Neel Metal plans 52.51 lakh share IPO

MUMBAI: Neel Metal Products Ltd will issue 52,51,000 equity shares of Rs 10 each in its proposed initial public offering, for which it has filed papers with the Securities & Exchange Board of India. The issue price will be decided through the 100 per cent book building process.

The issue, comprising a net issue of 49,88,450 equity shares for public, will constitute 35 per cent of the fully diluted post-issue paid-up capital.

Neel Metal Products is a part of the JBM group of companies. Its integrated facilities manufactures steel blanks, steel tubes, frames for scooters, wheel rims, stamped components and complete fabricated and painted body for three-wheelers.

The company also designs and manufactures customised equipment such as jigs, fixtures and special purpose welding machines, required for weld-assembly of vehicles, which the company supplies to original equipment manufacturers as well as OEM vendors.

Neel Metal manufacturing facilities are located at Gurgaon, Haridwar and Pantnagar.

The company has entered into joint ventures with Arcelor Tailored Blank Lorraine, Thai Summit Autoparts; Fanalca SA, Columbia, Nisshin Steel and Sumitomo Corporation.

The shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.