The initial public offering (IPO) of Udaipur-based polymer manufacturer Sah Polymers opened for subscription on 30 December 2022.
As of 3:20 pm on Day 1, the offer was subscribed 0.28 times with the retail category fully booked 1.28x times and NIIs 0.19x times, LiveMint reported, quoting BSE data.
The IPO consists of a fresh issue of 1.02 crore equity shares, at a price band of ₹61-65 per share. There is no offer-for-sale (OFS) component. The offer will conclude on 4 January 2023.
Promoter Sat Industries holds a 91.79% stake in the company and Sat Invest has an 8.21% stake. 75% of the issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.
The company is engaged in the manufacturing and export of in the manufacturing and exporting of polypropylene (PP)/ high-density polyethylene (HDPE) woven bags, BOPP laminated bags, and flexible intermediate bulk containers (FIBCs) in India, as its website mentioned.
It proposes to utilize the proceeds from the IPO to set up a new facility to manufacture a new variant of FIBCs, repay and prepay some debts, and use it as working capital.
Sah Polymers’ profit for FY2023 grew by 244% to Rs 4.4 crore, while revenue climbed 46.2% to Rs 80.5 crore, compared to the previous year. Exports accounted for over 55% of the topline, MoneyControl.com reported.
