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Sah Polymers IPO

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Sah Polymers IPO Details

  • Open Date 30-Dec-22
  • Close Date 04-Jan-23
  • Lot Size 230
  • IPO Size ₹ 66.30 Cr
  • IPO Price Range ₹ 61 to ₹65 / share
  • Min Investment ₹ 14030
  • Listing Exchange BSE, NSE
  • Basis of Allotment 09-Jan-23
  • Refunds 10-Jan-23
  • Credit to Demat Account 11-Jan-23
  • Listing Date 12-Jan-23

Sah Polymers IPO Subscription Status

Date QIB NII Retail TOTAL
30-Dec-22 0.38x 1.00x 2.07x 0.86x
2-Jan-23 0.39x 2.94x 7.46x 2.37x
3-Jan-23 1.05x 6.49x 16.53x 5.35x
4-Jan-23 2.40x 32.69x 39.78x 17.46x

Sah Polymers IPO Synopsis

Sah Polymers IPO opens on 30th December and closes on 4th January. The issue consists of a fresh issue of 10,200,000 equity shares worth of Rs. 66.30 crores. The lot size is fixed at 230 shares while the price band is fixed at Rs. 61- Rs. 65 per share. The issue will be listed on NSE and BSE on 12th January while the allotment of shares will take place on 9th January. Pantomath Capital Advisors is the leading book manager for the issue. 

Objective of Sah Polymers IPO

The net proceeds from the issue will be utilised for:

•    Rs. 8.18 crores will be used for setting up of a new manufacturing facility to manufacture new variant of Flexible Intermediate Bulk Containers (FIBC)
•    Rs. 19.66 crores for repayment/ Prepayment of certain secured and unsecured borrowings in full or part availed by the Company and the Subsidiary Company
•    Rs. 14.95 crores funding the working capital requirements of the Company and general corporate purposes
 

Sah Polymers IPO Video

About Sah Polymers

The company, led by Asad Daud and professionally backed by Hakim Sadiq Ali Tidiwala and Murtaza Ali Moti, is primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) FIBC Bags, Woven Sacks,HDPE/PP woven fabrics, based products of different weight, sizes and colours as per customers specifications. 

It offers customised bulk packaging solutions to business-to-business (“B2B”) manufacturers catering to different industries such as Agro Pesticides Industry, Basic Drug Industry, Cement Industry, Chemical Industry, Fertilizer Industry, Food ProductsIndustry, Textile Industry Ceramic Industry and Steel Industry. It is also a Del Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited and also operates as Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation Limited for their polymer division

Return on net-worth is 16.42% and PAT margin for the year ended 2022 stood at 5.39%. The Company’s sales have grown from Rs. 49.90 crores in FY  2020 to Rs. 81.23 crores in FY 22. The sales for the quarter ended June 2022 stood at Rs.27.59 crores. Thus the sales CAGR for last three completed years is 27.6%. Similarly, the post-tax profits, i.e., PAT of the Company has increased with CAGR of 284% over last three years.

The Company operates at 85% to 92% of the installed capacity and therefore going for further capex. Total capex is Rs. 33.81 crores, out of which the Company has taken bridge loan of Rs. 15.71 crores from the holding company and deployed while the IPO approvals came so that the overall timeframe of the installation is not delayed. The new Project is estimated to commence commercial operations within this year 2022-23 itself.

The total equity issued before IPO is 15.59 crores and along with reserves the net-worth is Rs 27.74 crores as at the end of the 30th June 2022. Post IPO, the Company’s net-worth shall stand at Rs 92.95 crores. The Book value post IPO would be 36 plus the profit surplus for the period.
It has two business divisions (i) domestic sales; and (ii) exports. The company has presence in 5 states and 1 union territory with one manufacturing facility in Rajasthan. Sah Polymers exports its products to 14 countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy, Dominican Republic, USA, Australia, UAE, Palestine, UK and Ireland. For the 3 months ended June 30, 2022 and for Fiscals 2022, the Company’s revenue from exports contributed 57.61% and 55.14%, respectively, of total revenues from operations.

