Sah Polymers shares surge after strong listing. Buy, sell or hold?

Market


Sah Polymers shares listed on BSE and NSE today at a strong premium of over 30 per cent in special pre-open session. Sah Polymers share price today opened on BSE and NSE at 85 apiece levels, delivering to the tune of 30.75 per cent listing premium to its allottees against the upper price of the public issue. The upper price of the public issue was 65 per equity share. However, the chemical stock surged further after strong debut on Dalal Street and made an intraday high of 89.25 on NSE, extending listing premium up to 37.35 per cent immediately after listing in secondary market.

According to stock market experts, allottees should hold the stock for further upside as small IPOs have given higher returns to its investors. They said that polymer market is expected to register strong growth as well, so, allottees should continue to hold the stock for short term target of 112 per share levels. They said that some profit booking may take place in the scrip and those who missed to get Sah Polymers shares during allotment process, they can buy the scrip at around 80 apiece levels for same 112 target maintaining stop loss at 72 apiece.

See NSE tweet below on Sah Polymers share listing:

Speaking on strong listing of Sah Polymers shares, Santosh Meena, Head of Research at Swastika Investmart said, “Sah Polymers IPO listed at 85 against the IPO price of Rs. 65/- which is a premium of Rs. 20. The company surprised the Street with a strong opening.” He said that those who have applied for listing premium can further hold the stock maintaining stop loss around 10 above its upper price band.

On Sah Polymers share price outlook, Ravi singhal, CEO at GCL Securities said, “Sah Polymers share listing has surprised Dalal Street after delivering over 30 per cent listing premium to its allottees. But, the growth outlook of chemical and polymer market is expected to remain on the robust trajectory and hence we believe that the stock has still some steam left after strong listing. We are expecting Sah Polymers share price to go up to 112 apiece levels in short term, but not before a profit booking trigger. So, those who have applied for listing premium can continue to hold the stock with stop loss at 72 whereas those who missed to get Sah Polymers shares during share allotment can enter around 80 apiece levels maintaining stop loss at 72 per share levels.”

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Sah Polymers Limited, manufacturer and seller of Polypropylene (PP) / High-Density Polyethylene (HDPE) FIBC Bags, Woven Sacks, HDPE/PP Woven Fabrics, and Woven Polymer was a small IPO of 66.30 crores. It was subscribed 17.46 times overall, 39.78 times in the retail category, 2.40 times in the QIB category, and 32.69 times in the NII category by January 4, 2023.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.


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