Shyam Metalics raises ₹270 crore from 21 anchor investors1 min read . Updated: 11 Jun 2021, 10:33 PM IST
- Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening
MUMBAI : Kolkata-based Shyam Metalics and Energy Ltd has raised ₹270 crore from 21 anchor investors, ahead of its initial share sale starting on June 14.
Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening.
9 Foreign Portfolio Investors who participated in the anchor of which Kotak Offshore and GAM UK were allocated 8.15% and 7.78% respectively. IIFL Offshore, Millenium, India Oppurtunities Fund, Aurgin and Dovetail were allocated 1.85% each. In aggregate, investors were allocated 2.78 million equity shares for approximately ₹84.94 crore.
12 Domestic Investors including 4 Mutual Funds (MF), 2 Insurance companies and 6 Alternate Investment Funds (AIFs) were allocated 6.05 million shares for approximately Rs. 185 crore. Nippon MF, Birla MF were allocated 9.63% each, White Oak 9.26% , Kotak MF and L&T MF were allocated 7.41% each, IIFL and Abakkus were allocated 6.67% and 5.55% respectively.
Shares have been allotted at the offer's upper price band of ₹306 a piece, as per a regulatory filing.
The price band for the share sale -- which would be open from June14 to 16 has been fixed at ₹303-306 apiece.
Shyam Metalics expects to raise ₹909 crore through the IPO, with a fresh issuance of equity shares, aggregating up to Rs. 657 crore and an offer for sale of equity shares aggregating up to Rs. 252 crore, by the selling shareholders.
The company proposes to utilise the proceeds towards repayment or prepayment of up to ₹470 crore of its debt and that of its subsidiary, Shyam SEL and Power Limited and for other general corporate purposes.
ICICI Securities Limited, JM Financial Limited, Axis Capital Limited, IIFL Securities Limited and SBI Capital Markets Limited are the BRLMS to the Offer.
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