05 Jun , 2021 By : Kanchan Joshi
MUMBAI: The initial public offering (IPO) of Shyam Metalics Ltd will open on 14 June and close 16 June, a person aware of the matter said.
The company had filed a draft red herring prospectus with the Securities Exchange Board of India to (Sebi) raise nearly Rs1,107 crore via the public issue.
The offer comprises a fresh issue of Rs657 crore and an offer for sale of up to Rs450 crore. The IPO proceeds will be used to repay up to Rs657 crore of the company's and its arm SSPL's debt.
ICICI Securities, Axis Capital, IIFL Securities, JM Financial and SBI Capital are the lead managers to the issue.
As of December 2020, the integrated metal producing company had a standalone debt of Rs381.12 crore, while SSPL had a debt of Rs398.60 crore. Consolidated debt of Shyam Metallics for the period stood at Rs886.29 crore.
For the nine-month period ended December, Shyam Metalics reported a revenue of Rs3,933.08 crore compared with Rs3,283.09 crore a year ago. Net income for the period was at Rs456.32 crore versus Rs260.36 crore a year ago.
Manufacturer of long steel products and ferro alloys, Shyam Metalics is based in Kolkata.
It has three manufacturing units, located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal. As of December, it had an aggregate installed capacity of 5.71 million tonne per annum. It also has captive power plants with an aggregate installed capacity of 227 MW.
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