The initial public offering (IPO) of Sah Polymers Ltd. neared full subscription on the first day of bidding on December 30. The issue will close on January 4.

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Sah Polymers received bids for 48.04 lakh shares against the IPO size of 56.1 lakh shares on its first day on December 30, accounting for a subscription rate of 86 percent.

As per the details given by the company, the public issue consists of only a fresh issue of 1.02 crore equity shares, with no offer-for-sale (OFS) component and with a price band at Rs 61-65 per share. This public issue will fetch Rs 62.22 crore at the lower end of the price band and Rs 66.3 crore at the upper end of the price band.

Investors can bid in multiples of 230 equity shares with the minimum investment by retail investors at the upper end of the price band being Rs 14,950 for one lot, while the maximum would be Rs 1,94,350 for 13 lots.

The company said that it will finalise the IPO share allotment by January 9, and credit refunds to unsuccessful investors by the next day. The equity shares will debut on the stock exchanges on January 12.

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Sah Polymers earlier said that it will use these funds to up a new manufacturing facility for producing a new variant of Flexible Intermediate Bulk Containers (FIBC), repayment of borrowings, and also fund the working capital requirements.

The Udaipur-based company is primarily engaged in the manufacturing of high-density polyethylene (HDPE) FIBC bags, polypropylene (PP), woven sacks, and woven polymer-based products among others. In India, the company has a presence in six states and a union territory. Apart from this, Sah Polymers has marked its presence in six regions across the world.

The company is 100 percent owned by the promoters with Sat Industries holding 91.79 percent shares and Sat Invest having the rest.

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