Sah Polymers IPO subscribed 86% on first day, RII subscribed 2.07 times

The initial public offer of Sah Polymers was subscribed 86 per cent on the first day of subscription on Friday.

The initial share-sale received bids for 48,04,470 shares against 56,10,000 shares on offer, according to data available with the NSE.

The category meant for Retail Individual Investors (RIIs) received subscription for 2.07 times, non-institutional investors was subscribed fully and Qualified Institutional Buyers (QIBs) 38 per cent.

The IPO has a fresh issue of 1.02 crore equity shares. The price range for the offer is Rs 61-65 a share. Pantomath Capital Advisors is the manager to the offer.

The Udaipur-based company provides tailored bulk packaging solutions to business-to-business producers in a variety of industries, including agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics, and steel.

The equity shares are proposed to be listed on the BSE and NSE.