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Shyam Metalics IPO opens today. Check details here
Shyam Metalics IPO comprises fresh issuance of equity shares worth up to ₹657 crore and a ₹252 crore-OFS by existing shareholders.
Shyam Metalics IPO will open for subscription from Monday, June 14, to Tuesday, June 16. Ahed of ahead of its IPO, Shyam Metalics and Energy Ltd said on Friday it has collected ₹270 crore from anchor investors.
Shyam Metalics tried to tap the capital markets in the past as well. It filed draft papers for an IPO with Sebi in 2018 and also received clearance from the regulator but the listing plan was deferred.
Shyam Metalics sells intermediate and final products across the steel value chain. The company, which is based in Kolkata, operates three manufacturing plants located in Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.
Here is all you need to know about Shyam Metalics IPO:
1. Shyam Metalics has set a price band of ₹303-306 a share for its ₹909 crore Initial Public Offer (IPO).
2. The company informed bourses that it has allocated 88,21,764 equity shares to 21 anchor investors at a price of ₹306 apiece, aggregating to ₹269.94 crore.
3. Twelve domestic investors, including four mutual funds, two insurance companies and six Alternate Investment Funds (AIFs), and nine Foreign Portfolio Investors (FPIs) participated in the anchor book.
4. Among its anchor investors are White Oak, Kotak Mutual Fund (MF), L&T MF, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, Abakkus Growth Fund, Kotak Offshore, GAM UK, Aurgin Master Fund Ltd, IIFL Asia Opportunities Fund and Dovetail.
5. Shyam Metalics IPO comprises fresh issuance of equity shares worth up to ₹657 crore and a ₹252 crore-OFS (Offer For Sale) by existing shareholders.
6. The size of the public issue has been reduced to ₹909 crore from ₹1,107 crore as it has been decided to offloaded ₹252 crore shares through OFS against ₹450 crore as planned earlier.
7. Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles are among those participating in the OFS.
8. The company has said it wants to utilise the net proceeds from the fresh issue for repayment or prepayment of debt worth ₹470 crore and that of its subsidiary, Shyam SEL and Power Ltd, and for other general corporate purposes.
9. ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital Markets Ltd are the book running lead managers to the issue.
(With agency inputs)
