Shyam Metalics and Energy has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise Rs 909 crore through an initial public offering (IPO). The company, which filed the draft red herring prospectus with the SEBI in August, got the regulator’s approval on December 7. The net proceeds from the issue will be utilized for payment of debt, including that of its subsidiary SSPL and for other general corporate purposes. ICICI Securities, Edelweiss Financial Services, IIFL Holdings and JM Financial are book running lead managers to the issue.Shyam Metalics is one of the largest manufacturers of long steel products and ferro alloys in the country. It operates three manufacturing plants - one in Odisha and two in West Bengal, with an aggregate installed metal capacity of 2.90 metric tonnes per annum (MTPA).
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