Sah Polymers IPO: IPO Of Sah Polymers Has Received A Strong Response From Investors

Sah Polymers IPO: The IPO of Sah Polymers has received a strong response from investors.

The initial public offering of the company was subscribed to 17.46 times on the last day of subscription.

There was a rush to buy this IPO, and investors broke down on the shares; Received 17 times subscriptions on the last day

As per the data available with NSE, the initial offer-for-sale received bids for 9,79,44,810 shares against 56,10,000 shares.

The retail individual investors (RIIs) portion was subscribed 39.78 times, the non-institutional investors’ category 32.69 times, and qualified institutional buyers (QIBs) 2.40 times.

A fresh issue of 1.02 crore equity shares was offered in the Initial Public Offer (IPO).

What is the price range of the offer?

The price range for the offer for Shah Polymers’ IPO was Rs 61-65 per share. Pantomath Capital Advisors turned into the supervisor to the offer.

Company Profile.

The Udaipur-based company provides packaging solutions for a wide variety of industries including agricultural pesticides, basic drugs, cement, chemicals, fertilizers, food products, textiles, ceramics, and steel.

The Equity Shares are proposed to be indexed on BSE and NSE. Shah Polymers is primarily engaged in manufacturing and marketing Polypropylene (PP)/High-Density Polyethene (HDPE) FIBC Bags, Woven Sacks, HDPE/PP Woven Fabrics, and polymer-based products.

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Where will the IPO money be used?

The company said it plans to use the proceeds from the IPO to set up a new manufacturing facility for a new type of Flexible Intermediate Bulk Container (FIBC).

Apart from this, the company can also use this amount for the expansion of its business and for repayment/prepayment of certain borrowings in full or in part.

The company can also spend this money for working capital requirements and for general corporate purposes.

Amazon layoffs: More than 17,000 employees could be laid off at Amazon.

E-commerce giant Amazon may lay off more than 17,000 employees. According to the Wall Street Journal, Amazon has been laying off workers since November.

At the time, the company planned to lay off 10,000 employees. However, now this number has increased by more than 7 thousand.

The company remained silent when asked about it by a news agency. Additionally, Salesforce Inc said on Wednesday that it also plans to make cuts.

Let us tell you that Amazon’s rapid growth has slowed, so thousands of employees may have to bear the brunt.