NewMalayalam Steel Limited's IPO Set to Drive Growth and Sustainability

NewMalayalam Steel Limited is launching its IPO on December 19, 2024, aiming to raise Rs 41.76 Crore by issuing 46,40,000 equity shares on NSE Emerge. The proceeds will be used for IT upgrades, solar facility expansion, and other purposes to bolster operational efficiency and sustainability.

NewMalayalam Steel Limited, known for its galvanized pipes, tubes, and sheets, is preparing to launch its Initial Public Offering (IPO) on Thursday, December 19, 2024. The company aims to raise approximately Rs 41.76 Crore by issuing 46,40,000 equity shares, set to be listed on the NSE Emerge platform.

The IPO features 46.40 lakh shares at a face value of Rs 10 each, with a price band ranging from Rs 85 to Rs 90 per share. Equity allocations include up to 4,41,600 shares for Qualified Institutional Buyers, at least 19,80,800 for Non-Institutional Investors, 19,84,000 for Retail Individual Investors, and 2,33,600 for the Market Maker.

The funds raised will aid in IT and technological upgrades, solar facility expansion, constructing a new facility in Kerala, marketing, and working capital. Managing Director Vazhappily Davis Varghese emphasizes the company's focus on quality, sustainability, and growth. Associate Director Rinav Manseta highlights the potential for long-term value creation, emphasizing the company's eco-friendly initiatives and market position.

(With inputs from agencies.)