{"id":34411,"date":"2024-12-18T12:05:31","date_gmt":"2024-12-18T06:35:31","guid":{"rendered":"https:\/\/rajasthanexpress.in\/index.php\/2024\/12\/18\/newmalayalam-steel-limited-ipo-opens-on-december-19-2024\/"},"modified":"2024-12-18T12:05:31","modified_gmt":"2024-12-18T06:35:31","slug":"newmalayalam-steel-limited-ipo-opens-on-december-19-2024","status":"publish","type":"post","link":"https:\/\/rajasthanexpress.in\/index.php\/2024\/12\/18\/newmalayalam-steel-limited-ipo-opens-on-december-19-2024\/","title":{"rendered":"NewMalayalam Steel Limited IPO Opens on December 19, 2024"},"content":{"rendered":"<div>\n<div>\n<p><strong>Mumbai (Maharashtra) [India], December 18: <\/strong>NewMalayalam Steel Limited<strong>\u00a0<\/strong>specializes in galvanized pipes, tubes, sheets, proposes to open its Initial Public Offering on Thursday, December 19, 2024, aiming to raise\u00a0\u20b9\u00a041.76 Crore (At Upper Price Band) through the fresh issue of 46,40,000 equity shares,\u00a0with shares\u00a0to be listed on the NSE Emerge platform.<\/p>\n<p><em>The issue size is 46.40,000 equity shares at a face value of\u00a0\u20b9\u00a010 each with a price band of\u00a0\u20b9\u00a085 \u2013\u00a0\u20b9\u00a090 Per Share.<\/em><\/p>\n<p><strong>Equity Share Allocation<\/strong><\/p>\n<ul type=\"disc\">\n<li>Qualified Institutional Buyer \u2013\u00a0Not More Than\u00a04,41,600 Equity Shares<\/li>\n<li>Non-Institutional Investors \u2013 Not Less Than\u00a019,80,800 Equity Shares<\/li>\n<li>Retail Individual Investors \u2013\u00a0Not Less Than 19,84,000 Equity Shares<\/li>\n<li>Market Maker \u2013 2,33,600 Equity Shares<\/li>\n<\/ul>\n<p style=\"text-align: left;\">The net proceeds from the IPO will be used for IT\/technological upgradation of the existing manufacturing facility, expansion of the existing solar facility for power generation, funding expenditure towards civil construction of a new factory shed-cum-storage facility within the existing factory premises in Kerala, advertising, marketing, and brand building, funding incremental working capital requirements, issue-related expenses, and general corporate purposes. The issue will close on Monday, December 23, 2024.<\/p>\n<p style=\"text-align: left;\"><em>The Book Running Lead Manager to the Issue is\u00a0Khandwala Securities Limited, The Registrar to the Issue is\u00a0KFin Technologies Limited<\/em><\/p>\n<p><strong>Mr. Vazhappily Davis Varghese, Managing Director of NewMalayalam Steel Limited\u00a0<\/strong>expressed, \u201cThis public offering marks a significant step in expanding our production capabilities and unlocking new opportunities for growth. Our strong commitment to stringent quality controls, sustainability through solar energy, a comprehensive dealer network across Kerala, and innovative marketing strategies has been instrumental in establishing a remarkable market presence. We are well-equipped to meet the increasing demand for high-quality galvanized pipes, tubes, and sheets.<\/p>\n<p>The proceeds from our IPO will enable us to further strengthen our operations, invest in IT and technological upgrades, and expand our solar power facility, driving both operational efficiency and sustainability. Moreover, optimize working capital which will strengthen our ability to serve customers more effectively. \u201d<\/p>\n<p><strong>Mr. Rinav Manseta, Associate Director of Khandwala Securities Limited\u00a0<\/strong>said, \u201cNewMalayalam Steel Limited\u2019s IPO marks a significant milestone in its journey of growth and excellence. The company\u2019s commitment to quality, innovation, and sustainability has solidified its position in the competitive steel industry. With rigorous quality controls spanning procurement, manufacturing, and logistics, alongside a solar-powered facility exemplifying its sustainability efforts.<\/p>\n<p>The galvanized steel industry is positioned for steady growth, fueled by demand in construction, automotive, and infrastructure. This growth aligns seamlessly with the company\u2019s strategic utilization of IPO proceeds to enhance technological capabilities, expand its solar-powered operations, and focus on sustainability. These initiatives position the company to address the increasing demand for eco-friendly steel, making its IPO a compelling opportunity for long-term value creation.\u201d<\/p>\n<p><em>If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai (Maharashtra) [India], December 18: NewMalayalam Steel Limited\u00a0specializes in galvanized pipes, tubes, sheets, proposes to&#8230;<\/p>\n","protected":false},"author":3,"featured_media":34412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[634],"class_list":["post-34411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/posts\/34411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/comments?post=34411"}],"version-history":[{"count":0,"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/posts\/34411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/media\/34412"}],"wp:attachment":[{"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/media?parent=34411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/categories?post=34411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rajasthanexpress.in\/index.php\/wp-json\/wp\/v2\/tags?post=34411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}