 750 customers primarily in Gujarat (58.53% of revenue in FY24), Tamil Nadu (22.54%), Karnataka (14.60%), and other states.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
31 Jul 2025
IPO Closes
4 Aug 2025
Allotment
5 Aug 2025
Listing
7 Aug 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 31 July 2025 |
| IPO Close Date | 4 August 2025 |
| Allotment Date | 5 August 2025 |
| Listing Date | 7 August 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,52,000 |
SHNI (Min) | 3 | ₹3,78,000 |
SHNI (Max) | 7 | ₹8,82,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,08,000 |
IPO Objectives
- Capital Expenditure in requirements for the purchase of Machinery.
- Repayment of certain borrowings.
- To meet out the Working Capital Requirements.
- General Corporate Purposes.
Strengths
- The promoters have over 15 years of experience in color masterbatch, giving the company strong industry knowledge.
- They offer a wide range of customized masterbatches and pigments, serving many industries like packaging, automotive, and agriculture.
- The company has strong relationships with suppliers and a good manufacturing facility in Rajkot, ensuring steady production.
- They've shown incredibly strong financial growth, with revenue up 859% and profit up 226% in FY25, and a high return on net worth.
- A big chunk of their revenue (83%) comes from exports, which helps spread out market risk, and they have clear plans for future growth.
Weaknesses
- The company's revenue has been very inconsistent and volatile over the past few years, raising concerns about business stability.
- The huge jump in profit after tax in FY25 is so aggressive that its sustainability and replicability are questionable.
- They've had negative cash flows from operations in some past years, which raises concerns about their ability to generate enough cash internally.
- A large part of their domestic revenue comes from just one state, Gujarat, making them vulnerable to regional economic issues.
- Their manufacturing facility is on rented land, which could pose risks if lease agreements aren't renewed, and they face tough competition and raw material price swings.
Financial Performance
| Period Ended | 31 May 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 25.86 | 23.41 | 15.49 | 10.28 |
| Revenue (₹ Cr.) | 12.02 | 62.56 | 6.52 | 41.86 |
| PAT (₹ Cr.) | 1.14 | 5 | 1.53 | 0.73 |
| Net Worth (₹ Cr.) | 14.47 | 13.33 | 8.69 | 2.71 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Renol Polychem | 4.32 | 12.18 | 45.37% | 13.33 |
| Multibase India | 4.38 | 23.48 | 18.67% | 135 |
| Captain Polyplast | 2.66 | 13.97 | 12.63% | 95.45 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.74x | 8.41x |
| NII | 2.87x | 2.99x | 6.89x |
| S-HNI | 0.37x | 0.93x | 6.25x |
| B-HNI | 2.52x | 2.85x | 7.21x |
| RII | 0.86x | 1.97x | 6.51x |
| Total | 1.11x | 2x | 6.83x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 2,56,800 | 21,60,000 | 22.68 |
| NII | 3,49,200 | 24,04,800 | 25.25 |
| Small NII | 1,16,400 | 7,27,200 | 7.64 |
| Big NII | 2,32,800 | 16,77,600 | 17.61 |
| RII | 13,15,200 | 85,58,400 | 89.86 |
| Total | 19,21,200 | 1,31,23,200 | 137.79 |
Company Details
- Renol Polychem Ltd.
- 307, Sanskar Heights NR RA Circle 150 FT Ring RD, Mavdi, Rajkot, Gujarat-360004
- +91- 9723780726
- compliance@renolpolychem.com
- https://www.renolpolychem.com/
Registrar Details
- Skyline Financial Services Private Ltd
- 02228511022
- ipo@skylinerta.com
- https://www.skylinerta.com/ipo.php
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Sources
We match Renol Polychem SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Skyline Financial Services Private LtdOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.