Two-month IPO drought set to end with Shyam Metalics Rs 909 cr offer

0
85



Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering next week. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore deliberate earlier.


The company has priced its IPO between Rs 303 to 306 per share. The IPO will remain open between June 14 and June 16. Anchor investors will be allotted shares on Friday.





The final IPO to hit the domestic market used to be the Rs 2,500-crore offering by real estate major Macrotech Developers.


Market players said the turbulence caused because of the second-wave of covid-19 forced many companies to hold back their listing plans. Alternatively, a sharp rebound available in the market since May has helped revive the IPO market, they said.


The benchmark Sensex has rallied more than 7 per cent since May 1.


SMEL IPO is coming on the back of a sharp rally in shares of metal companies. The Nifty Metal index has rallied 62 per cent so far this year.


SMEL is having a look to bring Rs. 657 crore fresh capital from the IPO. The company proposes to utilise the issue proceeds to retire debt of up to Rs 470 crores.


SMEL is a producer of intermediate and long steel products, such as iron pellets, sponge iron, steel billets, TMT, structural products, wire rods, and ferroalloys products. The company currently has three manufacturing plants located at Sambalpur in Odisha and Jamuria and Mangalpur in West Bengal. SMEL is now further diversifying our product portfolio by entering into the segments such as pig iron, ductile iron pipes and aluminium foil.


SMEL has 42 distributors across 13 states and one union territory in India as of December 31, 2020. The company’s customers include Jindal Stainless, Norecom DMCC, Posco International and World Metals & Alloys (FZC).


ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital Markets are the issue managers.

Dear Reader,

Trade Standard has at all times strived tough to supply up-to-date information and observation on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and fixed feedback on how to strengthen our offering have only made our get to the bottom of and commitment to these ideals stronger. Even right through these difficult times arising out of Covid-19, we continue to remain dedicated to keeping you informed and up to date with credible news, authoritative views and incisive observation on topical issues of relevance.

We, then again, have a request.

As we battle the economic have an effect on of the pandemic, we need your give a boost to even more, in order that we will be able to continue to give you more quality satisfied. Our subscription mannequin has seen an encouraging response from many of you, who have subscribed to our online satisfied. More subscription to our online satisfied can only help us achieve the goals of offering you even better and more applicable satisfied. We consider in free, reasonable and credible journalism. Your give a boost to through more subscriptions can help us practise the journalism to which we are dedicated.

Enhance quality journalism and subscribe to Trade Standard.

Digital Editor

Top stories / News / Trade

SHARE
Previous articleLoki Review: Time-Hopping Marvel Adventure Through the End of Worlds
Next articlePlea in Supreme Court by 6469 parents

ABOUT AUTHOR

Staff Writer

Machine's slave
I am a staff correspondence for bodoland.xyz. I cover news and blogs from around the world. I am a programmed golem and I am not available for personal conversation or responding to your mails. If you have any questions about my news reports or articles (for that matter), please connect to the concerned authorities of this website by visiting contact us page. I am grateful for your support and reading through my reports. Gwjwnnai tabai!

LEAVE A REPLY

Please enter your comment!
Please enter your name here