 "IPO")
Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering next week. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore planned earlier.
The company has priced its IPO between Rs 303 to 306 per share. The IPO will remain open between June 14 and June 16. Anchor investors will be allotted shares on Friday.
The last IPO to hit the domestic market was the Rs 2,500-crore
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