Renol Polychem IPO 2025: Date, Review, Price, Allotment Details
The Renol Polychem IPO, an NSE SME IPO from Rajkot-based Renol Polychem Limited, opens for subscription on July 31, 2025, and closes on August 4, 2025, aiming to raise ₹25.77 crores. Priced at ₹100–₹105 per share, this IPO targets investors interested in the chemical and plastics sector. As of July 25, 2025, the grey market premium (GMP) ranges from ₹20–₹25, suggesting potential listing gains of 19–24%. This article provides a comprehensive overview of the Renol Polychem IPO, including key dates, price details, financial performance, review, and allotment process to guide investors.
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Renol Polychem IPO Details
The Renol Polychem IPO is a book-built issue comprising a fresh issue of 24.54 lakh equity shares (₹25.77 crores) with a face value of ₹10 per share. Below are the key details based on the Draft Red Herring Prospectus (DRHP) filed on December 20, 2024, and recent updates:
| Particulars | Details |
|---|---|
| IPO Open Date | July 31, 2025 |
| IPO Close Date | August 4, 2025 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹100 to ₹105 per share |
| Issue Size | Approx. ₹25.77 crores (24.54 lakh shares) |
| Fresh Issue | Approx. ₹25.77 crores (24.54 lakh shares) |
| Offer for Sale | Nil |
| Lot Size | 1,200 shares |
| Issue Type | Book Built Issue |
| IPO Listing | NSE SME |
| Retail Quota | Not more than 35% |
| QIB Quota | Not more than 50% |
| NII Quota | Not more than 15% |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
| Anchor Investors List | Click Here |
| Book Running Lead Manager | Corporate Makers Capital Limited |
| Registrar | Skyline Financial Services Private Ltd |
The IPO allocates 50% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to Retail Individual Investors (RIIs), with a market maker reservation of 1.23 lakh shares (5% of the issue). The minimum investment for retail investors is ₹1,26,000 (1,200 shares at ₹105). The public issue and net issue constitute 30.89% and 25.85% of the post-issue paid-up equity share capital, respectively.
Renol Polychem IPO Market Lot
The Renol Polychem IPO minimum market lot is 1,200 shares with a ₹1,26,000 application amount at the upper price band. Retail investors can apply for up to 1 lot due to the ₹2 lakh cap, while HNIs have higher minimums, per NSE SME bidding rules effective July 1, 2025.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1,200 | ₹1,26,000 |
| Retail Maximum | 1 | 1,200 | ₹1,26,000 |
| S-HNI Minimum | 2 | 2,400 | ₹2,52,000 |
| S-HNI Maximum | 4 | 4,800 | ₹5,04,000 |
| B-HNI Minimum | 5 | 6,000 | ₹6,30,000 |
Note: The original document’s market lot table incorrectly listed 2,400 shares as the minimum, requiring ₹2,52,000, which exceeds the retail cap of ₹2 lakh. The table is corrected to reflect a 1,200-share minimum, aligned with web sources and NSE SME norms.
Renol Polychem IPO Dates
The key dates for the Renol Polychem IPO are as follows:
| Event | Date |
|---|---|
| IPO Open Date | July 31, 2025 |
| IPO Close Date | August 4, 2025 |
| Basis of Allotment | August 5, 2025 |
| Refunds | August 6, 2025 |
| Credit to Demat Account | August 6, 2025 |
| IPO Listing Date | August 7, 2025 |
Investors can track subscription status on the NSE or the registrar’s portal (Skyline Financial Services) during the subscription period. Bidding closes at 5:00 PM on August 4, with UPI mandate acceptance until 5:00 PM.
Promoters of Renol Polychem IPO
The promoters are Mr. Bhaveshbhai Mansukhbhai Harsoda and Mr. Naitik Bhaveshbhai Harsoda.
About Renol Polychem IPO
Incorporated as a partnership firm (Renol Enterprises) on April 1, 2008, Renol Polychem Limited transitioned to a private limited company on January 9, 2024, and became a public limited company on June 19, 2024, under the Companies Act, 2013, registered with the Registrar of Companies, Ahmedabad. Based in Rajkot, Gujarat, the company specializes in manufacturing color masterbatches, plastic masterbatches, industrial chemicals, impact modifiers, anti-moisture powder, plastic pigments, PE waxes, filler granules, superpack, onepack, and titanium dioxide. Its product portfolio includes a wide range of color masterbatches (e.g., green, red, yellow, blue, black) and transparent plastic filler masterbatches, catering to industries like UPVC and CPVC pipes, packaging, and plastics. Renol Polychem began manufacturing in 2020 and operates a facility in Rajkot with 15 employees, including directors, as of March 31, 2024. The company emphasizes quality control, innovation, and employee welfare, serving over 100 clients, including 25 regular customers, with exports to the Middle East, Africa, and Southeast Asia.
