Shyam Metalics IPO subscribed 3.65 times on second day

shyam metalics ipo

The initial public offer of Shyam Metalics and Energy was subscribed 3.65 times on the second day of subscription. 

The Initial Public Offer (IPO) received bids for 7,69,49,910 shares against 2,10,90,890 shares on offer, according to data with BSE.

The shares reserved for Qualified Institutional Buyers (QIBs) was subscribed 81 percent and that of non-institutional investors and retail individual investors were subscribed 2.60 times and 5.80 times each. The company raised Rs 270 crore from anchor investors on friday.

The IPO includes the fresh issuance of equity shares worth up to Rs 657 crore and a Rs 252 crore offer for sale by existing shareholders. Shyam Metalics has fixed a price band of Rs 303-306 a share for its Rs 909 crore-IPO, which will end for subscription on June 16.

The company plans to use the 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, along with other general corporate purposes.

ICICI Securities, JM Financial, Axis Capital, IIFL Securities, and SBI Capital Markets Ltd have been appointed as the book running lead managers to the issue. 

The company had tried to tap the capital markets in the past too. It filed draft papers with SEBI for an IPO in 2018 and received approval from the market regulator but the listing plan was suspended. 

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

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