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Shyam Metalics IPO: Opens today; Key details an investor should know before subscribing
For representational purpose
The initial public offering of Shyam Metalics & Energy is scheduled to open for subscription on Monday, June 14, 2021.
The initial public offering of Shyam Metalics & Energy is scheduled to open for subscription on Monday, June 14, 2021. The subscription will close on June 16, 2021. The price band of the issue has been fixed at Rs 303-306 per share.
Investors can bid for a minimum of 45 equity shares and in multiples of 45 equity shares thereafter. The minimum investment in the issue that can be made by retail investors is Rs 13,770 at the higher end of the price band.
50 per cent of the total offer size has been fixed for qualified institutional buyers, 15 per cent for non-institutional bidders and the remaining 35 per cent is reserved for retail investors. The public issue includes 3 lakh equity shares reserved for employees, where the eligible employees will get shares at a discount of Rs 15 per share to the final offer price.
Shyam Metalics seeks to raise up to Rs 909 crore through the issue. The IPO of the leading integrated metal producing company consists of fresh issuance of equity shares worth up to Rs 657 crore and an OFS to the tune of Rs 252 crore by existing shareholders.
The equity shares are proposed to be listed on the BSE and National Stock Exchange. ICICI Securities, JM Financial, Axis Capital, IIFL Securities, and SBI Capital Markets are the book running lead managers to the offer.
The company will utilise net proceeds from the fresh issue towards repayment of Rs 470 crore debt of itself and its subsidiary Shyam SEL and Power, and for general corporate purposes.
The company has raised Rs 270 crore from the anchor investors ahead of the opening of the initial public offering. The company has allotted 88.21 lakh shares to 21 anchor investors at Rs 306 per share in a pre-IPO anchor issue.
Shyam Metalics is a leading integrated metal producing company in India that is primarily engaged in the production of intermediate and long steel products, such as iron pellets, TMT, sponge iron, steel billets, structural products, wire rods, and ferroalloys products among others.
