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Shyam Metalics and Energy has refiled Draft Red Herring Prospectus (DRHP) with the markets regulator Sebi for a Rs 1,107 cr IPO.

Earlier, the company tried to tap the capital markets in 2018 and had even received its Sebi nod in early 2019. However, due to the pandemic and tepid market sentiments the company deferred its plans to list on the bourses.

The aggregate issue size comprises of a fresh issuance of equity shares aggregating up to Rs 657 crore and an offer for sale by selling shareholders including promoters- Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles aggregating up to Rs 450 crore.

The offer includes a reservation of up to 3,00,000 equity shares for eligible employees.

Shyam Metalics and Energy aims to utilise the net proceeds from the fresh issue for repayment or prepayment of Rs 470 crore of its debt and that of its subsidiary, Shyam SEL and Power and for other general corporate purposes.

The portion reserved for qualified institutional buyers will be up to 50% of the offer, non-institutional investors to have up to 15% of the portion reserved while up to 35% will be reserved for the retail investors.

The Kolkata based long steel products and ferroalloy focused company has been EBITA positive since its operations in 2005 and sells intermediate and final products across the steel value chain catering to institutional and end-use customers through 42 distributors, brokers across 13 states and 1 union territory.

The company currently operates three manufacturing plants that are located at Sambalpur in Odisha and Jamuria and Mangalpur in West Bengal.

ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital Markets are the book running lead managers to the issue.