Gujarat,may 3
The initial public offering of Ahmedabad-based Sai Swami Metals & Alloys Ltd, makers of DOLPHIN Brand stainless Steel Cookware & appliances and a wide range of stainless steel products received an overwhelming response for its Rs. 15 crore SME IPO and got subscribed over 500 times. The retail segment was subscribed 528.8 times, while Non institutional investor category was subscribed 558.5 times.Company received bids for over 128.96 crore equity share aggregating total subscription amount of over Rs. 7,737.60 crores against the 25 lakh shares offered in the public issue.
The public issue closed for subscription on May 3. Shares of the company will be listed on BSE SME platform on May 8, 2024. Grey Market premium on company’s share was around Rs.53 per share indicating a Premium listing of 88.33% as per https:/ /www.investorgain.comThe 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.Nipun Anantlal Bhagat, Chairman and Managing Director, Sai Swami Metals & Alloys Ltd said, “We are overwhelmed at the response received for the public issue and want to thank all the investors for their trust and confidence in the company and its management. From its humble beginnings in marketing to establishing manufacturing units we have emerged as a dynamic player in the stainless steel industry. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products.”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.The DOLPHIN brand of the company stands as a beacon of success, reflecting the company’s resilience and lasting impact in the Gujarat market. Over the past three decades, it has consistently translated innovative ideas into an ultramodern range of high-quality kitchenware made from the finest stainless steel material. Company and two subsidiaries i.e. Bhagat Marketing Private Ltd and Dhruvish Metals LLP have a wide range of product portfolio across three categories consisting Cook wears, Kitchenwear and Cutery over 1,200 with different model, each presenting a unique look, style, and personality.
