Sah Polymers lists at 31% premium, beats grey market expectations

• Shares of Sah Polymers listed at ₹85 against the issue price of ₹65 per on the stock exchanges.
• The IPO saw huge response from investors as it was subscribed 17.46 times on the last day of subscription.
• The market capitalisation of the company stood at ₹219 crore as of 9:48 am, according to BSE data.
  

Shares of Sah Polymers, a polymer manufacturer and packaging solutions provider based in Udaipur, made a strong debut on the stock exchanges. It listed at a premium of nearly 30.7% at ₹85 as against the issue price of ₹65 per share.

The listing gains were double than market expectations as the grey market premium of the company’s stock was at ₹10 indicating 15% listing gains.

GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.

Sah Polymers IPO received huge demand from retail investors as this portion was subscribed by 39.78 times. The IPO was subscribed 2.4 times by qualified institutional buyers and 32.69 times by non-institutional investors.

The market capitalisation of Sah Polymers currently stands at ₹219 crore, according to BSE data.

The company has raised ₹66.3 crore through the public offer, and intends to use part of its net proceeds to establish a new facility. Once set up, it will double the company’s total production capacity to 7.92 billion tonnes per annum.

The company is primarily engaged in manufacturing and selling of polypropylene (PP) and high density polyethylene (HDPE) bulk bags (or FIBC bags), woven sacks, and HDPE/PP woven fabrics.

It currently has one manufacturing facility located at Udaipur, Rajasthan, with an installed production capacity of 3.96 million tonnes per annum.

Sah Polymers offers customised bulk packaging solutions to business-to-business manufacturers catering to different industries such as agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics and steel.

It exports products to 14 countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy, Dominican Republic, USA, Australia, UAE, Palestine, the UK and Ireland.


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