According to a recent press release, the Kolkata-based Shyam Metalics & Energy has filed with the Securities & Exchange Board of India (SEBI) for raising about Rs 909 crore ($132 million) through its initial public offering (IPO).
Shyam Metalics & Energy Limited stated that it will utilize the proceeds toward repayment and/or pre-payment of certain debt facilities availed by the company and one of its subsidiaries, SSPL, and other general corporate purposes.
Shyam Metalics was started in 2005 and is involved in the manufacturing of long steel products and ferro-alloys. It operates three manufacturing plants — one in Odisha and two in West Bengal — with an aggregate installed metal capacity of 2.90 million mt annually. The manufacturing plants also include captive power plants with an aggregate installed capacity of 164 megawatts (MW). According to the company's website, Shyam is in the process of expanding its metal capacity to 6.78 million mt annually and its energy capacity to 224 MW.
The income of the company is reported at $571 million for FY2018 with an EBITDA in the same period of $103 million.