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Rajasthan-based Sah Polymers files draft papers for IPO

Sah Polymers IPO | The fresh issue proceeds will be utilised for setting up a facility to manufacture a new variant of flexible intermediate bulk containers

April 22, 2022 / 01:45 PM IST

Rajasthan-based Sah Polymers has filed preliminary papers with the capital markets regulator for an initial public offering.

The IPO comprises a fresh issue of 1.02 crore shares and Rs 8.45 crore from the proceeds will be used for setting up a facility to manufacture new variant of flexible intermediate bulk containers (FIBC).

The company will also use the IPO funds to repay debts (Rs 16.66 crore), fulfil its working capital requirements (Rs 14.96 crore) and general corporate purposes.

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Sah Polymers is primarily engaged in manufacturing and selling polypropylene (PP) and high density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics, and woven polymer based products.

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The company also offers customised bulk packaging solutions to business-to-business (B2B) manufacturers catering to industries such as agro pesticides, basic drug, cement, chemical, fertiliser, food products, textile, ceramic and steel.

Presently, it has one facility of 3,960 million tonnes per annum capacity at Udaipur, and a presence in 6 states and 1 union territory. On the exports front, it supplies products in 6 regions including Africa, Middle East, Europe, US, and Australia.

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Sah Polymers recorded a consolidated profit of Rs 4.32 crore (proforma basis) on revenue of Rs 64.3 crore for the nine months ended December 2021, while for the financial year 2020-21 its profit stood at Rs 1.33 crore on revenue of Rs 68.34 crore.

Pantomath Capital Advisors is the book running lead manager to the issue, while Link Intime India is the registrar to the offer.

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first published: Apr 22, 2022 01:45 pm
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