Shyam Metalics IPO Over Subscribed
The initial public offer of Kolkata based long steel products and Ferro alloy-producer Shyam Metalics and Energy received bids for 256.05 crore shares as against 2.10 crore shares on offer, subscribed 121.40 times. The issue opened for bidding on 4 June 2021 and closed on 16 June 2021. The issue comprised of fresh issue of equity shares aggregating up to INR 909 crore comprising of a fresh issue of up to INR 657 crore and an offer for sale of up to INR 252 crore, including anchor portion of 88,21,764 equity shares. The price band for the IPO was set at INR 303-306 per share.
The company proposes to utilize the net proceeds of the fresh issue towards repayment and/or pre-payment, in full or part, of debt of the company and Shyam SEL and Power, one of the subsidiaries amounting INR 470 crore and balance towards general corporate purposes.
ICICI Securities, Axis Capital, IIFL Securities, JM Financial, and SBI Capital Markets were the managers of the offer.