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Shyam Steel Industries files DRHP with SEBI for IPO
Jun-04-2019

Shyam Steel Industries has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company’s shares are proposed to be listed on the BSE and NSE.

The IPO consists of fresh issue of up to Rs 200 crore and an offer for sale of up to 66.70 lakh shares, comprising up to 11.60 lakh shares by the promoter selling shareholders and up to 55.09 lakh shares by other selling shareholders.

The funds will be utilized towards repayment/prepayment of certain borrowings of the company and its subsidiary Shyam Steel Manufacturing and for other general corporate purposes. Axis Capital, Edelweiss Financial Services, SBI Capital Markets and IIFL Holdings are book running lead managers to the issue.

Shyam Steel Industries is a thermo mechanically treated rebar (TMT Rebar) player having integrated steel plants. The company operates all its steel manufacturing plants in West Bengal.

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