Quote on Shyam Metalics IPO by Mr. Yash Gupta, Angel Broking Ltd
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Below are Quote on Shyam Metalics IPO by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd
Shyam Metalic IPO is set to open on 14th June 2021. Earlier it was announced that the IPO size would be ₹1109 Crores comprising fresh issue of ₹657 crores and ₹452 crores of offer for sale by promoters/shareholders. There has been a reduction in IPO size to ₹909 crores in which offer for sale by promoter group has been reduced from ₹452 crores to ₹252 crores.
Comfortable liquidity position at promoter group level has been cited as the reason for the same. Additionally, favourable outlook for the industry might have compelled them to lower the offer the sale portion of the issue.
We do not believe that this would have any negative implications for the issue. Looking at the rally in steel stocks and the company’s clean Balance Sheet, we have a positive outlook for the Shyam Metalic IPO.
Above views are of the author and not of the website kindly read disclaimer
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
