Shyam Metalics’ Rs 909 crore initial public offer (IPO) opened for subscription today i.e. June 14. The three-day IPO will remain open for trading for three days until June 16 and the shares will be offered in the price band of Rs 303-306 per share. The shares are likely to be listed on the BSE and NSE on June 24, 2021.
Shyam Metalics’ IPO consists of a fresh issue of shares amounting to Rs 657 crore and an offer-for-sale by existing shareholders, worth Rs 450 crore. The shareholders who would be offloading their stake include Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon and Narantak Dealcomm.
Retail investors can bid for a minimum one lot of 45 shares and in multiples thereof, extending to 15 lots. Ahead of the IPO, the anchor investors have invested Rs 270 crore in the IPO at a price of Rs 306 per share.
Shyam Metalics will utilise the IPO funds to repay or prepay debt and for general corporate purposes.
Shyam Metalics is a long steel products and ferro alloy company based in Kolkata, with manufacturing plants at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.