Shyam Metallics and Energy Limited to raise INR 909 crore in fresh IPO
SMEL also operates two "ore to metal" integrated steel manufacturing plants at Sambalpur in Odisha and at Jamuria in West Bengal.
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City-based Shyam Metallics and Energy Limited (SMEL), an integrated metal producing company, today filed with the market regulator to raise Rs 909 crore in the 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 utilize 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 long steel products and pellet capacity, amongst the largest domestic producer of ferroalloys and the fourth largest player in the sponge iron industry as per its annual installed capacity.
The company operates three manufacturing plants one in Odisha and two in West Bengal with an aggregate installed metal capacity of 2.90 MTPA. The manufacturing plants also include captive power plants with an aggregate installed capacity of 164 MW. The Odisha plant 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 manufacturing plants at Sambalpur in Odisha and at Jamuria in West Bengal. The company's total income increased at a CAGR of 42.57 percent from Rs 1932 crore in fiscal 2016 to Rs 3928. crore in fiscal 2018.
ICICI Securities Limited, Edelweiss Financial Services Limited, IIFL Holdings Limited and JM Financial Limited are the BRLMs to the issue.
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