Sai Swami Metals & Alloys IPO subscribed over 543 times on final day

Sai Swami Metals & Alloys IPO: The Rs 15-crore initial public offering of Sai Swami Metals & Alloys Ltd was subscribed over 543 times on the final day of bidding on Friday. The SME IPO attracted bids for 128.98 crore equity shares against the net issue size of 23,72,000 equity shares on offer, translating into oversubscription of more than 543 times.

Retail investors' portion was subscribed 533 times as applications for 62,74,02,000 equity shares were received against 11,86,000 equity shares on offer, the exchange data showed.

Non-retail investors' category was subscribed 538 times with bids for 63,32,50,000 equity shares against 11,86,000 equity shares on offer.

Shares of the company, which sells cookware and appliances under the Dolphin brand, will be listed on the BSE SME platform on May 8.

The public issue of Ahmedabad-based stainless steel cookware and appliances maker Sai Swami Metals & Alloys opened for subscription on April 30.

The issue comprised a fresh issue of 25 lakh equity shares. The company had fixed the price at Rs 60 per share. It has fixed the retail individual investors' quota for the IPO at 50 per cent of the net offer and the rest 50 per cent for other investors.

Sai Swami Metals & Alloys Ltd had raised around Rs 15 crore from public investors.

The proceeds of the public issue will be utilised to fund the company's expansion plans including purchase of machinery, investment in subsidiary company, meeting working capital requirements and for general corporate purposes.

The company plans to utilise Rs 6 crore towards working capital requirements, Rs 4 crore for investing in a subsidiary, Rs 2 crore for purchasing machineries and Rs 2 crore towards general corporate purpose.

Sai Swami Metals & Alloys is involved in the trading and marketing of a comprehensive array of stainless steel products.

For the nine months ended December 2023, the company reported a net profit of Rs 1.79 crore and revenue of Rs 33.33 crore. In 2022-23 fiscal year, the company logged a net profit of Rs 3.83 lakh and a revenue of Rs 6.27 crore.