Siyaram Recycling IPO: Price Band Fixed at Rs 43-46/share

New Delhi, Dec 12 (PTI) Siyaram Recycling on Tuesday said it has fixed a price band of Rs 43-46 apiece for its IPO.

At the upper end of the prices, the company aims to raise around Rs 23 crore from the initial initial public offering (IPO).

The issue will open for public subscription on December 14 and conclude on December 18, the company said in a statement.

"By issuing entirely fresh 49.92 lakh shares, the firm aims to raise Rs 22.96 crores through an initial public offering (IPO) and has set a price band of Rs 43 to Rs 46 per share," it said.

The company's shares are scheduled to list on December 21 on the BSE-SME segment.

It has reserved 50 per cent of the net issue for qualified institutional buyers (QIB), 15 per cent for non-institutional investors (NII), and 35 per cent for retail investors.

The book-running lead manager for the IPO is Hem Securities Limited.

The net proceeds from the issue will be used in repayment of a portion of borrowing availed by the company.

Siyaram Recycling Industries is a leading manufacturer and recycler of ingots, billets and rods (used for manufacturing TMT bars) in Jamnagar, Gujarat.