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Shyam Metalics shares make a strong debut on exchanges – Mint

Shares of Shyam Metalics made a strong debut on exchanges today. Shares of the Kolkata-based metal company rose to 394 on BSE as compared to its issue price of 306. Shyam Metalics stocks listed at 380 at the NSE against its issue price of 306 . The IPO of Shyam Metalics had seen a strong response and was subscribed 121.40 times on Wednesday. It received bids for 2,56,05,35,955 shares against 2,10,90,890 shares on offer, as per NSE data.

In comparison, BSE Sensex was up about 0.35%.

The qualified Institutional Buyers(QIBs) category was subscribed 155.71 times, non-institutional investors 339.98 times, and retail individual investors(RIIs) 11.58 times. The price range for the offer was 303-306 per share.

The Kolkata-based long steel products and Ferro alloy-focused company sells intermediate and final products across the steel value chain.

Speaking on the strategy that Shyam Metalics shareholders should maintain after listing, Astha Jain, Senior Research Analyst at Hem Securities said, “Those who have invested for short-term time-horizon should book profit on the listing gains. However, for those who have long-term time-horizon, they should book 50% profit and hold the rest 50%stocks maintaining stop loss at 355.”

The 909-crore initial public offer of Shyam Metalics comprised a fresh equity of 657 crore and OFS (offer for sale) of 252 crore by shareholders of the company.

Sona Comstar shares also made a debut on exchanges today. Shares rose to 303 on BSE as compared to its issue price of 291.

Sona BLW Precision Forgings (Sona Comstar) successfully raised 5,550 crore through its IPO, which included 2,498 crore that was mobilised from anchor investors. The 5,550-crore IPO of Sona Comstar, which opened for subscription during June 14-16, was subscribed 2.33 times at a price band of 285-291 per share.

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