On day 2, the Sah Polymers IPO was subscribed to 2.2 times; the retail component was booked 7.25 times
The section reserved for regular investors and high-net-worth individuals was entirely filled on the first day. Retail investors bid 4.57 times the authorised quota, while HNIs bid 1.43 times the quota.
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Sah Polymers' initial public offering (IPO) received a positive reaction from investors on January 2, with the issue being subscribed to 2.2 times on the second day of bidding. Investors have submitted bids for 1.23 crore equity shares, compared to the 56.1 lakh shares on offer.
The section reserved for regular investors and high-net-worth individuals was entirely filled on the first day. Retail investors bid 7.25 times the authorised quota, while HNIs bid 2.47 times the quota.
However, 39 percent of the quota allotted for eligible institutional buyers was filled.
The bulk packaging solutions company intends to raise Rs 66.3 crore through an IPO consisting only of new shares, of which Rs 30 crore has already been raised from anchor investors.
In terms of fund raising in the current fiscal year 2023, this is the lowest issue.
Sah Polymers specialises in the production of polypropylene (PP)/high-density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics, and woven polymer.
The principal goals of the December 30 public offering are to establish a new production plant for a new variety of flexible intermediate bulk containers (FIBC), to settle debts, and to meet working capital requirements.
The offer will end on January 4, with the price range set at Rs 61-65 per share.
