The trading will start from June 24.
Shyam Metallics traded at around 50 percent premium in grey market ahead of its listing n June 24.
The public issue of the company closed on June 17 after being subscribed 121.43 times, the fourth highest subscription in 2021. Shyam Metallics and Energy Ltd received bids for 3.58 crore equity shares after it was opened for public subscription on June 14. The Initial Public Offering (IPO) size is 2.1 crore equity shares.
According to the company’s red herring prospectus, the proposed offering is Rs 909 crore. The offering was opened to public subscription on Monday, June 14, and it will be open till June 16. There was a fresh issue worth Rs 657 crore and an offer for sale up to Rs 252 crore. The price band at which the company is selling its shares is Rs 303 – 306 per share. The company has been listed at both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Shyam Metallics were available at a premium of Rs 150 – Rs 160 in the grey market.
Shyam Metallics and Energy Ltd is an integrated metal producing company in India. The company has three manufacturing plants in Sambalpur, Odisha, Jamuria and Mangalpur in West Bengal.
The company produces iron pellets, sponge iron, steel billets, Thermo Mechanical Treatment (TMT), structural products, wire rods, ferro alloys. They produce intermediate and final products across the country. Reports also state that the company is planning to double its capacity.
The grey market is an unofficial platform for trading and it begins from the announcement of issue price till the listing of shares. The grey market price generally indicates that the stock could list at this price.
Shyam Metallics and Energy Ltd, Sona BLW Precision Forgings (Sona Comstar), Krishna Institute of Medical Sciences and Dodla Diary are the companies that were opened for public subscription.