Sai Swami Metals & Alloys plans to raise Rs 15 crore through SME IPO
AHMEDABAD: Ahmedabad-based Sai Swami Metals & Alloys Ltd, makers of Dolphin brand stainless steel cookware and appliances and wide range of stainless steel products, is planning to raise Rs 15 crore from its SME public issue. The company has received approval to launch its public issue on BSE SME Platform.
The public issue opens for subscription on April 30 and closes on May 3. The proceeds of the public issue will be utilised to fund the company’s expansion plans including purchase of machinery, investment in subsidiary company, meeting working capital requirements and general corporate purposes. Swastika Investmart Ltd is the lead manager of the issue.
The initial public offering comprises a fresh issue of 25 lakh equity shares of face value Rs 10 each. Company has fixed price of Rs 60 per equity share for the public issue (including a premium of Rs 50 per equity share). Out of the issue proceeds of Rs 15 crore, the company plans to utilize Rs 6 crore towards working capital requirements, Rs 4 crore for investing in a subsidiary, Rs 2 crore for purchasing machinery and Rs 2 crore towards general corporate purpose. Minimum lot size for the application is 2000 shares which translates into investment of Rs 1.2 lakh per application. Retail investor quota for the IPO is kept at 50% of the net offer.
Sai Swami Metals and Alloys Ltd is involved in the trading and marketing of a comprehensive array of stainless steel products. The company’s product line includes a variety of kitchenware such as dinner sets, casseroles, multi kadai, water bottles, stainless steel sheets, stainless steel circles and various utensils.
Nipun Anantlal Bhagat, CMD, Sai Swami Metals & Alloys Ltdsaid, “We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products.”
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