IPO
Metal waste recycler Eswari Global files papers to raise Rs.1,300-Cr
Coimbatore-based Eswari Global Metal Industries has filed preliminary papers to raise between INR 1,100 crore and INR 1,300 crore through an initial public offering (IPO).The proposed transaction includes a fresh issue of equity shares worth INR 500 crore and an offer-for-sale of 1.32 crore equity shares by existing promoters and a selling shareholder. DAM Capital Advisors, ICICI Securities, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue. The company may raise INR 100 crore in anchor placement before the IPO.Incorporated in 1987, Eswari Global is an integrated multi-metal and waste recycling and value-added manufacturing company. The firm recycles non-ferrous metals, plastics, and e-waste, producing items such as pure lead, lead alloys, aluminium alloys, copper ingots, tin products, and plastic granules for the battery, automotive, and industrial sectors.The company plans to use INR 150 crore from the fresh issue to part-finance capital expenditure for the Phase-II expansion of its manufacturing facility in Mundra, Gujarat. Another INR 250 crore will be used for debt repayment.
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