Shyam Metalics, Sona Comstar IPO Subscription Updates: Day 2
A worker cuts a metal pipe in Mumbai’s Lower Parel area. (Photograph: Dhiraj Singh/Bloomberg)

Shyam Metalics, Sona Comstar IPO Subscription Updates: Day 2

Retail interest continued to remain high on the second day of Shyam Metalics Ltd.’s initial public offering amid optimism about equity markets that scaled record highs recently. The response to Sona BLW Forgings Ltd.’s (Sona Comstar) issue remained muted.

Shyam Metalics IPO: Day 2

The integrated metal producer’s issue was subscribed 3.63 times as of 5 p.m. on June 15, according to exchange data. Qualified institutional buyers, who stayed away from the issue on day 1, subscribed 0.80 times on March 9.

Also read: Shyam Metalics IPO: All You Need To Know

Subscription Details

  • Institutional investors: 0.80 times.
  • Non-institutional investors: 2.60 times.
  • Retail investors: 5.80 times.
  • Employees: 0.78 times.

The Rs 909-crore IPO comprises a fresh issue worth Rs 657 crore and an offer-for-sale of up to Rs 252 crore. The company is selling shares at Rs 303-306 apiece. It plans to use the proceeds from the fresh issue to retire debt worth Rs 450 crore and for general corporate purposes.

This is Shyam Metalics’ second attempt to tap the primary market.

The company’s issue was subscribed 1.24 times on Monday, the first day of the share sale. The offering closes on Wednesday.

ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital Markets are the book running lead managers to the IPO.

Also read: Shyam Metalics IPO - ICICI Direct's Investment Rationale

Also read: Shyam Metalics IPO - A Player With Diversified Product Mix In The Metal Sector: Geojit

Sona Comstar: Day 2

The Rs 5,550-crore IPO was subscribed 0.28 times as of 5 p.m. on June 15, according to data available on exchanges.

Also read: Sona Comstar IPO: Here’s All You Need To Know

Subscription Details

  • Institutional investors: 0.14 times.
  • Non-institutional investors: 0.04 times.
  • Retail investors: 1.04 times.

The auto-parts maker’s IPO comprises a fresh issue worth Rs 300 crore and a offer-for-sale worth Rs 5,250 crore by a Blackstone entity—Singapore VII Topco III Pte Ltd. The company is selling shares at Rs 285-291 apiece.

The company will use Rs 241 crore from the fresh issue’s proceeds to pare debt.

The book running lead managers for the issue are Kotak investment banking, Credit Suisse, JM financial, JP Morgan, Nomura, KFin Technologies.

Also read: Sona Comstar IPO - All Set To Play The Electric Vehicle, Hybrid Momentum: Prabhudas Lilladher

Also read: Sona Comstar IPO - Well Diversified Portfolio Across Categories To Tap Future Growth: Motilal Oswal

Also read: Sona Comstar IPO - ICICI Direct's Investment Rationale

Also read: Sona Comstar IPO: KRChoksey’s Investment Rationale

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