Sai Swami Metals and Alloys IPO booked 121 times on Day 2: Latest subscription, allotment and listing updates

The initial public offering (IPO) of Sai Swami Metals and Alloys IPO saw a massive demand from the investors on the second day of bidding as the public issue was subscribed nearly 121 times.

Sai Swami Metals and Alloys Ltd IPO received bids for more than 28.69 crore shares against 23.72 lakh shares, reflecting a subscription of 120.92 times at the end of the second day of bidding on May 2, as per the BSE data.

The public issue received a strong demand across categories while the retail investors led the subscription. The retail individual investors’ category was booked 174.66 times while the Non-Institutional Investors’ (NIIs) category was subscribed 66.77 times.

The retail investors applied for over 20.71 crore shares against 11.86 lakh shares available for them. The NIIs submitted bids for over 7.93 crore shares against 11.86 lakh shares set aside for the segment. The Qualified Institutional Buyers (QIBs) submitted bids for only 4.94 lakh shares. Sai Swami Metals and Alloys IPO price band, offer size and other details

The fixed-price issue, worth ₹15-crore, consists entirely of a fresh issue of 25 lakh shares having a face value of ₹60 each. The IPO offer size also includes a market maker portion of 1.28 lakh shares.

The subscription window for the Sai Swami Metals and Alloys IPO, which commenced on April 30, is set to close on May 3.

Sai Swami Metals and Alloys IPO allotment is expected to be finalised on May 6. Sai Swami Metals and Alloys’ IPO shares are slated to be listed on BSE SME platform with the tentative listing date as May 8.

The IPO offers investors the opportunity to bid for a minimum of 2,000 shares, amounting to an investment of ₹1,20,000 and in multiples thereof. For High Net-Worth Individuals (HNIs), the minimum application size is two lots, equivalent to 4,000 shares, with an investment of ₹2,40,000.

Swastika Investmart Ltd has been appointed as the book running lead manager for the Sai Swami Metals and Alloys IPO, and Bigshare Services Pvt Ltd is the registrar for the issue.

Sai Swami Metals and Alloys IPO objective

As outlined in the DRHP, proceeds from the Sai Swami Metals and Alloys IPO will be used for several purposes, including meeting incremental working capital requirements, investing in subsidiary companies and buying machinery essential for business operations. Additionally, a portion of the proceeds will be allocated towards fulfilling general corporate purposes. About Sai Swami Metals and Alloys Limited

Established in 2022, Sai Swami Metals and Alloys Limited is engaged in the sales and trade of stainless steel goods. Dinner sets, casseroles, water bottles, stainless steel sheets, stainless steel circles, and other utensil kinds are among the products offered by the company. Sai Swami Metals and Alloys Limited is also involved in the large-scale trading of basic raw materials, such as sheet, coil, scrap, pipe, M.S. Round (mild steel round), M.S. beam, among others.

Sai Swami Metals and Alloys Limited, along with its subsidiaries — Bhagat Marketing Private Limited and Dhruvish Metals LLP — trade and market stainless steel kitchenware products under the brand name, Dolphin.