Shyam Metalics and Energy IPO subscribed over 2 times in retail category; Issue closes tomorrow
The initial public offering (IPO) of Shyam Metalics & Energy was subscribed 1.23 times on the first day of subscription. The retail portion was subscribed 2.19 times, while the NII and employee portion were subscribed 0.70 times and 0.27 times, respectively. Shyam Metalics seeks to raise up to Rs 909 crore through the issue. The price band of the issue has been fixed at Rs 303-306 per share. The subscription will close on June 16, 2021
The initial public offering (IPO) of Shyam Metalics & Energy was subscribed 1.23 times on the first day of subscription. The retail portion was subscribed 2.19 times, while the NII and employee portion were subscribed 0.70 times and 0.27 times, respectively. Shyam Metalics seeks to raise up to Rs 909 crore through the issue. The price band of the issue has been fixed at Rs 303-306 per share. The subscription will close on June 16, 2021. The Metal / Steel sector has seen good buying and good value creation for shareholders in the last 1 year. Strong demand will yield good profits to companies in this sector.
Shyam Metalics and Energy was incorporated on December 10, 2002. Shyam Metalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. They are amongst the largest producers of ferro alloys in terms of installed capacity in India, as of February 2021. As of March 31, 2020, they were one of the leading players in terms of pellet capacity and the 4th largest player in the sponge iron industry in terms of sponge iron capacity in India. Since the commencement of their operations in Fiscal 2005, they have delivered a positive EBITDA in each of the Fiscals.
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Shyam Metalics and Energy primarily produces intermediate and long steel products, such as, iron pellets, sponge iron, steel billets, TMT, structural products, wire rods, and ferro alloys products with a specific focus on high margin products, such as, customised billets and specialised ferro alloys for special steel applications.
Shyam Metalics and Energy has 3 manufacturing units with aggregate operating capacity of 5.70 MTPA with 227 MW of Captive Power Plant. Its plants are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal. As of December 31, 2020, they had partnerships with 42 distributors, who stock and sell their finished products across 13 states and 1 union territory.
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