Sah Polymers IPO Analysis @ Chanakyanipothi.com,
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IPO Listing: On 12th January, the scrip (issued at Rs. 65) got listed at Rs. 85, giving return of 30 % on listing. In spite of not so impressive subscription, the IPO has received impressive listing. The listing is much higher than the expectations of grey market.
IPO Guidance: IPO size is very small so huge oversubscription is natural. The offer price when compared with last Earnings, seems to be quite attractive. Allotment will be very tough. Apply.
Sah Polymers Grey Market Updates
Allotted application rates Rs. 1600
GMP Rs.8/9
Retail Kostak: Rs.500, Subject to: No Trades
Small HNI Kostak: -, Subject to: No trades
Rs10L+ Kostak: No trades Subject to: No trades
Sah Polymers Subscription Status
# On 04 January 2022 @ 5.00 pm (Closed)
QIB : 3060000 Shares, 2.40T
Big NII : 1020000 Shares, 33.94T
SmallNII: 510000 Shares, 30.20T
RII : 1020000 Shares, 39.78T
Total : 5610000 Shares, 17.46T
Sah Polymers IPO Promoters
SAT INDUSTRIES LIMITED
Sah Polymers IPO Company Details
Sah Polymers is an ISO 9001:2015 certified company, primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) FIBC Bags, Woven Sacks, HDPE/PP woven fabrics, woven polymer 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 Products Industry, Textile Industry Ceramic Industry and Steel Industry. Besides, our Company is 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. It enters into arrangements as third-party manufacturers to manufacture its tape and fabric based on customers’ requirements.
The company has two business divisions (i) domestic sales; and (ii) exports.
It has presence in 6 states and 1 union territory for our domestic market based on sales made for the nine month ended December 31, 2021 and FY 2021, respectively. Internationally it supplies products in 6 regions such as Africa, Middle East, Europe, USA, Australia, Caribbean based on sales made for the nine month ended December 31, 2021 and during FY 2021. For the nine months ended December 31, 2021 and for Fiscals 2021, 2020 and 2019 our revenue from exports was Rs. 1938.39 lakhs, Rs. 2419.86 lakhs, Rs. 2491.88 lakhs and Rs. 2396.46 lakhs contributed 35.89%, 43.94%, 50.75%, and 53.04% respectively of its revenue from operations.
Presently, it has one manufacturing facility with installed production capacity of 3960 m.t. p.a. located at
Udaipur, Rajasthan. Over the years, it has made investments, from time to time, in its manufacturing
infrastructure to support its product portfolio requirements and its reach. Furthermore, in line with its strategic expansion plans, it intends to use part of its Net Proceeds to establish a new facility with an additional installed capacity of 3960 m.t p.a. to manufacture different variants of FIBC products.
For more information, click www.sskl.co.in
Objects of the IPO
The Company proposes to utilize the Net Proceeds towards funding of the following objects:
1. Setting up of a new manufacturing facility to manufacture new variant of Flexible Intermediate Bulk
Containers
2. Repayment/ Prepayment of certain secured and unsecured borrowings in full or part availed by the Company and its Subsidiary Company
3. Funding the working capital requirements of the Company
Sah Polymers IPO Details | |
IPO opens on | 30 December ,2022 |
IPO closes on | 4 January ,2023 |
Issue Type | Book Built Issue IPO |
Issue Size | 102,00,000 Sh /Rs 66.30 Cr |
* Fresh Issue | 102,00,000 Sh /Rs 66.30 Cr |
* Offer for Sale | up to NIL Shares /Rs (?) Cr |
Face Value per share: | Rs. 10 |
Price Band | Rs. 61-65 |
Employee discount | Rs. 0 per share |
Retail Lot Size | 230 Shares |
Listing will at | BSE, NSE |
Shares offered to | Shares | Rs. |
QIB (75 %) | 7650000 | Rs 49.73 Cr |
NII (10 %) | 1020000 | Rs 6.63 Cr |
RII (15 %) | 1530000 | Rs 9.94 Cr |
Employees | – | Rs 0 Cr |
Total Shares | 10200000 | Rs.66.30 Cr |
Retail portion will be oversubscribed by | – Forms | |
How much Shares to Apply? | ||
Min Retail Application | 230 Sh | Rs. 14950 |
Max Retail Application | 2990 Sh | Rs. 194350 |
Small HNI (Min) application | 3220 Sh | Rs. 209300 |
Small HNI (Max) application | 15180 Sh | Rs. 986700 |
Big HNI Application | 15410 Sh | Rs. 1001650 |
Sah Polymers IPO Tentative timetable | |
IPO opens on | 30 Dec 2022 |
IPO Closes on | 4 Jan 2023 |
IPO Allotment on | 9 Jan 2023 |
Unblocking of ASBA | 10 Jan 2023 |
Credit of Shares | 11 Jan 2023 |
Listing on | 12 Jan 2023 |
Registered Office of Sah Polymers | |
E-260-261 Mewar Industrial Area Madri Udaipur Rajasthan 313 003 |
|
Sah Polymers IPO Lead Managers | |
Pantomath Capital Advisors Private Limited | |
Registrar to Sah Polymers IPO | |
Link Intime India Private Limited |
Sah Polymers IPO Financial & Analytical Ratios | ||||
Year | Total Income | Net Profit | EPS | RoNW |
Rs. in Cr | Rs.in Cr | Rs. | % | |
2019-20 | 49.91 | 0.30 | 0.19 | 1.54 |
2020-21 | 55.34 | 1.27 | 0.82 | 6.33 |
2021-22 | 80.51 | 4.38 | 2.81 | 16.42 |
Book Value of the Share on | 31.03.2022 | Rs.17.09 | ||
Book Value of the Share | after the IPO | Rs. | ||
Offer Price | Rs. – |
Ratio Analysis | |
Upper Price /last EPS | 23.13 |
Upper Price/Book Value Ratio | 3.80 |
Upper Price/BV after IPO | – |
Sah Polymers Peer Comparison
As on date of RHP | Total Income Rs. | Face | PE |
Income | Value | Ratio of | |
Rs. In Cr | Rs | ||
The IPO Company | 81.23 | 10 | 23.13 |
Rishi Techtex | 101.08 | 10 | 15.77 |
Jumbo Bag | 131.14 | 10 | 6.46 |
SMVD Poly Pack | 86.30 | 10 | 7.63 |
EMMBI Industries | 435.73 | 10 | 10.78 |
Commercial Syn Bags | 326.20 | 10 | 9.65 |
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GMP