Shyam Metalics IPO subscription begins today

The Shyam Metalics and Energy Limited (SMEL) has opened Initial Public Offering (IPO) subscriptions for Rs.909-crore public issue today.  It will be open for bidding till 16th June 2021. According to Economic Times, analysts said that the issue is reasonably valued and has enough on the table for investors.

IPO Details

The IPO opening date is June 14, 2021, and the closing is on June 16, 2021. The issue listing will tentatively happen on June 24, 2021.

The price of the IPO has been fixed at Rs.303-306 per share. On June 11, anchor investors invested Rs.270 crore in the IPO through the anchor book at a price of Rs.306 per share.  The proceeds from the IPO will be used to fully or substantially repay and/or pre-pay the debt of the company and its subsidiary (SSPL).

The market lot size for the Shyam Metalics IPO is 45 shares. Individual retail investors can apply for up to 14 lots (630 shares or 192,780).

About Shyam Metalics and Energy Limited

Shyam Metalics and Energy Limited (SMEL), is India’s leading integrated metal producing company incorporated in 2002.

The company’s output is long steel products such as iron pellets, sponge iron, steel billets, TMT, structural goods, wire rods, and ferroalloys. As of February 2021, it was the fourth-biggest participant in the sponge iron industry and one of India’s leading makers of ferroalloys in terms of installed capacity. The firm has three manufacturing plants located in Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal which are connected by roads, railways and ports.

Its domestic clients include Jindal Stainless Limited, Rimjhim Ispat Limit, whereas Norecom DMCC, Norecom Limited, POSCO International Corporation, World Metals & Alloys, Traxys North America LLC, JM Global Resources, Vijayshri Steel Pvt Ltd, etc. are the international clients of Shyam Metalics.

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