As many as 12 domestic investors, including four mutual funds, two insurance companies, and six Alternate Investment Funds (AIFs), and nine Foreign Portfolio Investors (FPIs) participated in the anchor book
Shyam Metalics and Energy Ltd on Friday said it has collected Rs 270 crore from anchor investors, ahead of its IPO that opens on Monday. The company informed bourses that it has allocated 88,21,764 equity shares to 21 anchor investors at a price of Rs 306 apiece, aggregating to Rs 269.94 crore.
As many as 12 domestic investors, including four mutual funds, two insurance companies, and six Alternate Investment Funds (AIFs), and nine Foreign Portfolio Investors (FPIs) participated in the anchor book. White Oak, Kotak Mutual Fund (MF), L&T MF, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, Abakkus Growth Fund, Kotak Offshore, GAM UK, Aurgin Master Fund Ltd, IIFL Asia Opportunities Fund, and Dovetail are among the anchor investors.
The IPO comprises fresh issuance of equity shares worth up to Rs 657 crore and a Rs 252 crore-OFS (Offer For Sale) by existing shareholders. The size of the public issue has been reduced to Rs 909 crore from Rs 1,107 crore as it has been decided to offloaded Rs 252 crore shares through OFS against Rs 450 crore as planned earlier.
Those participating in the OFS are Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon, Narantak Dealcomm, and Toplight Mercantiles. Shyam Metalics has set a price band of Rs 303-306 a share for its Rs 909 crore-Initial Public Offer (IPO), which will be open for public subscription from June 14 to 16.
The company intends to utilize 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.
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. Currently, it operates three manufacturing plants that are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.
Source: Business World