Steel City Securities IPO to open next week

Steel City Securities Ltd, one of the leading stock broking and e-governance service company having pan-India presence, plans to enter the capital market with an initial public offer (IPO) of 49,08,000 equity shares of face value Rs 10 each for cash aggregating up to Rs 26.99 crore. 
 
The issue opens on February 6 and closes on February 9 and the price is fixed at Rs 55 per equity share. The funds raised through fresh issue equity are proposed to be utilised for investment in technology upgradation and office infrastructure for expansion of e-governance business, setting up of Aadhar enrolment centres at existing branches, enhancement of company's brand through advertising and other brand-building activities, working capital requirement, meeting IPO expenses and for other general corporate purposes.

The IPO is being made through the fixed price issue, wherein at least 50 per cent of the net offer shall be available for allocation on a proportionate basis to retail investors and the rest 50 per cent net offer shall be available for allocation on a proportionate basis to individual applicants and other investors, including corporate bodies or institutions, irrespective of the number of specified securities applied for. The unsubscribed portion in either categories may be allocated to the applicants in the other category.
 
The equity shares are proposed to be listed on the small and medium-sized enterprises (SMEs) platform of the NSE.
 
Keynote Corporate Services Ltd is the lead manager to the issue, while Bigshare Services Private Ltd is the registrar to the issue. Keynote Capitals Ltd is also acting as the market maker.