Sah Polymers' IPO to raise up to Rs 66 crore concluded on Wednesday with an overall subscription of 17.5 times the shares on offer. By 5 pm, the IPO of Rajasthan-based Sah Polymers -- a provider of bulk packaging solutions -- received bids for 9.8 crore shares as against the 5.6 crore shares on offer. The bidding process for the Sah Polymers IPO had begun on December 30.
The IPO saw a robust response from retail as well as non-institutional or high net worth individual investors.
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At least 75 per cent of the Sah Polymers issue was reserved for qualified institutional investors (QIBs), 15 per cent for non-insitutional investors (NIIS) and the remaining 10 per cent for retail investors.
Potential investors could bid for Sah Polymers shares in a price range of Rs 61-65 apiece in multiples of 230 under the IPO. This translates to Rs 14,030-14,950 per lot.
Sah Polymers shares will likely debut on bourses BSE and NSE on January 12.
Marwadi Financial Services recommended subscribing to the IPO. Sah Polymers has a diversified product portfolio with a customer base spread across geographies and industries, according to the brokerage.
The IPO was available at a reasonable valuation given its growth potential, according to Marwadi Financial.
Sah Polymers is engaged in the making and marketing of polyprolylene and high density polyethylene flexible intermediate bulk container (FIBC) bags, woven sacks and fabric-based products.
Incorporated in 1992, the company offers customised bulk packaging solutions to B2B manufacturers catering to a slew of industries such as cements, chemicals, food products and textiles.
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