The shares of Sah Polymers Ltd made a strong debut on the stock exchanges NSE and BSE on Thursday i.e. January 12. On BSE, Sah Polymers listed at Rs 85 apiece against the issue price of Rs 62.2-66.3. The stock started its trading journey at Rs 85 apiece on NSE — a 30.8 percent premium to the issue price.
The company's Rs 66 crore Initial Public Offer (IPO) opened for subscription on December 30 and the issue concluded on January 4. The price band of the issue was fixed at Rs 62.2-66.3 per share. The IPO received bids for 9.8 crore shares against 56.1 lakh shares on offer, according to exchange data. The initial public offer got subscribed 17.5 times on the last day of the offer.
The category for the Retail Individual Investors (RIIs) portion received 39.8 times subscription and high net-worth individuals 32.7 times.
Investors could bid in multiples of 230 equity shares with the minimum investment by retail investors at the upper end of the price band being Rs 14,950 for one lot, while the maximum would be Rs 1,94,350 for 13 lots.
The IPO consisted of only fresh issue of 1.02 crore equity shares.
Sah Polymers earlier said that it will use these funds to up a new manufacturing facility for producing a new variant of Flexible Intermediate Bulk Containers (FIBC), repayment of borrowings, and also fund the working capital requirements.
The Udaipur-based company is primarily engaged in the manufacturing of high-density polyethylene (HDPE) FIBC bags, polypropylene (PP), woven sacks, and woven polymer-based products among others. In India, the company has a presence in six states and a union territory. Apart from this, Sah Polymers has marked its presence in six regions across the world.
The company is 100 percent owned by the promoters with Sat Industries holding 91.79 percent shares and Sat Invest having the rest.
First Published: Jan 12, 2023 7:41 AM IST
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