The initial public offer (IPO) of Sah Polymers was subscribed 5.35 times on the last day of subscription on Tuesday, thanks to a strong response from retail investors.

The ₹66-crore IPO received bids for 2.98 crore shares against 56.10 lakh shares on offer, according to data available with the exchanges. The public issue came at a price range of ₹61-65 a share.

The quota for retail investors was subscribed 16.53 times and the portion for non-institutional investors received bids for 6.49 times even as qualified institutional buyers managed to get 100 per cent.

The IPO has a fresh issue of 1.02 crore equity shares.

Anchor investors

As a part of the IPO process, the company raised ₹29.84 crore from three anchor investors — Leading Light Fund VCC-The Triumph Fund, Saint Capital Fund and Maven India Fund.

The Udaipur-based company is primarily engaged in manufacturing and selling of Polypropylene, high-density polyethylene, flexible intermediate bulk container bags, woven sacks, HDPE/PP woven fabrics, woven-polymer based products.

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