Gujarat,apr 29
Ahmedabad based Sai Swami Metals & Alloys Ltd, makers of DOLPHIN Brand stainless Steel Cookware & appliances and wide range of stainless steel products is planning to raise Rs. 15 crore from its SME public issue. The company has received approval to launch its public issue on BSE SME Platform. The public issue open for subscription on April 30 and closes on May 3. The proceeds of the public issue will be utilised to fund company’s expansion plans including purchase of machineries, invest in subsidiary company, meeting working capital requirements and general corporate purposes. Swastika Investmart Ltd is the lead manager of the issue.
IPO Highlights:-
* Public issue opens for subscription from April 30 and closed on May 3.
* Minimum lot size for application is 2000 shares; Minimum IPO application amount Rs. 1.20 lakh
* Funds raised through the issue will be used for Purchase of Machineries, Invest in Subsidiary Company, meeting the working capital requirements and general corporate purposes
* For 9 months of FY23-24 company reported revenues of Rs. 33.33 crore and Net Profit of Rs. 1.79 crore
* Swastika Investmart Ltd is the lead manager of the issue.
The initial public offering comprises of a fresh issue of 25 lakh equity shares of face value Rs. 10 each. Company has fixed price of Rs. 60 per equity share for the public issue (including a premium of Rs. 50 per equity share). Out of the issue proceeds of Rs. 15 crore, company plans to utilize Rs. 6 crore towards working capital requirements, Rs. 4 crore for investing in a subsidiary, Rs. 2 crore for purchasing machineries and Rs. 2 crore towards general corporate purpose. Minimum lot size for the application is 2000 shares which translates in to investment of Rs. 1.2 lakh per application. Retail investor quota for the IPO is kept at 50% of the net offer.
Sai Swami Metals and Alloys Ltd is involved in the trading and marketing of a comprehensive array of stainless steel products, addressing the diverse needs of our discerning customers. The company’s product line includes a variety of kitchenware such as Dinner Sets, S.S. Casseroles, S.S. Multi Kadai, S.S. Water Bottles, Stainless Steel Sheets, Stainless Steel Circles, and various utensils.
The Dolphin brand is recognized for trading and marketing stainless steel kitchenware products by the company and its two subsidiaries, Bhagat Marketing Private Limited and Dhruvish Metals LLP. As of December 3, 2023, company has a network of 6 Distributors and more than 150 sub-dealers/stockiest/retailers and strategic alliances in the state of Gujarat, Madhya Pradesh, Maharashtra.
