The public issue of Sah Polymers continued to get healthy subscription on January 3, the third day of bidding. The offer has so far attracted bids for 1.82 crore equity shares as against an IPO size of 56.1 lakh shares, subscribing 3.26 times.
The response by retail investors as well as high networth individuals remain strong as they have bought 11.16 times and 3.73 times the allotted quotas, respectively.
The portion set aside for qualified institutional buyers has been subscribed 39 percent so far.
The customised bulk packaging solutions provider intends to mobilise Rs 66.3 crore through the initial public offering at higher end of the price band of Rs 61-65 per share.
The IPO comprises only fresh issues. Sah Polymers is going to utilise issue proceeds for setting up of new manufacturing facility to manufacture new variant of flexible intermediate bulk containers (FIBC), repaying debts, and working capital requirements, besides general corporate purposes.
The company manufactures polypropylene (PP)/high-density polyethylene (HDPE) FIBC bags, as well as woven sacks, HDPE/PP woven fabrics and woven polymer. It supplies to several industries including agro pesticides, basic drug, cement, chemical, fertilizer, food products, textile, ceramic and steel.