Mumbai17 hours ago
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There is an opportunity for investors to invest in the primary market. The IPO of Shyam Metaliks is going to open next week on June 14. It will close on 16th June. The company has fixed a price band of Rs 303-306 per share.
The company plans to raise Rs 909 crore
According to the exchange filing, Shyam Metaliks plans to raise Rs 909 crore. Earlier there was a plan to raise Rs 1,107 crore. But the offer for sale (OFS) has been reduced from Rs 450 crore to Rs 252 crore. Also, fresh shares worth Rs 657 crore will be issued in the public offering. The company will raise funds from anchor investors on June 11 before the IPO.
Investors will reduce stake through OFS
Other investors including Shubham Capital, Shubham Buildwell, Kalpataru House Fin & Trading, Dorite Tracon will reduce their stake in OFS. The company said in a statement that the proceeds from the IPO will be used for debt payment and general corporate affairs. Shyam Metallics had filed the DRHP with market regulator SEBI in February this year, which was approved on May 11.
There are 3 manufacturing units in the country
ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital have been appointed as the lead managers for the IPO. The main business of the company is steel production. Such as iron pallets, products including TMT. The company has 3 manufacturing units located at Sambalpur in Odisha, Mangalpur in West Bengal and Jamuria.