Shares of Sah Polymers were currently trading at Rs 88 at 10:15 IST on the BSE, representing a premium of 35.38% compared with the issue price of Rs 65.
The scrip was listed at a price of Rs 85, at a premium of 30.77% as compared to the issue price.So far, the stock has hit a high of 89.25 and a low of 85. On the BSE, over 2.13 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Sah Polymers was subscribed 17.46 times. The issue opened for bidding on Friday (30 December 2022) and it closed on Wednesday (4 January 2023). The price band of the IPO is fixed at Rs 61-65 per share.
The offer comprised fresh issue of 1.02 crore equity shares. At the upper price band of Rs 65, the IPO size aggregates to Rs 66.30 crore.
The company proposes to utilize the net proceeds of the fresh issue towards setting up of a new manufacturing facility to manufacture new variant of flexible intermediate bulk containers (FIBC) amounting Rs 8.17 crore, repayment of certain secured and unsecured borrowings in full availed by the company amounting Rs 19.66 crore, funding the working capital requirements of the company amounting Rs 14.96 crore and balance towards general corporate purposes.
Sah Polymer is primarily engaged in manufacturing and selling of polypropylene (PP), high density polyethylene (HDPE) FIBC (flexible intermediate bulk containers) bags, woven sacks, HDPE and PP(poly propylene) woven fabrics, based products of different weight, sizes and colours.
The company offer customised bulk packaging solutions to business-to-business (B2B) manufacturers catering to different industries such as agro pesticides industry, basic drug industry, cement industry, chemical industry, fertilizer industry, food products industry, textile industry, ceramic industry and steel industry.
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The company reported a net profit of Rs 1.25 crore and revenue from operations of Rs 27.22 crore for the period ended on 30 June 2022.
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