• Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
Wednesday, May 25, 2022
No Result
View All Result
SUBSCRIBE
The Outlooker
27 °c
Delhi
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
No Result
View All Result
The Outlooker
No Result
View All Result
  • National
  • Politics
  • Opinion
  • Business
  • Science
  • World
  • Health
Home Business

Shyam Metalics IPO opens June 14; offer size cut to Rs 909 crore as promoters offload Rs 252 crore shares

by The Outlooker Web Desk
June 7, 2021
in Business
0
Shyam Metalics IPO opens June 14; offer size cut to Rs 909 crore as promoters offload Rs 252 crore shares
1.8k
SHARES
12.9k
VIEWS
Share on FacebookShare on Twitter

Shyam Metalics has cut the size of its IPO from Rs 1,107 crore to Rs 909 crore. Image: Reuters

Shyam Metalics and Energy Ltd (SMEL) Rs 909-crore initial public offering (IPO) will open for subscription on June 14, 2021. The public issue will close on June 16 and the bidding for anchor investors will open on June 11. The steel maker firm has cut the size of its IPO from Rs 1,107 crore to Rs 909 crore, after promoters offloaded Rs 252 crore shares from their own stake against Rs 450 crore as planned earlier. The fresh issue size remained the same at Rs 657 crore. The lead managers to the issue are ICICI Securities, Axis Capital, IIFL Securities, JM Financial and SBI Capital Markets. KFin Technologies Private Ltd is the registrar to the public issue.

Shyam Metalics and Energy has reported 6.56 per cent CAGR in its revenues from fiscal 2018 to 2020. “Owing to rising metal prices, the metal stocks are enjoying a sharp edge in the market. If the issue is priced reasonably it should garner a strong response from investors,” Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares, told The Outlooker Online.

Shyam Metalics and Energy OFS consists of

– Subham Capital Private Ltd: up to Rs 37 crore
– Subham Buildwell Private Ltd: up to Rs 63 crore
– Kalpataru Housefin & Trading Private Ltd: up to Rs 25 crore
– Dorite Tracon Private Ltd: up to Rs 30 crore
– Narantak Dealcomm Ltd: up to Rs 97 crore

Shyam Metalics and Energy has intended 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, and for other general corporate purposes. The company has a total metal capacity of 5.71 million tonne and 227 MW of captive power. The capacity will be ramped up to 11.57 million tonne by 2025 as brownfield projects in two plants of Jamuria in West Bengal and Sambalpur in Odisha. “With states gearing up to unlock the economic activity in a phased manner, the metal sector’s outlook seems to be improving and Shyam Metalics is positioned well to sustain in the long term as they are one of the least leveraged steel makers,” Likhita Chepa, Senior Research Analyst at CapitalVia Global Research, told The Outlooker Online. Chepa has advised investors to subscribe to this issue with a long-term perspective.

The listed peers of Shyam Metalics and Energy Ltd are Tata Steel Ltd, JSW Steel Ltd, Steel Authority of India Ltd, Jindal Steel and Power Ltd and Tata Steel Long Products Ltd. Steel demand is closely related with GDP growth, with steel demand to GDP growth multiplier varying across phases. After lagging India’s GDP growth from 2012 to 2013, steel demand growth outpaced macro-economic growth in Fiscal 2018 and Fiscal 2019. A gradual expansion in GDP and rise in income has led to robust growth in auto, consumer durables, railways, affordable housing, and rural housing. India is the second-largest producer of steel in the world with a nearly 6% share of global steel production.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. The Outlooker Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

The Outlooker is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

The Outlooker Web Desk

The Outlooker Web Desk

Next Post
PM Narendra Modi To Review Preparations As Cyclone Intensifies Off Gujarat

PM's Message To Party Ahead of UP Polls

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Delhi Positivity Rate Falls To 13% From 16.3%, Cases Down 19% To 9,197
National

Coronavirus India LIVE Updates, Coronavirus Cases Today, COVID 19 Cases In India, Omicron Covid Cases, India Covid Cases May 25

May 25, 2022
Global Markets: Stocks slump on growth concerns, bond yields slip
Business

Global Markets: Stocks slump on growth concerns, bond yields slip

May 24, 2022
Tamil Nadu BJP Leader Balachandran Hacked To Death In Chennai: Police
National

Tamil Nadu BJP Leader Balachandran Hacked To Death In Chennai: Police

May 24, 2022
Coal India To Open Big, New Mine This Year To Fight Power Crisis
National

Coal India To Open Big, New Mine This Year To Fight Power Crisis

May 24, 2022

Connect with us

No Result
View All Result

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020

Category

  • Artistic
  • Business
  • Crypto
  • Design
  • Entertainment
  • Fashion
  • featured
  • Food
  • Gaming
  • Health
  • Human
  • Lifestyle
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Science
  • Spaces
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • Coronavirus India LIVE Updates, Coronavirus Cases Today, COVID 19 Cases In India, Omicron Covid Cases, India Covid Cases May 25
  • Global Markets: Stocks slump on growth concerns, bond yields slip
  • Tamil Nadu BJP Leader Balachandran Hacked To Death In Chennai: Police

About Us

The Outlooker

The Outlooker is your source of authentic, hand-picked news, stories, analysis from India & the World.

  • Terms Of Service
  • Privacy Policy
  • About us
  • Submit your story
  • Contact

© 2019-2021 The Outlooker. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2019-2021 The Outlooker. All rights reserved.