Thursday, January 12, 2023

Sah Polymers bags a blockbuster debut to close at 37% premium

Mumbai, January 12, 2023: Sah Polymers Limited is primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) Flexible Intermediate Bulk Containers (FIBC) Bags, Woven Sacks, HDPE/PP woven fabrics, woven polymer based products, makes a strong debut on the exchanges to close 37.31% premium to its issue price.

The scrip listed Rs 85 per share on both BSE and NSE, a premium of 30.77%. The company's share price closed at Rs 89.25 per share on the BSE and NSE, a 37.31% premium.

As per NSE, the total quantity traded stood at 41.80 lakh shares, on BSE the total Quantity stood at 4.16 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 40.11 crore. 

Mr. Asad Daud, Managing Director – Sah Polymers Limited said “We are overwhelmed by the faith shown by the investors in our company. We realise that we are now custodians of the trust and capital of tens of thousands of shareholders and we will always endeavour to maintain that faith shown to us and put in our best efforts to achieve our future goals and objectives so as to enhance shareholder value in the long term. Sah Polymers’ financial performance has been robust and we are very confident about the future outlook of the company."

The Market Capitalization of the Company at today’s closing price stood at Rs. 230.23 Crore as per BSE and NSE. 

The issue with a face value of ₹10 per Equity Share consists of a fresh issue of 102,00,000 equity shares, with no offer for sale component. 

Sah Polymers is led by Asad Daud, and Hakim Sadiq Ali Tidiwala, with a combined expertise of approximately 20 years in the FIBC packaging sector. The Company provides tailored bulk packaging solutions to business-to-business ("B2B") producers in a variety of industries, including agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics, and steel. It is also a Del Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited, as well as a Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation’s polymer division.

The Udaipur-based company has two business division namely Domestic sales and exports. Based on sales, it has presence in six states and one union territory for its local market. Internationally, it supplies its products in six regions: Africa, the Middle East, Europe, The United States, Australia, and Caribbean. For the nine months ended December 31, 2021 and fiscal 2021, exports contributed 37.40 percent and 46.80 percent, respectively.

Revenue from operations climbed 46.20% to Rs 80.51 crore in Fiscal 2022 from Rs 55.07 crore in Fiscal 2021, attributable to an increase in sales of manufactured goods which included HDPEC and LDPE bags, whereas profit after tax grew 244.88% to Rs 4.38 crore for fiscal 2022 from Rs 1.25 crore in fiscal 2021.

For the three months ended June 30, 2022 total income stood at Rs 27.59 crore and profit after tax stood at Rs 1.25 crore.

Pantomath Capital Advisors Private Limited is the sole book running lead manager to the issue and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on the Main Board of BSE and NSE.

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