The maiden public offer of Sah Polymers consistently garnered healthy response from investors, especially high net-worth individuals and retail, as the IPO has received bids for 9.79 crore equity shares against an issue size of 56.1 lakh shares, subscribing 17.46 times on January 4, the final day bidding.
Retail investors have been in the forefront with bidding 39.78 times the allotted quota, while high net-worth individuals have bought shares 32.69 times the portion set aside for them.
The reserved portion of qualified institutional buyers was fully subscribed on Tuesday, the day before the issue closing. On the final day today, the part has been subscribed 2.4 times.
The customised bulk packaging solutions provider launched its Rs 66.3-crore public issue for subscription on December 30, with a price band of Rs 61-65 per share.
The offer comprises only a fresh issue of 1.02 crore shares by the company.
The funds, after deducting issue expenses, will be utilised for new manufacturing facility of flexible intermediate bulk containers (FIBC), repaying debts, and working capital requirements, besides general corporate purposes.
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Sah Polymers primarily manufactures polypropylene (PP)/ high-density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer, for several industries such as agro pesticides, basic drug, cement, chemical, fertilizer, food products, textile, ceramic, and steel.
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