Shyam Metalics & Energy has submitted Draft Red Herring Prospectus (DRHP) with the market regulator – the Securities and Exchange Board of India to launch an IPO (initial public offering). The public offer comprises an issue of shares worth around INR 909 crore as per the DRHP submitted with the SEBI on 6th August.

The proceeds will be utilized for repayment of certain debt facilities and other general corporate purposes. The company will finalize the price band for this public issue after consulting with the book running lead managers.

About the Shyam Metalics:

The Kolkata-based metal company, Shyam Metalics and Energy is one of the largest manufacturing firms of long steel products & Ferro alloys in India. The company provides a vast array of intermediate & final products across the value chain.

The domestic clients are Jindal stainless, SAIL, JSW Steel and Adani Group of company Dharma Port. Asia Steel & Metals and Dahuti International are the overseas clients.

JM Financial, ICICI Securities, IIFL Holdings and Edelweiss Financial Services are the lead managers to this public issue.