Aluminium products maker Sharvaya Metals will launch its initial public offering (IPO) for subscription next week on September 4, with price band of Rs 192-196 per share.
The public issue will close on September 9. The company will finalise its IPO share allotment by September 10 and its shares will be available for trading on the BSE SME effective September 12.
The company that manufactures aluminium alloyed ingots, billets, slabs, sheets, circles and electric vehicle battery case has reduced its IPO size from 40 lakh shares to 30 lakh shares.
It aims to raise Rs 58.8 crore via maiden public issue which comprises of fresh issue of 25 lakh shares and an offer-for-sale of 5 lakh shares by promoter Shreyans Katariya.
The IPO funds will be used mainly for the working capital requirements, and purchase of plant and machinery, apart from general corporate purposes.
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With manufacturing unit in Ahmednagar, Maharashtra, Sharvaya Metals supplies products to various industries including cookware, consumer appliances, electric vehicle, LED, aviation, defence, automotive, extrusions, and constructions, competing with listed peers like Maan Aluminium, Manaksia Aluminium, and Baheti Recycling Industries.
Expert Global Consultants is managing the Sharvaya Metals IPO.
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