Sah Polymers IPO
Sah Polymers Limited (SAH) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 12 January 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +13.3% (likely range -5% to +21%), day's high +17.0%, chance of a gain 51%. Actual: +30.8% at the open, +37.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 30,60,000 | 73,50,110 | 2.40x | |
| NII (HNI) total | 15,30,000 | 5,00,14,880 | 32.7x | |
| Big NII (above ₹10 lakh) | 10,20,000 | 3,46,15,000 | 33.9x | |
| Small NII (₹2-10 lakh) | 5,10,000 | 1,53,99,880 | 30.2x | |
| Retail | 10,20,000 | 4,05,79,820 | 39.8x | |
| Total | 56,10,000 | 9,79,44,810 | 17.5x |
Bids on NSE and BSE together, as published by NSE, as of 04 Jan 2023, 07:00 PM. Shares offered exclude the anchor portion. 36% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Sah Polymers's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| HP AdhesivesDec 2021 | 1.82x | 19.0x | 81.2x | 21.0x | ₹126 Cr | +15.0% | +20.7% |
| Stove KraftJan 2021 | 8.02x | 32.7x | 26.0x | 18.0x | ₹413 Cr | +29.4% | +29.4% |
| NurecaFeb 2021 | 3.10x | 31.6x | 167x | 39.9x | ₹101 Cr | +53.8% | +61.4% |
| Venus Pipes and TubesMay 2022 | 12.0x | 15.7x | 19.0x | 16.3x | ₹165 Cr | +3.5% | +8.7% |
| Apex Frozen FoodsAug 2017 | 1.91x | 7.82x | 8.53x | 6.14x | ₹152 Cr | +15.4% | +21.2% |
| RateGain Travel TechnologiesDec 2021 | 8.42x | 42.0x | 8.08x | 17.4x | ₹1,336 Cr | -15.3% | -9.9% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Pantomath Capital Advisors | 19 | +20.0% | 79% |
Offer documents (NSE)
Frequently asked
What is the Sah Polymers IPO price band and lot size? ₹61.0–65.0 per share, with a lot of 230 shares, so the smallest retail bid is ₹14,950.
How many times has it been subscribed? 17.5x overall: QIB 2.40x, NII 32.7x, retail 39.8x.
How did it list? It opened at ₹85.0, +30.8% against the issue price of ₹65.0, and closed its first day +37.3%.
