Packaging solutions provider Sah Polymers has set a price range of Rs 61-65 per share for its IPO. The issue will be open for subscription from December 30 to January 4. Investors can bid at least 230 shares in multiples after that.

The company reserves 75% of the public offering for qualified institutional buyers, 15% for high-net-worth individuals (non-institutional investors), and the remaining 10% for retail investors.

The Sah Polymers issue will be a new issue of 1.02 crore shares following a series of IPOs that contain an offer-only-for-sale (OFS) component. The issue size reached Rs 66 crore at the upper end of the price range.

According to RHP, the funds will be used to repay borrowings for general corporate purposes and to establish additional manufacturing facilities for the new flexible intermediate bulk containers (FIBCs) with a capacity of 3,960 million tonnes per annum.

Sat Industries holds a 91.79% stake in the company, with the remainder held by Sat Invest.

The company manufactures and sells polypropylene (PP), high-density polyethylene (HDPE) bulk bags, woven bags, and HDPE and PP woven fabrics.

It exports products to 14 countries, including Algeria, Togo, Ghana, Poland, Portugal, France, Italy, the Dominican Republic, the US, Australia, UAE, Palestine, the UK and Ireland, accounting for 55% of FY22 operating revenue.

The company has been improving its financial performance over the past three years. For FY22, the company posted a net profit of Rs 4.38 crore on revenue of Rs 80.51 crore, up from a net profit of Rs 1.2 crore on revenue of Rs 55 crore in FY21. In FY20, its revenue was Rs 49 crore, and its net profit was Rs 30 lakh.