After Shyam Metallics was opened for public subscription on June 14, it has recorded 1.70 percent on the second day.
Mysuru: Shyam Metallics and Energy Ltd received bids for 3.58 crore equity shares after it was opened for public subscription on June 14. The Initial Public Offering (IPO) size is 2.1 crore equity shares.
Number of employees subscribed for the company is 38 percent. However, retail investors are 3.09 times more than the number of employees. Qualified institutional buyers have been clocked at two percent. Non-institutional buyers have been clocked at 77 percent.
According to the company’s red herring prospectus, the proposed offering is Rs 909 crore. The offering was opened to public subscription on Monday, June 14, and it will be open till June 16. There was a fresh issue worth Rs 657 crore and an offer for sale up to Rs 252 crore. The price band at which the company is selling its shares is Rs 303 – 306 per share. The company has been listed at both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Shyam Metallics and Energy Ltd is an integrated metal producing company in India. The company has three manufacturing plants in Sambalpur, Odisha, Jamuria and Mangalpur in West Bengal.
Initial Public Offering is the process in which a private company goes public by sale of its stocks to the general public. After the initial offering, its shares can be traded in the open market. This IPO this week is happening after a two-month break. The last offering happened is of Macrotech Developers between April 7 and April 9, 2021.
In 2021, so far, 17 companies have come out with their IPOs. With the Covid-19 pandemic across the country, these IPOs indicate that economic growth can be boosted through these investment opportunities.
