The IPO attracted bids for 8,26,81,155 shares by 10:25 am, which was 3.92 times the total issue of 2,10,90,890 shares, according to data from NSE. The metal producer has fixed the price band of Rs 303-306 for the IPO.
Shyam Metalics is planning to raise Rs 909-crore via its primary float. The IPO comprises an offer for sale of up to Rs 252 crore and fresh issuance of shares worth up to Rs 657 crore. The issue will close for subscription on Wednesday.
Analysts largely have ‘subscribe’ ratings on the issue. They find the IPO fully priced but believe the rise in metals prices globally and hopes of a recovery in domestic demand could work for the company.
The company raised Rs 269.94 crore from 21 anchor investors on Friday, allocating 88,21,764 shares at Rs 306 apiece.
The company has proposed to use the net proceeds from the fresh issue towards repayment or prepayment of up to Rs 470 crore of its debt and that of its subsidiary, Shyam SEL and Power, and for other general corporate purposes.
