Chaman Metallics, first SME IPO of 2023, subscribed 197x

• Chaman Metallics is the first Small and medium enterprises (SME) IPO of the year and received an overwhelming response from investors.
• The IPO will be listed on exchanges on January 16.
• Shares of the company will be listed on the SME NSE platform.
  

The IPO of Chaman Metallics was subscribed 197 times by investors, on Friday which is the last day of the offer.

Chaman Metallics is the first Small and medium enterprises (SME) IPO of the year, and has received an overwhelming response from investors.

The IPO received bids of ₹4,777 crore as against issue size of ₹24.2 crore. The issue price of the IPO is at ₹38 per share.

The IPO will be listed on exchanges on January 16 on the NSE SME platform. NSE SME is the National Stock Exchange platform for small and medium enterprises. The companies can migrate to the mainboard of exchange after fulfilling certain conditions.
Mainboard IPO Sah Polymers which opened for investors this week along with Chaman Metallics, was subscribed by 17.46 times as on its last day.

Chaman Metallics is primarily engaged in the business of manufacturing and selling of direct reduced iron (i.e. sponge iron). Sponge iron is mainly used as a raw material for making steel in electric arc furnaces and induction furnaces.

It operates a manufacturing facility located in Chandrapur, Maharashtra with an installed production capacity of 72,000 metric tonnes. The company sells its products primarily in Maharashtra, Odisha and Chhattisgarh.


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