Sai Swami Metals and Alloys Listing

The public issue of Sai Swami Metals and Alloys opened on April 30 and closed on May 3.

Sai Swami Metals and Alloys IPO Listing: The shares of Sai Swami Metals and Alloys Limited, an Ahmedabad-based company manufacturing stainless steel products, got listed on May 8.

The shares were listed at Rs 114 on the BSE SME platform with a premium of Rs 60 to 90 per cent in the IPO price band. Soon after the listing, the shares saw a rise of 5 percent and hit the upper circuit at Rs 119.70.

The company manufactures and sells stainless steel products under the Dolphin brand.

The public issue of Sai Swami Metals and Alloys opened on April 30 and closed on May 3. It got subscription 543.72 times.

The portion reserved for retail investors was filled 529.01 times and the portion reserved for non-institutional investors was filled 533.83 times. The price band was Rs 60 per share and the lot size was 2000 shares. 25 lakh new shares were issued in the issue.

How will the money received from IPO be used?

Sai Swami Metals and Alloys, of the funds raised from the public issue, Rs 2 crore will be used for the purchase of machinery, Rs 4 crore will be used for investment in subsidiaries, Rs 6 crore will be used to meet working capital requirements and Rs 2 crore will be used for investment in subsidiaries. Will use Rs crore for general corporate purposes.

How financially strong is the company?

Sai Swami Metals' net profit for the period April-December 2023 stood at Rs 1.79 crore. Revenue during this period was recorded at Rs 33.33 crore. The company's net profit during the financial year 2022-23 was Rs 3.83 lakh and revenue was Rs 6.27 crore.