Sah Polymers IPO: GMP on the last day of the subscription
2 min read . Updated: 04 Jan 2023, 07:48 AM IST
Premium- Sah Polymers IPO consists of a fresh issue of 1,02,00,000 equity shares, with no offer for sale (OFS) component
The initial public offer (IPO) of polymer manufacturer Sah Polymers was subscribed 5.35 times on the third day of subscription on Tuesday, January 3, 2023. The initial share-sale received bids for 2,99,95,450 shares against 56,10,000 shares on offer. The offer opened for public subscription on Friday, December 30, 2022 and will conclude on Wednesday, January 4, 2023.
The category meant for the Retail Individual Investors (RIIs) was subscribed 16.53 times, while the portion for non-institutional investors received 6.49 times subscription and Qualified Institutional Buyers (QIBs) 1.05 times on Tuesday.
According to market observers, Sah Polymers shares are commanding a premium of ₹5 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE next week on Thursday, January 12, 2023.
Sah Polymers IPO consists of a fresh issue of 1,02,00,000 equity shares, with no offer for sale (OFS) component. Sat Industries, which is the promoter, holds 91.79% stake in the company. The price range for the initial share sale is at ₹61-65 a share.
Sah Polymers is 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 company proposes to utilize the net proceeds towards setting up of 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.
75% of the issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 10% for retail investors.
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Pantomath Capital Advisors is the merchant banker to the initial share sale whereas Link Intime India Private Ltd is the registrar for the public offer.
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