Stainless Steel Sai Swami Metals and Alloys Limited, a company manufacturing steel products, will enter the capital market on April 30 to raise about Rs 15 crore from investors. The company said in a statement on Saturday that its IPO (initial public offering) will open on Tuesday and close on May 3. The shares will be listed on the SME platform of BSE. The Ahmedabad-based company, which manufactures stainless steel products under the Dolphin brand, has fixed the bid price under the IPO at Rs 60 per equity share. The IPO involves a fresh issue of 25 lakh equity shares.
The company is from Ahmedabad
The Ahmedabad-based company, which makes stainless steel cookware and appliances under the Dolphin brand, has fixed the price at Rs 60 per equity share. The IPO involves a fresh issue of 25 lakh equity shares of Rs 10 each. The company has fixed the quota of retail individual investors for the IPO at 50 percent of the net offer and the remaining 50 percent for other investors.
IPO money will be used here
The proceeds from the public issue will be used to finance the company’s expansion plans including purchase of machinery, investment in a subsidiary, meeting working capital requirements and general corporate purposes. The company plans to use Rs 6 crore for working capital requirements, Rs 4 crore for investment in a subsidiary, Rs 2 crore for purchasing machinery and Rs 2 crore for general corporate purpose. The company’s shares will be listed on the BSE SME platform.
Swastika Investmart Chief Manager
Swastika Investmart Limited is the lead manager, while BigShare Services is the registrar to the issue. Sai Swami Metals & Alloys is involved in trading and marketing of a wide range of Stainless Steel Products. For the nine months ending December 2023, the company reported a net profit of Rs 1.79 crore and revenue of Rs 33.33 crore. The company reported a net profit of Rs 3.83 lakh and revenue of Rs 6.27 crore in the financial year 2022-23.
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