Sah Polymers Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO will be a fresh issue of 1,02,00,000 equity shares, with no offer-for-sale component, according to the draft red herring prospectus (DRHP).
Proceeds from the issue will be utilised for manufacturing of new Flexible Intermediate Bulk Containers (FIBC) plant and expansion of production capacity; funding working capital requirements for the new project; and payment of certain debt. Udaipur-based Sah Polymers is primarily engaged in manufacturing and selling of polypropylene (PP)/ high density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer based products.
It 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. Its revenue from operations climbed 12.16 per cent to Rs 55.07 crore in fiscal 2021 from Rs 49.10 crore in the previous year.
Pantomath Capital Advisors Pvt Ltd is the sole book running lead manager to the issue. The equity shares are proposed to be listed on the BSE and NSE.