New Delhi (Anish Yande): Shyam Metalics and Energy’s initial public offering has opened for subscriptions from June 16. The steel manufacturer would be raising up to Rs 909-crore through the launch of the IPO. Check all details of the Shyam Metalics and Energy IPO here.
Shyam Metalics and Energy IPO details:
The initial public offer of Shyam Metalics and Energy would amount to Rs 909-crore. The price band for the issue is fixed at Rs 303 to 306 per share. The company’s IPO will close on 16 June. Shyam Metalics’ initial public offering would consist of a fresh issue of 2,14,70,588 equity shares amounting up to Rs 657 crore. The offer for sale of 82,35,294 equity shares is worth up to Rs 252 crore.
The offer for sale would consist of up to Rs 252 crore by promoters, with a sale of up to Rs 37 crore shares by Subham Capital, a sale of up to Rs 25 crore by Kalpataru Housefin & Trading, and sale of shares up to Rs 30 crore by Dorite Tracon. Offer for sale would also include a sale of shares amounting to Rs 63 crore by Subham Buildwell and Rs 97 crore by Narantak Dealcomm.
Investors can bid for a minimum of 45 equity shares and in multiples of 45 equity shares. 3 lakh equity shares are reserved for employees. Eligible employees of Shyam Metalics will get shares at a discount of Rs 15 per share to the final offer price.
The book running lead managers to the issue are IIFL Securities, ICICI Securities, JM Financial, Axis Capital, and SBI Capital Markets. Shyam Metalics and Energy would be utilising the net fresh issue proceeds for repaying debt amounting to Rs 470 crore for the company and its subsidiary Shyam SEL & Power.
The steel manufacturer owns and operates three manufacturing plants located at Sambalpur in Odisha and Jamuria and Mangalpur in West Bengal. The aggregate installed metal production capacity was at 5.71 million tonnes per annum as of December 2020. These manufacturing units of Shyam Metalics have an operating capacity of 5.70 million tonnes per annum, with 227 MW of captive power capacity.
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