BSE SME Siyaram Recycling Industries soars on listing

The scrip was listed at Rs 55, a premium of 19.57% compared with the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.

The counter hit a high of Rs 57.75 and a low of Rs 55. About 13.74 lakh shares of the company changed hands at the counter.

Siyaram Recycling Industries' IPO was subscribed 256 times. The issue opened for bidding on 14 December 2023 and it closed on 18 December 2023. The price band of the IPO was fixed at Rs 46 to 46 per share.

The IPO comprised fresh issue of 49,92,000 shares. The promoter and promoter shareholding diluted to 70.55% from 96.06% pre-IPO.

The company intends to utilize the net proceeds for repayment of a portion of certain borrowing availed by the company and general corporate purpose.

Siyaram Recycling Industries primarily engaged in segregation of brass scrap, manufacturing of brass ingots, billets, brass rods and brass based components (plumbing and sanitary parts). Currently the company operates through 3 facilities, all of which are located in the district of Jamnagar. The company market its products to around 18 states & Union Territories in India of which majority portion of the revenue comes from the state of Gujarat.

The company recorded revenue from operations of Rs 215.06 crore and net profit of Rs 3.96 crore for the period as on 30 September 2023.

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