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Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY22 FY21 FY20
Revenue 80.5 55.1 49.1
EBITDA 7.7 3.3 2.6
PAT 4.4 1.3 0.3
Particulars (in Rs. Crores) FY22 FY21 FY20
Total Assets 68.7 40.6 35.9
Share Capital 15.6 15.6 15.6
Total Borrowings 30.5 13.8 10.4
Particulars (in Rs. Crores) FY22 FY21 FY20
Net cash generated from / (used in) operating activities -0.8 1.4 2.6
Net cash from / (used in) investing activities -10.8 -2.3 -0.8
Net cash flow from / (used in) financing activities 11.1 0.9 -1.7
Net increase (decrease) in cash and cash equivalents -0.5 -0.1 0.1

Peer Comparison

Kanpur Plastipack Ltd., Rishi Techtex Ltd., Gopala Polyplast Ltd., Jumbo Bag Ltd., SMVD Polypack Ltd., EMMBI Industries Ltd., and Commercial Syn. Bags Ltd. are competitors; however, the peers are not directly comparable due to the type, range of products/services, turnover, and size of the firm.

Name of the Company Total Revenue EBITDA PAT ROE
Sah Polymers 805.11 77.34 43.75 16.42%
Rishi Techtex Ltd. 1,008.58 63.49 13.19 17.83%
Jumbo Bag Ltd. 1,305.65 98.39 10.61 3.35%
SMVD Poly Pack 862.41 30.66 10.46 4.65
EMMBI Industries Ltd. 4,356.22 492.08 190.33 12.41
Commercial Synbag Ltd. 3,215.80 348.77 181.83
10.20%


Sah Polymers IPO Key Points

  • Strengths

    •    Product mix has evolved over the past several years as it has entered into new product categories
    •    It has a customer base across industries and geographies both at domestic and overseas
    •    Strong Management Team
     

  • Risks

    •    Heavily dependent on the performance of the wires and cables market
    •    Inability to maintain the stability of our distribution network and attract additional distributors and dealer
    •    Increased product liabilities due to failure to meet various quality standards and good manufacturing practices
    •    Disruption in continuous operations at the manufacturing facilities
     

How to apply for IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

Sah Polymers IPO FAQs

What is the price band of the Sah Polymers IPO?

The price band of the Sah Polymers IPO is set at Rs. 61 – Rs. 65 per share

When does the Sah Polymers IPO issue open and close?

The Sah Polymers IPO opens on 30th December and the closes on 4th January.

What is the size of Sah Polymers IPO issue?

The Sah Polymers IPO consists of a fresh issue of 10,200,000 equity shares worth of Rs. 66.30 crores.

What is the allotment date of Sah Polymers IPO?

The allotment date of Sah Polymers IPO is set for 9th January.

What is the lot size and investment required for the Sah Polymers IPO?

The Sah Polymers IPO lot size is 230 shares. A retail-individual investor can apply for up to 13 lots (2990 shares or ₹194,350).

What is the objective of the issue for Sah Polymers IPO?

The net proceeds from the issue will be used for: 

1.    Setting up of a new manufacturing facility to manufacture new variant of Flexible Intermediate Bulk Containers (FIBC)
2.    Repayment/ Prepayment of certain secured and unsecured borrowings in full or part availed by the Company and the Subsidiary Company
3.    Funding the working capital requirements of the Company
4.    General corporate purposes
 

How to apply for the Sah Polymers IPO?

To apply for the IPO, follow the steps given below

•    Login to your 5paisa account and select the issue in the current IPO section
•    Enter the number of lots and price at which you wish to apply for
•    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
•    You will receive a mandate notification to block funds in your UPI app
 

Who are the promoters/key personnels of Sah Polymers?

Sah Polymers is promoted by Sat Industries Limited.

Who are the book runners for Sah Polymers IPO?

Pantomath Capital Advisors is the book running lead managers to the issue.

Contact Details of Sah Polymers IPO

Contact Information

Sah Polymers Limited
E-260-261
Mewar Industrial Area
Madri Udaipur Rajasthan 313003
Phone: +91 294 2493889
Email: cs@sahpolymers.com
Website: https://sahpolymers.com/

Sah Polymers IPO Register

Link Intime India Private Ltd

Phone: +91-22-4918 6270
Email: Sahpolymers.ipo@linkintime.co.in
Website: https://linkintime.co.in/

Sah Polymers IPO Lead Manager

Pantomath Capital Advisors Pvt Ltd

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