PNN
Mumbai (Maharashtra) [India], April 30: Sai Swami Metals and Alloys Limited, one of the leading players in trading and marketing of a comprehensive array of stainless-steel products, has announced its plan to go public with an Initial Public Offering (IPO) on April 30, 2024. The company is aiming to raise Rs 15Crore at the price of Rs 60 per share through this IPO, with shares set to be listed on the BSE SME platform.
The issue size is Up to 25,00,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
* Non-Institutional Investors (NII) - Up To 11,86,000Equity Shares
* Retail Individual Investors (RII) - Up To 11,86,000Equity Shares
* Market Maker - Up To 1,28,000 Equity Shares
The net proceeds from the IPO will be utilized to meet Incremental Working Capital Requirements, Invest in Subsidiary Companies, Purchase Machinery, and for General Corporate Purposes. The Issue closes on 03rd May 2024.
The Lead Manager to the Issue is Swastika InvestmartLimited. The Registrar to the Issue is Bigshare Services Private Limited.
Nipun Anantlal Bhagat, Chairperson & Managing Director of Sai Swami Metals and Alloys Limited expressed, "The opening of our Initial Public Offering marks a significant milestone for Sai Swami Metals and Alloys Limited. This IPO is a pivotal moment for us as we continue to expand and innovate in the stainless-steel industry. We have built a reputation for delivering high-quality stainless-steel kitchenware products under our esteemed brand 'DOLPHIN'.
This strategic allocation of funds will not only enhance our operational efficiency but also strengthen our market position and facilitate further growth and expansion. By investing in subsidiary companies and purchasing advanced machinery, we aim to enhance our production capabilities and broaden our product offerings, thereby catering to a larger customer base. We are excited about the opportunity this IPO brings and look forward to further strengthening our position in the market."
Sunil Nyati of Swastika Investmart Limited said, "Sai Swami Metals and Alloys Limited has demonstrated strong growth and a commitment to quality and innovation in the stainless-steel industry. The strategic utilization of net proceeds reflects the company's vision and growth plans. We believe that Sai Swami Metals and Alloys Limited's IPO represents a significant milestone in the company's journey and underscores its potential for future success."
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