Mumbai: Shyam Metalics and Energy Ltd has filed a draft red herring prospectus (DRHP)  with the Sebi  to raise nearly R. 1,107 crore through an initial public offering (IPO).

According to the draft h paper, the offer comprises a fresh issue of Rs. 657 crore and an offer for sale (OFS) of up to Rs450 crore, subject to consultation with merchant bankers. It may decide to undertake a pre-IPO placement of Rs250 crore subject to consultation with merchant bankers

Shyam Metalics and Energy Ltd has filed a draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise nearly Rs 1,107 crore through an initial public offering (IPO).

The company will use the proceeds from the issue to repay up to Rs 657 crore debt of the company and its arm SSPL. ICICI Securities, Axis Capital, IIFL Securities, JM Financial and SBI Capital are the lead managers to the issue.

As of December 2020, the integrated metal producing company had a standalone debt of Rs 381.12 crore, while SSPL had a debt of Rs 398.60 crore. The consolidated debt of Shyam Metallics for the period stood at Rs 886.29 crore.

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