Renol Polychem shares list flat at Rs 105 on NSE SME platform

Renol Polychem shares made a muted debut on the NSE SME platform on Thursday, listing at Rs 105 apiece, flat against the issue price. This comes after a strong subscription, with the IPO subscribed 6.83 times overall.

Ahead of the listing, the IPO was commanding a grey market premium (GMP) of around 3%, indicating modest listing gains of Rs 3–4 per share.

The IPO, which was entirely a fresh issue of 24.54 lakh shares, aimed to raise Rs 25.77 crore. The issue received healthy interest across investor categories, with subscriptions of 8.41x by QIBs, 6.89x by NIIs, and 6.51x by retail investors.


Renol Polychem is engaged in manufacturing colour masterbatches, plastic pigments, industrial chemicals, and polymer additives, catering to sectors like plastic packaging, automotive, consumer goods, electronics, and agriculture.

The company's revenue grew 859% YoY in FY25 to Rs 62.56 crore, while net profit surged 226% YoY to Rs 5 crore. It reported a PAT margin of 8.02% and ROCE of 64.18%, indicating operational efficiency.

Proceeds from the IPO will be used to fund machinery purchases (Rs 5.6 crore), working capital (Rs 15.15 crore), and repayment of certain borrowings (Rs 1 crore).

Post listing, the company’s market cap will stand at Rs 83.41 crore. The modest GMP indicates cautious optimism among market participants, with attention likely to shift to the company’s financial delivery in the coming quarters.

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