Sharvaya Metals IPO to open September 4 with smaller issue size

Sharvaya Metals IPO: Sharvaya Metals is all set to bring its first public issue, and the IPO will open for people to subscribe on September 4. The company kept the price band at ₹192 to ₹196 per share. Investors will have time till September 9 to apply for the IPO. After that the company will decide share allotment on September 10, and by September 12 the shares will start trading on BSE SME platform.

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Company and issue details

The company makes many aluminium products like alloyed ingots, billets, slabs, circles, sheets and even battery cases used in electric vehicles. The unit where they manufacture is located in Ahmednagar, Maharashtra. Earlier the company planned to issue 40 lakh shares, but now they decided to reduce it to 30 lakh shares. Out of this, 25 lakh shares will come as fresh issue and 5 lakh shares will be sold by promoter Shreyans Katariya.

Through this IPO Sharvaya Metals wants to raise ₹58.8 crore. The money that comes in will mainly go for working capital needs and to buy new plant and machinery. Apart from that, the funds will also cover general corporate expenses. Expert Global Consultants is handling this IPO process.

Market presence and competition

Sharvaya Metals has many customers because its aluminium products are used in cookware, electric vehicles, LED industry, consumer appliances, aviation, defence, automotive, construction and extrusion businesses. This makes the company an important supplier to different sectors. The company also competes with other listed aluminium players such as Maan Aluminium, Manaksia Aluminium, and Baheti Recycling Industries.

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Sharvaya Metals IPO Dates

Sharvaya Metals IPO Details