Sah Polymers IPO oversubscribed

The initial public offer (IPO) of polymer manufacturer Sah Polymers was oversubscribed. The category meant for the Retail Individual Investors (RIIs) was subscribed 27.8 times with 10% of the issue reserved for the category, while the portion for non-institutional investors received 17.43 times subscription of the the 15% reserved for them and Qualified Institutional Buyers (QIBs) 1.21 times out of the 75% reservation on the last day. The IPO consists entirely of a fresh issue of 1,02,00,000 equity shares. Sat Industries, the promoter, holds 91.79% stake in the company. The price range for the initial share sale is at INR 61-65 a share. Pantomath Capital Advisors is the merchant banker to the initial share sale. Sah Polymers is an Udaipur-based company which is primarily engaged in manufacturing and selling of polypropylene (PP)/ high density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer based products. The new funds will be used for setting up a new manufacturing facility to manufacture new variant of Flexible Intermediate Bulk Containers (FIBC), repayment/ prepayment of certain secured and unsecured borrowings in full or part, funding the working capital requirements, and general corporate purposes.