Sharvaya Metals Secures Rs 17 Crore from Anchor Investors Ahead of Rs 59 Crore IPO
Sharvaya Metals, an aluminium products manufacturer, has raised ₹17 crore from anchor investors before its ₹59 crore IPO. The company allotted 8.53 lakh equity shares at ₹196 per share to investors including NAV Capital and Craft Emerging Market Fund. The IPO, opening on September 4 and closing on September 9, has a price band of ₹192-196 per share. It comprises a fresh issue of ₹49 crore and an OFS of ₹9.80 crore. Funds will be used for plant machinery, working capital, and construction. Sharvaya Metals, which produces aluminium products including EV battery housings, reported a total income of ₹112.76 crore and profit after tax of ₹12.51 crore. The shares will be listed on BSE's SME platform.
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Sharvaya Metals, an aluminium products manufacturer, has successfully raised Rs 17 crore from anchor investors as it prepares to launch its Initial Public Offering (IPO) worth Rs 59 crore. The company's move signals strong interest from institutional investors ahead of its public debut.
Anchor Investment Details
The company allotted over 8.53 lakh equity shares to anchor investors at Rs 196 per share, which is at the upper end of the price band. Notable anchor investors include:
- NAV Capital
- Craft Emerging Market Fund
- PCC-Citadel Capital Fund
IPO Specifics
- Offering Size: Rs 59 crore
- Opening Date: September 4, 2023
- Closing Date: September 9, 2023
- Price Band: Rs 192-196 per share
The IPO comprises a fresh issue of shares worth Rs 49 crore and an offer for sale (OFS) of Rs 9.80 crore.
Utilization of Funds
Sharvaya Metals plans to use the proceeds from the fresh issue for the following purposes:
| Purpose | Amount (in Rs crore) |
|---|---|
| Plant and machinery purchases | 20.40 |
| Working capital requirements | 9.00 |
| Civil construction | 5.17 |
Company Overview
Sharvaya Metals specializes in manufacturing aluminium products, including:
- Alloyed ingots
- Billets
- EV battery housings
The company reported:
- Total income: Rs 112.76 crore
- Profit after tax: Rs 12.51 crore
Listing Details
Upon completion of the IPO, Sharvaya Metals' shares will be listed on BSE's SME (Small and Medium Enterprises) platform.
The successful raising of funds from anchor investors suggests a positive sentiment towards Sharvaya Metals' public offering. As the company prepares to enter the public market, investors will be watching closely to see how it performs in the competitive aluminium products sector, particularly with its involvement in the growing electric vehicle (EV) industry through battery housing manufacturing.
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