Gallantt Ispat plans IPO to raise Rs 40cr; files DRHP with SEBI

Steel producer Gallantt Ispat Ltd is planning to raise about Rs 40 crore through a public offer and has filed draft papers with the capital market regulator SEBI.

The Kolkata-based company plans to hit the capital market with a public issue of 81 lakh shares of face value of Rs 10 a piece, as per the details available in the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

The issue price of the shares has been fixed at Rs 50 a piece, aggregating to Rs 40.50 crore.

The IPO proceeds would be utilised to part finance the setting up of its integrated steel plant and a flour mill among others.

Shares offered through the initial public offer (IPO) are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange, as per DRHP.

Anand Rathi Advisors Ltd is the sole lead manager of the issue.

The company is engaged in manufacturing sponge iron, M S billets and re-rolled products (TMT bars). Gallantt has manufacturing facilities in Uttar Pradesh and Gujarat.