Sati Poly Plast IPO Closed
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Schedule of Sati Poly Plast
| Issue open date | 12 Jul 2024 |
| Issue close date | 16 Jul 2024 |
| UPI mandate deadline | 16 Jul 2024 (5 PM) |
| Allotment finalization | 18 Jul 2024 |
| Refund initiation | 19 Jul 2024 |
| Share credit | 19 Jul 2024 |
| Listing date | 22 Jul 2024 |
| Mandate end date | 31 Jul 2024 |
| Lock-in end date for anchor investors (50%) | 18 Aug 2024 |
| Lock-in end date for anchor investors (remaining) | 18 Oct 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Sati Poly Plast
Incorporated in 1999, Sati Poly Plast is an ISO Certified Company engaged in the manufacturing of flexible packaging material which is multi-functional and caters to the packaging requirements of various industries and also provides end-to-end solutions for various flexible packaging needs. The company’s products cover an extensive range of industry-approved materials such as polyethylene terephthalate, biaxially oriented polypropylene, polythene, cast polypropylene, foil, paper, bio-degradable films, etc. Its range of packaging solutions spans a variety of products in the food and beverage category, including salty snacks, snack bars, dry fruits, confectionery and dry foods.
The Company has been consistently expanding its business operations by increasing its installed capacity from 250 tonnes per month to 400 tonnes per month in 2018 and to 500 tonnes per month in 2019 and supplies its packaging material to 14 states and union territories. Currently, The company supplies packaging material to Pidilite, Adani Wilmar and JVL as per their usage requirements.
Financials of Sati Poly Plast
Issue size
| Funds raised in the IPO | Amount |
| Overall | ₹17.36 crores |
| Fresh issue | ₹17.36 crores |
| Offer for sale | – |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working capital | 11 (63.4%) |
| General corporate purposes | 6.36 (36.6%) |
*All figures except EPS are in ₹ crores
Strengths
- Cost Leadership and time-bound execution: The management has carried out various steps for the purpose which involves the identification of quality raw materials, harmonious relations with the workforce and the use of the latest and highly efficient manufacturing facilities which enhanced the ability to meet large and varied orders on a timely basis.
- Established Manufacturing Facility: The company’s dynamic manufacturing facilities located at Noida are spread over 8100 sq Mtr area and 1035 sq Mtr of area are equipped to carry out end-to-end manufacturing activities starting from designing of products to the production of finished goods.
Risks
- Clientele risk: Reliance on the top 10 clients for more than 70% of revenues. Loss of any of these large customers may affect revenues and profitability.
- Geographical concentration risks: Primarily focused in Uttar Pradesh, Any adverse development affecting operations poses liabilities and investment risks.
- Higher inventory due to business cyclicality: Business is subject to seasonal and cyclical volatility due to which there may be fluctuation in the sales of products which could lead to higher closing inventory position, which may adversely affect the business.
Note:
- The above schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion.
- The allotment status will be available by July 19, 2024, on the registrar’s website and the NSE website.