According to Sah Polymers, it has finalized the issuance of 45.9 lakh shares at the maximum price range of Rs 65 per share.
Sah Polymers, a developer of packaging solutions, raised over Rs 30 crore through an anchor book on December 29 in preparation for the start of its initial public offering (IPO).
Only three investors have contributed to the company via the anchor book: Leading Light Fund VCC, Saint Capital Fund, and Maven India Fund.
While Saint Capital Fund and Maven India Fund each purchased holdings totaling Rs 9.74 crore, Leading Light Fund VCC purchased shares worth Rs 10.33 crore.
Sah Polymers stated that it finalised the distribution of 45.9 lakh shares at a price of Rs 65 per share, which is the top of the pricing range, after consulting with merchant bankers.
The first public issue’s subscription period begins on December 30 and ends on January 4.
The company intends to raise Rs 66.3 crore through the public offering, which consists only of a new issue. This implies that the business will keep all of the money for itself.
The setting up of a new manufacturing facility to make a new variant of flexible intermediate bulk containers (FIBC), repayment of debts and working capital requirements are the key objectives of the IPO.
Sah Polymers is primarily engaged in manufacturing and selling of polypropylene or high-density polyethylene FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer.
The business provides specialised bulk packaging solutions to many different industries, including those that deal with agricultural pesticides, basic pharmaceuticals, cement, chemicals, fertilisers, food goods, textiles, ceramics, and steel.
After Abans Holdings, Sula Vineyards, Landmark Cars, KFin Technologies, Elin Electronics, and Radiant Cash Management Services, this is the last public issuance for the current month.
