Sah Polymers Hits The Bourses With A Bang! Lists At 30% Premium Over Issue Price

The issue price of Sah Polymers was Rs 65-85 and it opened on the National Stock Exchange (NSE) at Rs 85.

Dalal Street: Bulk packaging solutions provider Sah Polymers has hit the secondary markets bringing cheers to the primary market investors.

The issue price of Sah Polymers was Rs 65-85 and it opened on the National Stock Exchange (NSE) at Rs 85. At 10:21 am IST, Sah Polymers was trading on the NSE at Rs 89.25, which is 37.31% higher than the issue price.

The company exceeded the exceptions most analysts had after checking the grey market premium that was trading around Rs 72, that is, Rs 7 more than the upper end of the issue price of Rs 65.

Sah Polymers launched its maiden public issue on December 30, 2022, and it was closed with 17.46 times subscription on January 4, 2023. The IPO comprised only a fresh issue of 1.02 crore shares. The company fetched Rs 66.30 crore at the higher end of the price band of Rs 61-65 per share through the issue.

According to the company, the proceeds of the issue will be used for the addition of a manufacturing facility to manufacture a new variant of flexible intermediate bulk containers (FIBC) with a production capacity of 3,960 million tonnes per annum.