Stories
Eswari Global Metal Industries Secures SEBI Approval for Rs 500 Crore IPO
- •Tamil Nadu-based recycler Eswari Global Metal Industries has received SEBI approval to launch its initial public offering.
- •The IPO comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale of 1.32 crore equity shares by promoters and existing shareholders.
- •The company may consider raising up to Rs 100 crore through a pre-IPO placement, which would reduce the fresh issue size accordingly.
- •Funds raised will be utilized for expanding the Phase 2 manufacturing facility in Mundra, Gujarat, repaying debt, and general corporate purposes.
- •DAM Capital Advisors, ICICI Securities, and Motilal Oswal Investment Advisors are the merchant bankers for the public issue.
Key Questions Answered
Eswari Global Metal Industries has received SEBI approval to raise Rs 500 crore through a fresh issue of equity shares in its upcoming initial public offering. Additionally, existing shareholders and promoters will sell 1.32 crore equity shares through an offer for sale, and the company may also consider raising up to Rs 100 crore via a pre-IPO placement.
The company intends to allocate Rs 150 crore of the net proceeds to fund the Phase 2 expansion of its manufacturing facility located in Mundra, Gujarat. Another Rs 250 crore will be directed toward debt repayment, with the remaining funds designated for general corporate purposes.
Eswari Global manufactures value-added non-ferrous metal and plastic products by recycling scrap materials, including pure lead, lead alloys, aluminium alloys, copper ingots, tin products, and plastic granules. These products cater to domestic and international markets across the battery manufacturing, automotive, and industrial sectors.
