courtesy-IndiaTVnews
According to the banking sources, The initial share scale of Shyam Metallics snd Energy will open on 14th June with the amount of ₹1,107 crores. The bidding for anchor investors shall commence on 11th June whil the three day Initial Public Offer (IPO) shall close on 16th June.
According to the draft red herring (DRH) prospectus, an offer for sale (OFS) with an amount of ₹450 crore by the existing shareholders along with fresh issuance of equity shares worth ₹657 crores will be comprised by the IPO. Toplight Mercantiles, Dorite Tracon, Narantak Dealcomm, Kalpataru Housefin and Trading and Shubham Buildwell shall be the ones participating in the OFS.
Final and intermediate products are sold across steel value chain catering to end use customers through 42 distributors, brokers across 13 states and one union territory by the Kolkata based long steel product and ferro alloy focused company.
Three manufacturing plants located at Sambalpur (Odisha), Jamuria and Mangalpur (West Bengal) are operated by the company which has tries to tap the capital markets in the past too. Preliminary IPO papers with capital markets regulator SEBI were filed by Shyam Metalics and Energy in February and received its go ahead on 11th May. Although the company has received a clearance from the regulator yet it deferred its plans to list on the bourses.
The book running lead managers to the issue consists of SBI Capital Markets, JM Financial, Axis Capital, ICICI Securities and IIFL Securities.
The net proceeds from the fresh issue of prepayment or repayment is planned to be utilized by the company for other general corporate purposes, as per the draft papers.