Courtesy-The Financial Express
With a price band fixed at ₹303-306 per share for the issue, Shyam Metalics and Energy, a steel manufacturing company will launch its Initial Public Offer (IPO) worth ₹909 crore.
With an offer for sale up to ₹252 crore by promoters, including 3 lakh equity shares which is reserved for employees and a fresh issue of ₹657 crore is comprised in the public issue.
Shubham Capital has a share worth ₹37 crores, ₹63 crore by Shubham Buildwell,₹25 crore by Kalpataru Housefin and Trading, ₹30 crore by Dorite Tracon and around ₹97 crore by Narantak Dealcomm in the offer for sale. For the anchor visitors, the public issue will open for a day on June 11 with a three day offer closing on 16th June 2021. Repayment of debts and general corporate purposes will satisfied by utilizing proceeds from the fresh issue by Shyam Metalics.
A minimum bid for 45 equity shares can be put up by the investors and in multiples of 45 equity shares thereafter. The qualified institutional buyers have fixed 50 percent of the total issue size for subscription, 35 percent is fixed for retail investors and 15 percent for non-institutional investors, as mentioned in an information published in daily newspaper by the company on 8th June.
With three manufacturing plants located at Sambalpur in Odisha, Jamuria and Mangalpur, the company focuses on long steel products and ferroalloys. The aggregate installed metal capacity of its manufacturing plants was 5.71 million tonne per annum (MTPA) as of December 2020. The company stands among the largest producers of ferroalloys in terms of installed capacity in India as of February 2021.