The public issue of Sah Polymers continued to get healthy subscription on January 3, the third day of bidding. The offer has so far attracted bids for 2.42 crore equity shares as against an IPO size of 56.1 lakh shares, subscribing 4.33 times.
The response by retail investors as well as high networth individuals remain strong as they have bought 14.8 times and 4.94 times the allotted quotas, respectively.
The portion set aside for qualified institutional buyers has been subscribed 52 percent so far.
The customised bulk packaging solutions provider intends to mobilise Rs 66.3 crore through the initial public offering at higher end of the price band of Rs 61-65 per share.
The IPO comprises only fresh issues. Sah Polymers is going to utilise issue proceeds for setting up of new manufacturing facility to manufacture new variant of flexible intermediate bulk containers (FIBC), repaying debts, and working capital requirements, besides general corporate purposes.
Click Here To Read All IPO Related News
The company manufactures polypropylene (PP)/high-density polyethylene (HDPE) FIBC bags, as well as woven sacks, HDPE/PP woven fabrics and woven polymer. It supplies to several industries including agro pesticides, basic drug, cement, chemical, fertilizer, food products, textile, ceramic and steel.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
