INSUBCONTINENT EXCLUSIVE:
Shyam Metalics is selling shares in the price band of Rs 303-306 in the ongoing IPO.Shyam Metalics and Energy share sale via initial public
offering (IPO) was oversubscribed on the second day of the issue data from the National Stock Exchange showed
Shyam Metalics and Energy witnessed heavy demand for shares in the ongoing IPO as the issue was subscribed over two times till 1:55 pm, data
Shyam Metalics and Energy received over 4.77 crore bids for 2.10 crore shares on the offer
A total of 3.25 crore bids were received at the cut-off price.Retail individual investors were seen participating in the share sale in
higher numbers as the portion reserved for them was subscribed two times
Portion reserved for non-institutional buyers was subscribed 44 per cent and portion reserved for qualified institutional buyers was not
subscribed till 2:15 pm, according to data on NSE.The Kolkata-based steel maker, Shyam Metalics and Energy, is selling shares in the price
band of Rs 303-306 in the ongoing IPO which will close on June 16
The company plans to raise Rs 909 crore via IPO which consists of a fresh issue of shares amounting to Rs 657 crore and an offer-for-sale by
existing shareholders, worth RS 450 crore.The shareholders who would be offloading their stake include Subham Capital, Subham Buildwell,
Kalpataru Housefin - Trading, Dorite Tracon and Narantak Dealcomm.Shyam Metalics will utilise the IPO funds to repay or prepay debt and for
general corporate purposes.Shyam Metalics is a long steel products and ferro alloy company based in Kolkata, with manufacturing plants at
Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.
