Narayani Steels plans IPO to raise Rs 11.52 crore

Visakhapatnam-based Narayani Steels Ltd today said it has filed the draft prospectus to get listed on BSE's SME platform for a public issue of Rs 11.52 crore.
The company proposes to make a fresh issue of 36 lakh equity shares at a fixed price of Rs 32 per share including a premium of Rs 22 per share (face value of Rs 10 per share). The issue constitutes 33 per cent of the post issue paid up equity share capital of the company.
The proceeds to be raised through the IPO will be utilised for working capital requirements and issue expenses, a company statement said.

Narayani Steels is engaged in trading and manufacturing of hot rolled long products of value added steel. The company primarily trades in blooms, billets, TMT bars, pellets, etc and also manufactures TMT bars and other long products such as rounds, flats, angles, channels, etc.
The company started its operations with the acquisition of a steel rolling plant in Vizianagaram and further strengthened its roots in Visakhapatnam steel industry.
The company's business turnover jumped from over Rs 200 crore in 2011 to over Rs 600 crore in 2015.
Pantomath Capital Advisors, a category I merchant banker, is the lead manager to the issue.