Siyaram Recycling Industries IPO: Check Out Date, Price, Allotment Details

Siyaram Recycling Industries Ltd, the manufacturer of brass plumbing and sanitary components, launched its initial public offering (IPO) on December 14, 2023, with subscription available until December 18. The company expects to finalize the IPO allotment on December 19, scheduling the listing of its shares on BSE SME for December 21.

Price Band:

The Siyaram Recycling IPO has fixed the price band at Rs 43 to Rs 46 per share. The offering comprises 49.92 lakh fresh equity shares, aiming to raise Rs 22.96 crore at the upper end of the price range.

For retail investors, the IPO lot size is 3,000 shares, requiring a minimum investment of Rs 138,000.

Allotment Details

Qualified institutional buyers (QIB) have received an allocation of fifty percent of the net issue. Non-institutional investors (NII) have been granted a 15 percent allocation, while retail investors have been allotted 35 percent of the issue.

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Book Running Lead Managers:

Hem Securities serves as the book running lead manager for the Siyaram Recycling IPO. Cameo Corporate Services is acting as the IPO registrar.

The company’s promoters include Dwarkadhish Venture Pvt Ltd, Ramgopal Ochhavlal Maheshwari, Bhavesh Ramgopal Maheshwari, and Madhu Ramgopal Maheshwari.

Purpose of the IPO:

The company plans to direct the IPO proceeds towards repaying a portion of existing borrowings and for general corporate purposes.

Company Profile:

Siyaram Recycling Industries specializes in manufacturing brass products and components. Its net profit increased from Rs 3.22 crore in FY22 to Rs 7.65 crore in FY23. On the other hand, revenue rose from Rs 426.44 crore to Rs 497.86 crore during the same period.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}