Rs. Considering the upper price band of 90, the shares are expected to list at a 33% premium over the issue price.
However, it is important to note that the gray market premium is only an indicator of how a company’s shares stack up in the unlisted market and can change rapidly.
The net proceeds from the public offer will be used for technological upgradation of existing manufacturing facilities, expansion of existing solar facilities for power generation, funding of civil construction costs of new factory shed cum storage facilities, advertising and marketing for brand building, funding. Additional working capital requirements and general corporate purposes.
Numalayalam Steel is engaged in the business of manufacturing galvanized pipes, tubes and sheets. The company has been successful in building a brand presence in Kerala under the name ‘Damac Steel’.
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In 2018, NewMalayalam Steel commenced production of galvanized pipes, tubes and sheets by installing a second electric resistance welding tube mill with an installed capacity of 3,500 mt at its manufacturing unit.
The company’s products find wide application in the common households of Kerala. Galvanized pipes and tubes are used for roof construction to reduce heat and avoid leakage, further the galvanization process provides additional benefits.
Increases product life and quality by making it rust-free.
Its products are therefore manufactured to provide an effective solution to the ongoing damage to homes in Kerala due to adverse weather conditions.
India is the world’s second largest steel producer with an installed capacity of 154.1 MT in FY22. It is also the second largest consumer of finished steel with a consumption of 120 MT in FY23.
The Indian steel sector has been able to grow over the years due to local availability of raw materials like iron ore and cost-effective labour. Over the past 10 years, finished steel production has grown at a CAGR of 2.8% to 122 MT in FY23 from 96 MT in FY14.
For the period ended June 2024, the company has made Rs. 154 crore gross revenue and Rs. 5.19 crore net profit was made.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
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