Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
The initial public offer of Shyam Metalics and Energy was subscribed over 21 times on the last day of subscription on Wednesday till 1.20 pm.
The company’s initial public offer (IPO) received bids for 45,20,87,595 shares so far against 2,10,90,890 shares on offer, as per data available with BSE.
The category meant for Qualified Institutional Buyers (QIBs) was subscribed 19 times while that of non-institutional investors and retail individual investors were subscribed 150 times and 12 times, respectively.
On June 11, the company raised Rs 270 crore from anchor investors.
The IPO comprises fresh issuance of equity shares worth up to Rs 657 crore and a Rs 252 crore-offer for sale by existing shareholders.
Price band
Shyam Metalics has set a price band of Rs 303-306 a share for its Rs 909 crore-IPO, which will close for subscription on June 16.
The company intends to utilise the net proceeds from the fresh issue for repayment or prepayment of debt worth Rs 470 crore and that of its subsidiary, Shyam SEL and Power Ltd, and for other general corporate purposes.
ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital Markets Ltd are the book running lead managers to the issue.
Past attempts
The company had tried to tap the capital markets in the past too. It had filed draft papers for an IPO with Sebi in 2018 and also received clearance from the regulator but the listing plan was deferred.
The Kolkata-based long steel products and ferro alloy-focussed company sells intermediate and final products across the steel value chain.