September 08, 2008

Neel Metal plans 5.2 million share IPO

It is reported that Neel Metal Products Limited will issue 52,51,000 equity shares of INR 10 each in its proposed initial public offering, for which it has filed papers with the Securities & Exchange Board of India. The issue price will be decided through the 100% book building process.

The issue, comprising a net issue of 4,988,450 equity shares for public, will constitute 35% of the fully diluted post issue paid up capital.

Neel Metal Products is a part of the JBM group of companies. Its integrated facilities manufactures steel blanks, steel tubes, frames for scooters, wheel rims, stamped components and complete fabricated and painted body for 3 wheelers. Neel Metal manufacturing facilities are located at Gurgaon, Haridwar and Pantnagar.

It has entered into JVs with Arcelor Tailored Blank Lorraine, Thai Summit Autoparts, Fanalca SA, Columbia, Nisshin Steel and Sumitomo Corporation.