Image Credits: shyammetalics.com
Shyam Metalics and Energy which was founded in 2002, focuses on long steel products and ferroalloys. It has three manufacturing plants in Sambalpur, Odisha, and Jamuria, and Mangalpur in West Bengal put out an IPO and received a 1.23 times subscription on the first day of bidding, June 14th, 2021. The subscription data obtainable on the exchanges showed that the offer has received bids for 2.59 crore equity shares while the IPO size is just over 2.1 crore equity shares.
The portion that was reserved for retail investors showed a 2.18 times subscription, on the other hand, employees and non-institutional investors have put in 27 per cent and 70 per cent bids, against their reserved portion. Other bids also include those of institutional buyers who put in bids for 3,375 equity shares against their reserved portion of 59.4 lakh equity shares. The size of the IPO did not include the anchor portion. The company had collected up to Rs 2,498 crore from anchor investors last Friday.
The company expects to raise Rs 909 crore via its public issue containing a fresh issue of Rs 657 crore and an offer for sale of Rs 252 crore by present selling shareholders. As of now, it has raised Rs 270 crore through anchor investors which is at a higher end of the price band of Rs 303-306 per share.