Sah Polymers IPO
Sah Polymers IPO — date, price band, lot size & details 2022
Sah Polymers listed on 12 Jan 2023 at ₹85, 30.8% above the ₹65 issue price.
Sah Polymers makes PP and HDPE FIBC bags, woven sacks and woven fabric for bulk packaging, from a plant in Udaipur, Rajasthan. Its total income was Rs 81.23 crore in FY2022.
Stock price
Sah Polymers is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 30 Dec 2022
- Close 04 Jan 2023
- Allotment 09 Jan 2023
- Refund/credit 10 Jan 2023
- Listing 12 Jan 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 30 Dec to 4 Jan, 2023 |
|---|---|
| Price Band | ₹61 – ₹65 |
| Face Value | ₹10 |
| Lot Size | 230 Shares |
| Issue Size | ₹66.3 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,950 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 230 shares at the ₹65 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 230 | ₹14,950 |
| Retail (max) | 13 | 2,990 | ₹1,94,350 |
| S-HNI (min) | 14 | 3,220 | ₹2,09,300 |
| S-HNI (max) | 66 | 15,180 | ₹9,86,700 |
| B-HNI (min) | 67 | 15,410 | ₹10,01,650 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 49.91 crore in FY2020 to Rs 81.23 crore in FY2022.
- 02Profit after tax rose from Rs 0.30 crore in FY2020 to Rs 4.38 crore in FY2022.
- 03The whole Rs 66.3 crore issue was fresh capital, with Rs 19.66 crore for repaying debt.
- 04It exports to 14 countries and serves many industries.
- 05The pre-issue P/E was 23.13 at the upper band of Rs 65, based on EPS of Rs 2.81.
Risks · 5
- 01The company is small, with profit of only Rs 4.38 crore in FY2022.
- 02Total borrowing rose from Rs 10.37 crore on 31 March 2020 to Rs 33.15 crore on 30 June 2022.
- 03Polymer prices drive costs, and the source puts the PAT margin at only 5.43%.
- 04It has a single plant at Udaipur, so any disruption there hits all output. Capacity use at the looms was 83.94% in FY2022.
- 05Promoter holding fell from 100% before the issue to 60.46% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Sah Polymers offer document.
| Metric | 30 Jun 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 75.35 | 68.67 | 40.58 | 35.93 |
| Total Income | 27.59 | 81.23 | 55.34 | 49.91 |
| Profit After Tax | 1.25 | 4.38 | 1.27 | 0.30 |
| NET Worth | 27.74 | 26.65 | 20.09 | 18.81 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | 33.15 | 30.54 | 13.79 | 10.37 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Sah Polymers RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Sah Polymers IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.81 | ₹1.94 |
| P/E Ratio (x) | 23.13 | 33.51 |
| Market Cap at Offer Price (₹ Cr) | ₹28.91 | ₹41.88 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹65 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹55.29 Cr of the issue is earmarked to named objects.
Sah Polymers IPO Anchor Investors
3 anchor investors across 3 fund houses committed ₹29.84 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Leading Light Fund Vcc - The Triumph Fund | Leading Light | 1,590,220 | 10.34 | 34.65% |
| Saint Capital Fund | Saint Capital | 1,499,950 | 9.75 | 32.68% |
| Maven India Fund | - | 1,499,830 | 9.75 | 32.68% |
| Total anchor allocation | 29.84 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It offers customised bulk packaging to B2B makers in industries such as agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics and steel. It is also a consignment stockist and dealer-operated polymer warehouse for Indian Oil Corporation's polymer division.
It sold in 5 states and 1 union territory in India and exported to 14 countries, including Algeria, Ghana, Poland, France, Italy, the USA, Australia, the UAE and the UK. Its promoter is Sat Industries Limited.
The IPO was Rs 66.3 crore and was entirely fresh issue. Rs 19.66 crore was planned for repaying borrowings, Rs 14.96 crore for working capital and Rs 8.17 crore for a new FIBC plant.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Sah Polymers IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
20 issues handledBest listing: Astron Paper & Board Mill (+130.0%). Weakest: Glottis (-34.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Sah Polymers?
The current Grey Market Premium is ₹11, or 17% over the issue price.
What is the Sah Polymers IPO price band?
₹61 to ₹65, on a face value of ₹10.
When is the allotment?
The basis of allotment is 9 January 2023, with listing on 12 January 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
