The initial public offering (IPO) of Sah Polymers received decent response from investors on January 2 as the issue got subscribed 2.37 times, the second day of bidding. Investors have put in bids for 1.33 crore equity shares against 56.1 lakh shares on the offer.
The portion set aside for retail investors and high networth individuals were fully booked on first day itself. Retail investors subscribed 7.46 times the allotted quota, while HNIs quota fetched 2.94 times bids.
However, the quota reserved for qualified institutional buyers was subscribed 39 percent.
The bulk packaging solutions company aiming to mop up Rs 66.3 crore via IPO comprising only fresh issue, of which Rs 30 crore has already been raised from anchor investors.
This is the smallest issue in terms of fund raising in current financial year 2023.
Sah Polymers is primarily engaged in manufacturing polypropylene (PP)/high-density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer.
Click Here To Read All IPO Related News
To set up new manufacturing facility for new variant of flexible intermediate bulk containers (FIBC), repayment of debts, and working capital requirements are primary objectives of the public issue opened for subscription on December 30.
The offer will close on January 4 and the price band has been fixed at Rs 61-65 per share.
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!
