Sati Poly Plast IPO subscribed nearly 500 times on last day on high demand from NIIs

Sati Poly Plast Limited IPO closed with a whopping 500 times subscription on the third and final day of bidding, on July 16, led by a high retail demand.

The initial public offering received bids for 44.23 crore shares against 8.86 lakh shares, leading to an overall subscription of 499.02 times.

The retail portion saw the highest subscription among categories. The retail investors applied for more than 29.7 crore shares against 4.43 lakh shares on offer, subscribing to the category by 670.61 times.

The Qualified Institutional Buyers (QIB) applied for more than 3.69 crore shares compared to 2.53 lakh shares set aside for the segment. The QIBs portion was booked 146 times. The Non-Institutional Investors (NIIs) placed bids for over 10.82 crore shares against 1.9 lakh shares reserved for them. The NIIs segment was booked 569.88 times.

Sati Poly Plast IPO allotment and listing date

The Sati Poly Plast IPO subscription was open from July 12 to July 16. The IPO allotment status is expected to be finalised on July 18. The successful bidders will receive shares in their demat accounts on July 19, and the refunds for non-allottees will be initiated on the same day.

The NSE SME IPO listing date has been tentatively scheduled at July 22.

Sati Poly Plast IPO objective

Sati Poly Plast Limited aims to use the net proceeds from the IPO to fund the company’s working capital requirements and general corporate purposes.

Sati Poly Plast IPO price band, lot size and offer size

The Sati Poly Plast IPO, a book-building issue worth ₹17.36 crore, comprised an entirely fresh issue of 13.35 lakh shares of a face value of ₹10. Out of the total issue size, 70,000 shares were set aside for the market maker and 3,79,000 shares for anchor investors.

The IPO price band was fixed between ₹123 and ₹130 per share. The minimum lot size for retail investors was 1,000 shares per application. This translated to a minimum investment of ₹1.3 lakh for retail investors. The minimum investment in the IPO for High Net Worth Individuals (HNIs) was of two lots, or 2,000 shares, amounting to an investment of ₹2.6 lakh.

Link Intime India Private Ltd is serving as the Sati Poly Plast IPO registrar, while Beeline Capital Advisors Pvt Ltd is the book-running lead manager. Spread X Securities is the market maker for the initial public offer.

About Sati Poly Plast Limited

Founded in July 1999, Sati Poly Plast Limited manufactures multifunctional flexible packaging materials for diverse industry needs. The company operates two manufacturing facilities in Noida, Uttar Pradesh.

Some of the company's noteworthy clients include Pidilite, Adani Wilmar, and JVL. The company distributes its packaging materials across states such as Assam, Bihar, Chhattisgarh, Dadra and Nagar Haveli, Daman and Diu, Delhi, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Punjab, and Rajasthan.