Mangalam Alloys Ltd plans to raise money in SME IPO for business expansion – Times of India

by The Technical Blogs


AHMEDABAD: Gujarat-based integrated stainless steel and special steel manufacturing company, Mangalam Alloys Ltd, is planning to raise up to Rs 54.91 crore from its SME IPO, which opens for subscription on Thursday, September 21, and closes on Monday, September 25. Company plans to utilize Rs 5.3 crore towards capital expenditure for business expansion, including R&D, Rs 27 crore for funding working capital requirements, Rs 12.3 crore for general corporate purposes.
Following the SME IPO, the company’s shares shall be listed on the Emerge Platform of the National Stock Exchange. Expert Global Consultants Private Limited is the lead manager to the issue.
The SME IPO comprises up to 68,64,000 equity shares of face value Rs 10 each, including a fresh issue of up to 61.26 lakh equity shares and an offer for sale of up to 7.37 lakh equity shares at a price of Rs 80 per share (including a premium of Rs 70 per equity share). The Company plans to raise up to Rs 54.91 crore from the issue.
The minimum lot size for the application is 1600 shares, which translates to a minimum application amount of Rs 1.28 lakh per application. As part of the IPO, shares offered to retail investors is kept at 50% of the Issue.
Incorporated in 1988, Mangalam Alloys Limited is a stainless steel and special steel manufacturer in India. It manufactures stainless steel ingots, round bar, RCS, bright bar, different sections/ profiles like hexagonal, square, angle, flat bars, Forgings and fastener in more than 30 international grades and in sizes ranging from 3 mm to 400 mm. Company has an integrated stainless steel manufacturing unit covering 40,000 sq. meters land with an installed capacity of 25,000 TPA finished goods capacity, operating with a zero waste philosophy.
The company holds four Indian patents and two international patents.


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