Shyam Metalics and Energy made a robust listing on the stock exchanges on Thursday amid positive industry momentum. Shares of the debutant business started trading at Rs 380 per share on NSE, up Rs 76 or 24.18% from the situation cost of Rs 306 apiece. Shyam Metalics and Energy had a industry capitalization of Rs 9.69 crore on the listing. While, on BSE, Shyam Metalics shares listed at Rs 367 apiece, increasing Rs 61 or 20 per cent more than the IPO cost. In the traded volume terms, 2.93 lakh shares traded on BSE, whilst a total of 20.94 lakh scrips exchanged hands on NSE, so far. The Rs 909-crore initial public providing (IPO) of Shyam Metalics and Energy became the highest subscribed IPO of FY21 so far, getting 121.43 occasions subscription.
Upon listing, Shyam Metalics and Energy Ltd has joined its peers such as Tata Steel Ltd, JSW Steel Ltd, Steel Authority of India Ltd, Jindal Steel and Power Ltd and Tata Steel Long Products Ltd. So far this economic year, investors have seen only two other IPOs hit Dalal Street.
Shyam Metalics and Energy Ltd situation was sold in the cost band of Rs 303-306 per share. The public situation received bids of more than 256.11 crore shares against the total situation size of 2.10 crore shares. The portion reserved for certified institutional purchasers (QIBs) was subscribed 155.71 occasions, whilst these of non-institutional investors was subscribed 340 occasions and that of retail person investors (RIIs) was subscribed 11.64 occasions. While, shares for the workers segment saw a subscription of 1.55 occasions.
Research and brokerage firms such as Geojit Financial Services, Reliance Securities, Angel Broking, and Ventura Securities had offered a ‘subscribe’ rating to the situation. The steel maker firm had reduce the size of its IPO from Rs 1,107 crore to Rs 909 crore, immediately after promoters offloaded Rs 252 crore shares from their personal stake against Rs 450 crore as planned earlier. Shyam Metalics sells intermediate and final merchandise across the steel worth chain catering to institutional and finish-use shoppers. It operates 3 manufacturing plants that are situated at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.
Shyam Metalics and Energy, which filed preliminary IPO papers with the capital markets regulator Securities and Exchange Board of India (Sebi) in February, received its go-ahead on May 11 this year. The business had attempted for stock industry listing in the previous also. It had filed a draft red herring prospectus (DRHP) for initial public providing with the capital markets regulator SEBI in 2018 and had even received clearance. However, the steel maker deferred its plans to list on the bourses.