Sah Polymers Limited IPO Subscribed 5.35times on Day 3
Mumbai, January 03, 2023: Sah Polymers Limited, primarily engaged in
manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene
(HDPE) Flexible Intermediate Bulk Containers (FIBC) Bags, Woven Sacks, HDPE/PP
woven fabrics, woven polymer based products has received bids of 2,99,95,450 shares
against the offered 56,10,000 equity shares for subscription, at a price band
of ₹61-65, according to the data available on the stock exchanges.
Overall
the issue was subscribed 5.35 times on the third day of bidding, the issue was
subscribed 2.73 times and 0.86 times on the second and opening day respectively.
Retail
Portion was subscribed the most with 16.53times followed by Non-Institutional segment
that saw a response of 6.49 times.The reserved portion for qualified
institutional buyer portion saw a subscription of 1.05 times.The issue kicked off for subscription on Friday, December
30, and will close on Wednesday, January 04, 2023.
A day prior to the Issue opening, Sah Polymers Ltd raised Rs29.83 crore
from anchor investors including Mavin India Fund, Saint Capital Fund and
Leading Light Fund VCC.
Broking house Marwadi Financial Services have given a “Subscribe” rating to the issue.
A note by Reliance Securities states “the polymer market size is
expected to reach $790bn by 2027, growing at a CAGR of 5.5% during the period
of 2022-27. Additional states “The global market for FIBC is estimated to from
$6701.5 mn in 2022 to $9109.7mn by 2028 and is likely to aid the company’s
growth. While the company has a quality
product mix, strong customer base across geographies, good financials and a
wide product portfolio, the issue seems pricey on on the current financials”.
Pantomath Capital Advisors Private Limited is the sole book running
lead manager to the issue and Link Intime India Private Limited is the registrar to the offer.The equity shares are proposed to be listed on the Main
Board of BSE and NSE.
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