Stainless steel products maker Sai Swami Metals & Alloys Ltd will hit the capital market on April 30 to raise around Rs 15 crore from public investors.

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The initial public offering of the company will open for subscription on the SME platform of BSE on Tuesday and will close on May 3, the company said in a statement on Saturday.

The Ahmedabad-based company, which manufactures stainless steel cookware and appliances under brand DOLPHIN, has fixed the price at Rs 60 per equity share.

The IPO comprises a fresh issue of 25 lakh equity shares of Rs 10 each. The company 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.

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

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.

Shares of the company will be listed on BSE SME platform.

Swastika Investmart Ltd is the lead manager, while Bigshare Services is the registrar of the issue.

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

For 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.