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Shyam Metalics to raise Rs 909 cr via IPO

Press Trust of India  |  Kolkata 

City based Shyam Metalics and (SMEL), an integrated producing company, today filed with the market regulator to raise Rs 909 crore in fresh issue through IPO primarily to pare debt.

As per the Draft Red Herring Prospectus (DRHP) filed with SEBI, the company said the equity shares will have a face value of Rs 10 each.

SMEL will utilise the proceeds towards repayment or pre-payment of certain debt facilities availed by the company and one of its subsidiaries, SSPL, and other general corporate purposes.

The DRHP said, the company is one of the leading players in terms of its and pellet capacity, amongst the largest of ferro alloys and the fourth largest in the sponge iron industry as per its annual installed capacity.

The company operates three one in Odisha and two in West Bengal with an aggregate installed capacity of 2.90 MTPA. The also include captive power plants with an aggregate installed capacity of 164 MW.

The caters to customers in Southwest India whereas the West Bengal plants service customers in Northeast India, the company said.

SMEL also operates two "ore to metal" integrated steel at Sambalpur in Odisha and at Jamuria in West Bengal.

The company's total income increased at a CAGR of 42.57 per cent from Rs 1932 crore in fiscal 2016 to Rs 3928. crore in fiscal 2018.

ICICI Securities Limited, Edelweiss Financial Services Limited, and are the BRLMs to the issue.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 14:15 IST