Sati Poly Plast shares list at 90% premium at ₹247 on NSE Emerge

Packaging solutions provider Sati Poly Plast Ltd. made a robust debut on the NSE SME platform Emerge on Monday, with its shares listing at a premium of 90% over the issue price.

According to exchange data, the company's shares started trading at ₹247 apiece on the NSE against the issue price of ₹130 per share.

Shares gained further to hit a high of ₹259.35 per share, up 99% from the issue price and 5% from the listing price on investors' buying.

More than 2.21 lakh shares of the company changed hands on NSE Emerge, with a traded value of more than ₹5.6 crore. The market capitalisation of the company stood at ₹128.3 crore.

Sati Poly Plast hit the capital market with its IPO on July 12 to raise ₹17.36 crore from investors. The public offer, consisting of a fresh issue of 13.35 lakh shares and no OFS portion, closed for subscription on July 16.

Sati Poly Plast IPO had set the price band at ₹123 to ₹130 per share. The minimum lot size was 1000 shares, and the minimum investment required was ₹130,000 for retail investors. Link Intime India Pvt Ltd is the registrar for the IPO.

Sati Poly Plast IPO booked 499 times on strong retail demand. Sati Poly Plast's public offer was subscribed to around 499 times on the back of robust retail demand.

According to exchange data, Sati Poly Plast Ltd IPO received applications for 44.22 crore shares worth ₹5,749 crore compared to 8.86 lakh shares on offer for subscription.

Retail individual investors placed bids for 29.7 crore shares against 4.43 lakh shares on offer. The retail portion was subscribed 670 times.

The qualified institutional buyers’ (QIBs) quota was subscribed 146 times. Applications for 3.69 crore shares were received against 2.53 lakh shares on offer.

The non-institutional investors’ (NII) quota was booked 569 times. Applications for 10.82 crore shares were received against 1.90 lakh shares on offer for subscription.

The company raised ₹4.93 crore from anchor investors before the public subscription's launch. The company allotted 3.79 lakh shares to three fund schemes at a price of ₹130 per share.

Sati Poly Plast manufactures flexible and multi-functional packaging material. It caters to the packaging requirements of various industries and offers end-to-end solutions for their needs.

According to the company RHP, Sati Poly Plast will utilise ₹11 crore of the IPO proceeds to meet working capital requirements. The Net Working capital requirements are estimated at ₹ 36.36 crore for 2024-25.

Sati Poly expects the listing will enhance the corporate image and visibility of its brand name.

The company has also proposed using IPO funds to acquire or hire land or property for building a corporate house. It will also use the proceeds to hire human resources, including marketing or technical people, in India or abroad. The company may also enter into strategic alliances with other corporate bodies to expand its business abroad or in India.