Sharvaya Metals IPO Opens: Raises Rs 17 Cr From Anchors

New Delhi, Sep 3 (PTI) Sharvaya Metals, a manufacturer of aluminium products, on Wednesday said it has raised Rs 17 crore from anchor investors a day before its initial share-sale opening for public subscription on September 4.

NAV Capital, Craft Emerging Market Fund, PCC-Citadel Capital Fund, Krushnam Nexus Capital Scheme I, Pentateam Inventure Capital Scheme I, Beacon Stone Capital VCC and Lords Multigrowth Fund were the entities that participated in the anchor round, according to a circular uploaded on the BSE website.

As per the circular, Sharvaya Metals has allotted a little over 8.53 lakh equity shares to entities at Rs 196 per scrip. This aggregates the transaction size to Rs 16.72 crore.

The Rs 59-crore initial public offering (IPO) will open for subscription on September 4 and will conclude on September 9. The price band has been set at Rs 192-196 per share.

The IPO is a mix of fresh issue of 25 lakh equity shares aggregating to Rs 49 crore and offer for sale of 5 lakh shares amounting to Rs 9.80 crore.

Proceeds from the fresh issue to the tune of Rs 20.4 crore will be used to fund capital expenditure for the purchase of plant and machinery, Rs 9 crore will be used to meet the working capital requirements, and Rs 5.17 crore will be used to fund capital expenditure for civil construction and electrification.

The balance will be used for general corporate purposes.

Shreyans Katariya, Promoter and MD of Sharvaya Metals, said, "The proceeds will help us strengthen infrastructure, enhance production capacity, and support working capital requirements as we expand across high-growth segments like electric vehicles and defence".

Sharvaya Metals Ltd is engaged in the manufacturing of aluminium products, including alloyed ingots, billets, slabs, sheets, circles, and EV battery housings.

On the financial front, the company reported a total income of Rs 112.76 crore and profit after tax of Rs 12.51 crore in FY25.

The company's shares are proposed to be listed on the BSE's SME platform.

Expert Global Consultants is the sole book-running lead manager, while Bigshare Services is the registrar for the IPO.