Shyam Metalics IPO closes with 121.40 times subscription

AgenciesUpdated: Wednesday, June 16, 2021, 08:59 PM IST
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Shyam Metalics IPO closes with 121.40 times subscription |

The initial public offer of Shyam Metalics and Energy closed with a subscription of 121.40 times on Wednesday.

It received bids for 2,56,05,35,955 shares against 2,10,90,890 shares on offer, as per NSE data.

The qualified Institutional Buyers(QIBs) category was subscribed 155.71 times, noninstitutional investors 339.98 times, and retail individual investors(RIIs) 11.58 times.

The initial public offer of up to Rs 909 crore comprised a fresh issue of up to Rs 657 crore and an offer for sale of up to Rs 252 crore.

The price range for the offer was Rs 303-306 per share.

On Friday, the company raised Rs 270 crore from anchor investors.

The company intends to utilise the net proceeds from the fresh issue for repayment or prepayment of debt worth Rs 470 crore and that of its subsidiary, Shyam SEL and Power Ltd, and for other general corporate purposes.

The company had tried to tap the capital markets in the past too. It had filed draft papers for an IPO with Sebi in 2018 and also received clearance from the regulator but the listing plan was deferred.

The Kolkata-based long steel products and Ferro alloy-focussed company sell intermediate and final products across the steel value chain.

ICICI Securities, Axis Capital, IIFL Securities, JM Financial, and SBI Capital Markets were the managers of the offer.

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