Sah Polymers IPO: Check subscription status on day 2 of the offer

2 Jan 2023 , 11:20 AM

The initial public offer of Sah Polymers opened for subscription on December 30. The issue was subscribed 86% on the first day of the offer. It received bids for 48,04,470 shares against 56,10,000 shares on offer.

The company is selling its share at the price band of Rs 61-65 apiece. 

On day 2 of the subscription, the IPO is fully subscribed with 1.25 times overall at 11:03 AM on January 2. The portion for qualified institutional buyers is subscribed 0.38 times, while the portion of non-institutional buyers and retail investors is subscribed 1.32 and 3.72 times, respectively.

Sah Polymers IPO is a fresh issue of 1,02,00,000 equity shares, with no offer for sale (OFS). Promoter of the company, Sat Industries, holds 91.79% stake in the company.

The company proposes to utilize the net proceeds towards setting up of a new manufacturing facility to manufacture new variant of Flexible Intermediate Bulk Containers (FIBC), repayment/ Prepayment of certain secured and unsecured borrowings in full or part, funding the working capital requirements, and general corporate purposes.

 

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