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ShyamMetalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferroalloys

The initial public offer (IPO) of Shyam Metalics and Energy received bids for 256.05 crore shares as against 2.10 crore shares on offer, according to the stock exchange data at 16:45 IST on Wednesday (16 June 2021).

The issue was subscribed 121.40 times. The issue opened for bidding on Monday, 14 June 2021, and it will close today, 16 June 2021. The price band for the IPO was set at Rs 303-306 per share.

The issue comprised of fresh issue of equity shares aggregating up to Rs 909 crore comprising of a fresh issue of up to Rs 657 crore and an offer for sale (OFS) of up to Rs 252 crore (including anchor portion of 88,21,764 equity shares).

The existing shareholders selling shares in the OFS are Subham Capital, SubhamBuildwell, NarantakDealcomm, KalpataruHousefin and DoriteTracon. Total selling shareholders pre-issue shareholding was 88.22%, which shall decrease to 77.56% at the upper price band of Rs 306.

Ahead of the IPO, the company finalized the allocation of 88,21,764 equity shares to anchor investors at Rs 306 per share aggregating to Rs 269.94 crore.

The company proposes to utilize the net proceeds of the fresh issue towards repayment and/or pre-payment, in full or part, of debt of the company and SSPL (Shyam SEL and Power), one of the subsidiaries amounting Rs 470 crore and balance towards general corporate purposes. Gross debt was Rs 886.292 crore at the end of 31 December 2020.

On a consolidated basis, Shyam Metalics and Energy reported a consolidated net profit of Rs 456.32 crore and sales of Rs 3,933.08 crore in the nine months ended on 31 December 2020.

ShyamMetalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferroalloys. It is amongst the largest producers of ferroalloys in terms of installed capacity in India, as of February 2021.