Siyaram Recycling Sets IPO Price Band At Rs 43-46 Per Share

Siyaram Recycling on Tuesday said it has fixed a price band of Rs 43-46 apiece for its IPO.

At the upper end of the prices, the company aims to raise around Rs 23 crore from the initial initial public offering (IPO).

The issue will open for public subscription on Dec. 14 and conclude on Dec. 18, the company said in a statement.

"By issuing entirely fresh 49.92 lakh shares, the firm aims to raise Rs 22.96 crores through an initial public offering (IPO) and has set a price band of Rs 43 to Rs 46 per share," it said.

The company's shares are scheduled to list on Dec. 21 on the BSE-SME segment.

It has reserved 50% of the net issue for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors.

The book-running lead manager for the IPO is Hem Securities Limited.

The net proceeds from the issue will be used in repayment of a portion of borrowing availed by the company.

Siyaram Recycling Industries is a leading manufacturer and recycler of ingots, billets and rods (used for manufacturing TMT bars) in Jamnagar, Gujarat.