Sah Polymers raises Rs 30 crore via anchor book; IPO Subscription opening today

30 Dec 2022 , 09:12 AM

Customised bulk packaging solutions provider Sah Polymers has mobilized around Rs 30 crore from anchor investors on December 29, ahead of the IPO. As per BSE filing, top three investors to invest in the company via anchor book are- Leading Light Fund VCC, Saint Capital Fund, and Maven India Fund.

The company issued around 45.9 lakh shares at a price of Rs 65 per share, the upper end of the price band, to anchor investors. 

Sah Polymers IPO is opening for subscription from December 30 and will conclude on January 04. The offer comprises fresh issue of equity shares worth Rs 66.3 crore. The company aims to utilize net proceeds to make a new variant of flexible intermediate bulk containers (FIBC), repayment of debts and working capital requirements.

On the financial performance front, for the last three fiscals, the company has posted a net profit of Rs. Rs. 0.30 crore (FY20), Rs. 1.27 crore (FY21), and Rs. 4.38 crore (FY22). For Q1 of FY23, it earned a net profit of Rs. 1.25 crore on a turnover of Rs. 27.59 crore.