Polysil Irrigation Systems made a modest debut on the NSE SME, with its shares opening at ₹56, marking a slight 3.7% increase from the issue price of ₹54. The company’s initial performance on the exchange, while showing a positive uptick, can be characterised as cautiously optimistic, showing a modest beginning in its initial day on the market.
Polysil Irrigations Ltd, specializing in drip and sprinkler irrigation systems, operates through a network of 9 distributors and 425 dealers across nine Indian states. Their Vadodara facility, spanning 100,000 sq. ft., adheres to IS standards, ensuring quality in their diverse product range, including pipes, fittings, filters, and valves. Sourcing materials like HDPE, LLDPE, and LDPE granules both domestically and internationally, material costs have constituted a significant portion of their revenue in recent fiscal years.
Polysil Irrigations Limited plans to use INR 5 crores of its IPO funds for enhancing its working capital in 2024, fueling growth. The remainder will address general corporate needs like operational expenses, salaries, taxes, marketing, and strategic projects, utilizing short-term capital and everyday finances.
