Kolkata-based steel maker Shyam Metalics and Energy has filed for an IPO. The company will raise ₹909 crore, it said in its DRHP filed with market regulator SEBI.
Issue proceeds will be used for repayment and pre-payment of certain debt facilities availed by company and one of its subsidiaries — SSPL, and other general corporate purposes.
Shyam Metalics is one of the largest manufacturers of long steel products and ferro alloys in the country. The company offers a range of intermediate and final products across the value chain and has been EBITDA-positive since the commencement of its operations in 2005.
The company’s total income increased at a CAGR of 42.57 per cent and earnings before interest, tax, depreciation and amortisation (EBITDA) 124.08 per cent in FY16-18. Shyam Metalics and Energy operates three manufacturing plants — one in Odisha and two in West Bengal. It has an aggregate installed metal capacity of 2.90 mtpaMTPA.
The company’s domestic clientele include Jindal Stainless, Jindal Stainless Hisar, Adani group company Dhamra Port, SAIL and JSW Steel; international customers are Dahuti International and Asia Steel & Metals.