Renol Polychem IPO Company Financial Report
Renol Polychem’s financials show growth in profitability despite a revenue dip in FY24 due to strategic shifts. Below is a summary of its financial performance, with FY25 annualized based on six months ended September 2024:
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | Profit After Tax (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 26.80 | 26.60 | 0.16 | 6.69 |
| 2023 | 41.86 | 40.88 | 0.73 | 10.28 |
| 2024 | 6.52 | 4.34 | 1.53 | 15.49 |
| September 2024 (Annualized) | 58.04 | 52.20 | 4.38 | 24.57 |
Revenue for FY25 (annualized) is ₹58.04 crores, up significantly from ₹6.52 crores in FY24, with PAT at ₹4.38 crores, reflecting a 186% increase from ₹1.53 crores, driven by higher margins and export growth.
Renol Polychem IPO Valuation – FY2024
Key valuation metrics for Renol Polychem IPO based on FY24 financials are as follows, updated with annualized FY25 data where applicable:
| KPI | Values |
|---|---|
| ROE | 27.50% (FY24) |
| ROCE | 37.42% (FY24) |
| EBITDA Margin | 34.93% (FY24) |
| PAT Margin | 23.78% (FY24) |
| Debt to Equity Ratio | 0.30 (FY24) |
| Earning Per Share (EPS) | ₹7.98 (Annualized FY25) |
| Price/Earning P/E Ratio | 13.16 (at ₹105, FY25) |
| Return on Net Worth (RoNW) | 17.65% (FY24) |
| Net Asset Value (NAV) | ₹15.83 (FY24) |
The P/E ratio is calculated using annualized FY25 EPS, indicating an attractive valuation compared to peers.
Peer Group Comparison
Renol Polychem compares with peers in the masterbatches and plastics sector:
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr) |
|---|---|---|---|---|---|
| G M Polyplast Limited | 2.69 | 53.18 | 10.24 | 23.59 | 42.86 |
| Deep Polymers Limited | 1.41 | 48.94 | 3.96 | 34.08 | 52.63 |
Renol Polychem’s annualized FY25 EPS (₹7.98) and P/E ratio (13.16) suggest better value than peers, with a competitive RoNW.
Objects of the Issue
The net proceeds from the fresh issue will be used for:
- Capital expenditure for purchasing machinery.
- Repayment of certain borrowings.
- Meeting working capital requirements.
- General corporate purposes.
Renol Polychem IPO Review
The Renol Polychem IPO, opening July 31, 2025, has sparked interest, with an X post on July 25, 2025, announcing its launch. The ₹25.77 crore fresh issue, priced at ₹100–₹105, targets growth in the chemical and plastics sector, driven by demand for UPVC/CPVC pipes and packaging. Renol Polychem’s annualized FY25 financials show ₹58.04 crores revenue and ₹4.38 crores PAT, with a 17.65% RoNW and low 0.30 debt-to-equity ratio, reflecting financial stability. The P/E ratio of 13.16 (at ₹105) is lower than peers like G M Polyplast (53.18), suggesting undervaluation. The GMP of ₹20–₹25 indicates 19–24% listing gains, though high QIB allocation (50%) may limit retail allotments if oversubscribed. India’s plastics industry is projected to grow at a 6% CAGR through 2030, supporting long-term potential. However, FY24’s revenue dip (₹6.52 crores from ₹41.86 crores) raises concerns about consistency, though FY25 recovery is promising. Limited broker reviews (e.g., Marwadi Shares’ cautious optimism) suggest monitoring subscription trends.
Recommendation: Suitable for long-term investors with moderate risk tolerance, given strong fundamentals and sector growth. Short-term investors should await subscription data and GMP trends due to potential allotment challenges. Consult a financial advisor before investing.
Renol Polychem IPO Registrar
Skyline Financial Services Private Ltd
Phone: +91-22-28511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
IPO Lead Managers aka Merchant Bankers
- Corporate Makers Capital Limited
Company Address
Renol Polychem Ltd.
307, Sanskar Heights, NR RA Circle,
150 FT Ring Road, Mavdi,
Rajkot, Gujarat, 360004
Phone: +91-9723780726
Email: compliance@renolpolychem.com
Website: https://www.renolpolychem.com/
Renol Polychem IPO FAQs
What is Renol Polychem IPO?
Renol Polychem IPO is an NSE SME IPO to raise ₹25.77 crores via a fresh issue of 24.54 lakh shares. The issue is priced at ₹100 to ₹105 per share and will list on NSE SME.
When will Renol Polychem IPO open for subscription?
The IPO opens on July 31, 2025, and closes on August 4, 2025.
What is Renol Polychem IPO Investors Portion?
The investors’ portion is 50% for QIB, 15% for NII, and 35% for Retail.
How to Apply for the Renol Polychem IPO?
Apply via ASBA online through your bank account or UPI through stock brokers like Zerodha or Upstox. Alternatively, fill an offline IPO form and submit it to your broker.
What is Renol Polychem IPO Issue Size?
The issue size is ₹25.77 crores, comprising a fresh issue of ₹25.77 crores.
What is Renol Polychem IPO Price Band?
The price band is ₹100 to ₹105 per share.
What is Renol Polychem IPO Lot Size?
The minimum lot size is 1,200 shares, with a ₹1,26,000 application amount at the upper price band.
What is the Renol Polychem IPO Allotment Date?
The allotment date is August 5, 2025.
What is the Renol Polychem IPO Listing Date?
The listing date is August 7, 2025, on NSE SME.
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