Udaipur-based Sah Polymers Limited, primarily engaged in manufacturing and selling of polypropylene (PP)/ HDPE Flexible Intermediate Bulk Containers (FIBC) Bags, Woven Sacks, HDPE/PP woven fabrics, has filed its draft red herring prospectus (DRHP) with the markets regulator, SEBI, to raise funds through an initial public offering (IPO) with a fresh issue of 102,00,000 equity shares, with no offer for sale component.

The issue has a face value of Rs 10 per equity share for the proposed share sale. The proceeds from its fresh issuance shall be utilised for manufacturing of new FIBC plant and expansion of production capacity & funding working capital requirements for new project, besides repayment/prepayment of certain borrowings.

Sah Polymers is led by Asad Daud, and Hakim Sadiq Ali Tidiwala, with a combined expertise of approximately 20 years in the FIBC packaging sector. The company provides tailored bulk packaging solutions to business-to-business (B2B) producers in a variety of industries, including agro pesticides, basic drugs, cement, chemicals, fertilisers, food products, textiles, ceramics, and steel. It is also a Del Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited, as well as a Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation's polymer division.

Sah Polymers currently has one manufacturing site in Udaipur, Rajasthan, with an installed production capacity of 3960 mt p.a. The company has made investments in its manufacturing infrastructure from time to time in order to strengthen its product portfolio and reach, and as part of its strategic expansion plans, it intends to establish a new facility with an additional installed capacity of 3960 MTPA to manufacture different variants of FIBC products. The company has recently acquired majority stake in Fibcorp Polyweave Private Limited. 

Pantomath Capital Advisors Private Limited is the sole book running lead manager to the issue and Link Intime India Private Limited is the registrar to the offer.