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Siyaram Recycling Sets Price Band For Rs 22.96 Cr IPO, Issue To Open On 14th Dec

13 Dec-2023 17:39 PM

By: FirstIndia

Mumbai: Siyaram Recycling Industries Ltd. was established in 2007 and it is the leading manufacturer & recycler of brass ingots, billets, rods, plumbing & sanitary components in Jamnagar, Gujarat - known as Brass City. The company has 3 manufacturing plants & has a global presence with 32% revenue from exports to Countries like China, Germany, Belgium & Oman in FY23.

By issuing entirely fresh/new 49.92 lakh shares, the firm stated that it would raise Rs 22.96 crores through an initial public offering (IPO). The subscription period for the book-built issue begins on December 14, 2023, and ends on December 18, 2023. It is anticipated that the shares will be allotted for the Siyaram Recycling initial public offering (IPO) on Tuesday, December 19, 2023. The proposed listing date for the Siyaram Recycling IPO is Thursday, December 21, 2023, and it will take place on the BSE SME platform.

For its IPO, Siyaram Recycling has set a price band of Rs 43 to Rs 46 per share. Retail investors must deposit a minimum of Rs 1.38 lakh considering the minimum lot size for an application comprises 3000 shares. HNIs can submit a minimum bid of Rs 2.76 lakhs owing to the minimum lot size investment for them being two lots, which equals 6,000 shares. The entire reservation for the Siyaram Recycling IPO is made up of 50% of the net issue for QIB, 15% for NII, and 35% for retail investors.

The net proceeds are proposed to be used in repayment of a portion of certain borrowing availed by the company amounting to Rs 1,800 lakhs from Union Bank of India and general corporate purposes.

The firm enjoyed revenue from operations of Rs 497.86 Cr in FY23 & net profit of Rs 7.65 Cr. During FY21–23, the firm saw growth in brass honey of 107.53% CAGR and brass rod component of 139.47% CAGR.

The registrar of the Siyaram Recycling IPO is Cameo Corporate Services Limited, and the book-running lead manager is Hem Securities Limited. Hem Finlease is the market maker for the Siyaram Recycling IPO.

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