Shakti Polytarp IPO opened for public subscription on September 15, 2026. The issue has a total size of about ₹26.93 crore and will remain open until September 17. The price band is set at ₹56 to ₹59 per share. The shares are set for a BSE SME listing on September 22, 2026.
The first day has brought a mixed picture for investors. The IPO received an overall subscription of about 0.33 times based on the Day 1 data. At the same time, the retail portion saw a sharp rise in demand during the day, with retail subscription up by about 200% intraday.
At first look, the retail number may appear very positive. However, investors should not judge an SME IPO only by a sharp rise in retail bids. The total subscription level and demand from different investor groups give a better view of the strength of an issue.
What Is Shakti Polytarp?
Shakti Polytarp Limited is based in Indore, Madhya Pradesh. The company makes tarpaulins and related polymer products. It also trades plastic granules such as polypropylene, low-density polyethylene and high-density polyethylene.
Its products have use in areas such as agriculture, construction, transport, logistics and other commercial activities. The company sells tarpaulins under the Dinotarp brand. Its product range includes tarpaulins with different sizes, colours and specifications.
The company also has a manufacturing unit at Nimrani in Madhya Pradesh. Its facility covers about 1,98,450 square feet. The unit has machinery for extrusion, weaving, lamination, fabrication, finishing and packaging.
A key point about the business is that it does not depend only on tarpaulin sales. Trading of plastic granules forms a major part of its revenue as well. This makes the revenue mix important for investors who want to understand the actual nature of the business.
IPO Details
Shakti Polytarp plans to raise about ₹26.93 crore through the IPO. The price band is ₹56 to ₹59 per share. The issue has a face value of ₹10 per share.
The IPO opened on September 15, 2026, and will close on September 17, 2026. The basis of allotment is due on September 18, while the shares are expected to reach successful investors on September 21. The proposed listing date is September 22, 2026.
There is one point that investors should check with their broker before they place a bid. Public sources show different details for the minimum retail application and lot structure. One source states a lot size of 2,000 shares, with a minimum retail application of 4,000 shares at ₹59, which comes to ₹2.36 lakh.
This is a large amount for a retail investor. It also means that the IPO is not suitable for every investor, even if the business numbers look attractive.
Day 1 Subscription: Why 0.33x Matters
The overall Day 1 subscription of around 0.33x shows that the issue had not yet received bids equal to the total shares offered. That is not a strong first-day response.
At the same time, the retail category showed a sharp rise of about 200% during the day. This suggests that retail interest improved as the session moved ahead.
Still, a percentage rise can look much larger when the starting level is low. For example, a move from 0.10x to 0.30x is a 200% rise, but the total demand is still below the number of shares available.
For this reason, the final subscription figure matters much more than the intraday percentage change. Investors should also watch the NII and QIB categories. Strong demand from these groups can provide more confidence in the issue.
Financial Performance Looks Better
Shakti Polytarp has shown a clear rise in its financial numbers over the last few years.
For FY2024, the company reported total income of ₹62.23 crore and profit after tax of ₹0.98 crore. In FY2025, total income rose to ₹166.50 crore, while profit after tax reached ₹4.97 crore.
For FY2026, total income stood at ₹216.10 crore, while profit after tax rose to ₹10.06 crore.
This means the company has shown strong growth in both sales and profit. Revenue rose from ₹166.50 crore in FY2025 to ₹216.10 crore in FY2026. Profit more than doubled from ₹4.97 crore to ₹10.06 crore in the same period.
EBITDA also rose from ₹10.69 crore in FY2025 to ₹19.29 crore in FY2026. Net worth stood at ₹27.86 crore in FY2026, compared with ₹17.80 crore in FY2025.
These figures are among the stronger points of the IPO.
Revenue Has Two Major Sources
The company earns money from two main areas. The first is the sale of tarpaulins and related products. The second is the sale of plastic granules.
In FY2026, sales from all types of tarpaulin stood at about ₹99.82 crore. Sales from granules were about ₹104.01 crore. Other products added about ₹11.81 crore.
This mix is important because the granule trade forms a very large share of the business. Investors should not see Shakti Polytarp only as a tarpaulin manufacturer.
The trading business can also face price changes in raw materials. A change in plastic prices can affect margins and working capital. That is one area worth close attention after the IPO.
Customer Concentration Is a Risk
Another issue is customer concentration. A large part of the company’s revenue comes from a limited number of customers, with the largest customer contributing about 41.16% of FY2026 revenue.
Such a high share creates a business risk. If a major customer cuts orders, changes suppliers or faces its own business problems, Shakti Polytarp may feel the effect on sales.
The company also has substantial borrowings. Total borrowing stood at ₹72.51 crore in FY2026, compared with ₹48.00 crore in FY2025.
So, while profit has risen at a strong pace, debt and working capital deserve attention.
What Day 2 and Day 3 Could Tell Investors
The next two days are important for Shakti Polytarp IPO. The 0.33x Day 1 figure does not give a clear signal yet.
If NII demand rises sharply and QIB bids also improve, the overall picture may become stronger. If retail demand remains the main source of bids while other categories stay weak, investors may need more caution.
The final subscription number on September 17 will give a much clearer view of investor interest. The listing price on September 22 will then show how the market values the company after the IPO.
Shakti Polytarp IPO: Should You Apply?
Shakti Polytarp has some clear positives. Revenue has risen from ₹62.23 crore in FY2024 to ₹216.10 crore in FY2026. Profit has also increased from ₹0.98 crore to ₹10.06 crore during the same period.
The company has a presence in tarpaulin products and a sizeable trading business in plastic granules. Its EBITDA and net worth have also improved.
However, there are also risks. Day 1 subscription at 0.33x is not strong. Customer concentration is high, debt has increased, and the minimum application value is large for many retail investors.
The 200% intraday rise in retail demand is positive, but it should not be treated as proof of strong IPO demand on its own. The final subscription level, category-wise bids and post-IPO market response will matter more.
For investors with a long-term view, the financial growth may make the company worth a closer look. For those who want a quick listing gain, the weak Day 1 response means caution is better.
The safer approach is to assess the complete subscription data before making a final decision. The next two trading days should give investors a better idea of whether Shakti Polytarp can attract enough demand across all investor categories.
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