On Tuesday, Shyam Metalics and Energy have fixed a price band of Rs 303-306 a share for its Rs 909 crore initial public offer (IPO). The three-day IPO will open on June 14 and close on June 16 and the bidding for anchor investors will open on June 11, the company said in a statement. The IPO comprises fresh issuance of equity shares worth up to Rs 657 crore and an offer for sale (OFS) to the tune of Rs 252 crore by existing shareholders.

Now, the size of the public issue has been reduced to Rs 909 crore from Rs 1,107 crore as it has been decided to offload Rs 252 crore shares through OFS against Rs 450 crore as planned earlier. Those participating in the OFS are Subham Capital, Subham Buildwell, Kalpataru Housefin and Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles.

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The company intends to utilise the net proceeds from the fresh issue for repayment or prepayment of Rs 470 crore of its debt and that of its subsidiary, Shyam SEL and Power; and for other general corporate purposes.