Shares of Sah Polymers on Thursday made a strong market debut. The stock got listed at Rs 85 against its issue price of Rs 65, marking an upside of 31 per cent. On the National Stock Exchange, the stock rose as much as 37 per cent to hit an intraday high of Rs 89.
The Udaipur-based company provides tailored bulk packaging solutions to business-to-business producers in a variety of industries, including agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics, and steel.
The initial public offer of Sah Polymers was subscribed 17.46 times last week.
"It was a small IPO of 66.30 crores which was subscribed 17.46 times overall, 39.78 times in the retail category, 2.40 times in the QIB category, and 32.69 times in the NII category by January 4, 2023. Today Sah Polymers IPO listed at Rs. 85/- against the IPO price of Rs. 65/- which is a premium of Rs. 20. The company surprised the Street with a strong opening and now investors who applied for listing gains can hold this issue with a stop loss of 76.5. Only aggressive investors are advised to hold it for long term,"said Santosh Meena, Head of Research, Swastika Investmart.
The company raised Rs 66 crore from the IPO by selling shares in the price band of Rs 61-65 per share. The IPO was fresh issue of 1.02 crore shares and retail investors were allowed to bid in lot size of 230 shares. At the upper end of the price band one lot of Sah Polymers shares was priced at Rs 14.950.
