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.
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