IPO Update: Udaipur-based Sah Polymers files draft papers with Sebi for IPO

Sah Polymers Ltd has filed preliminary paperwork with the Securities and Exchange Board of India (Sebi) to acquire funds through an initial public offering (IPO) (IPO). According to the draught red herring prospectus, the IPO will be a fresh issue of 1,02,00,000 equity shares with no offer-for-sale component (DRHP).

The proceeds will be used to build a new Flexible Intermediate Bulk Containers (FIBC) factory and expand production capacity, as well as support working capital requirements for the new project and repay some debt.

ABOUT SHAH POLYMERS 

Sah Polymers, based in Udaipur, specialises in the production and sale of polypropylene (PP)/ high density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics, and woven polymer-based goods. Business-to-business (B2B) producers in a number of industries, including agro pesticides, basic pharmaceuticals, cement, chemicals, fertilisers, food items, textiles, ceramics, and steel, can benefit from its customised bulk packaging solutions.

In financial 2021, revenue from operations increased by 12.16 percent to Rs 55.07 crore, up from Rs 49.10 crore the previous year. The issue’s sole book running lead manager is Pantomath Capital Advisors Pvt Ltd. The BSE and NSE are expected to list the equity shares.