Steel manufacturing company Shyam Metalics and Energy will launch its Rs 909-crore initial public offer (IPO) on June 14. The price band for the issue has been fixed at Rs 303-306 per share.
The public issue comprises a fresh issue of up to Rs 657 crore, and an offer for sale up to Rs 252 crore by promoters, including 3 lakh equity shares reserved for employees. Eligible employees will get shares at a discount of Rs 15 per share to the final offer price.
The offer for sale consists of a sale of up to Rs 37 crore worth of shares by Subham Capital, Rs 63 crore by Subham Buildwell, Rs 25 crore by Kalpataru Housefin & Trading, Rs 30 crore by Dorite Tracon, and Rs 97 crore by Narantak Dealcomm.
The public issue will open for a day on June 11 for anchor investors. The three-day offer will close on June 16.
Shyam Metalics will utilise proceeds from the fresh issue for repayment of debt and general corporate purposes.
Investors can put minimum bids for 45 equity shares and in multiples of 45 equity shares thereafter.
To Know All IPO Related News, Click Here
About 50 percent of the total issue size has been fixed for subscription by qualified institutional buyers, up to 35 percent for retail investors and the remaining 15 percent for non-institutional investors, as per the information published by the company in daily newspapers on June 8.
Shyam Metalics is a leading integrated metal producing company based in India with a focus on long steel products and ferroalloys. It is among the largest producers of ferroalloys in terms of installed capacity in India (as of February 2021).
The company currently operates three manufacturing plants located at Sambalpur in Odisha and Jamuria and Mangalpur in West Bengal. As of December 2020, the aggregate installed metal capacity of its manufacturing plants was 5.71 million tonne per annum (MTPA) (comprising of intermediate and final products).
Its manufacturing plants also include captive power plants with an aggregate installed capacity of 227 MW, as of December 2020.
ICICI Securities, Axis Capital, IIFL Securities, JM Financial and SBI Capital Markets are the book running lead managers to the issue.