B.S. Sponge Files For ₹1,000 Crore IPO, Plans ₹650 Crore Debt Repayment From Fresh Issue Proceeds
Mumbai: Steel manufacturer B.S. Sponge Ltd has filed draft papers with the Securities and Exchange Board of India to raise ₹1,000 crore through an initial public offering. According to the Draft Red Herring Prospectus filed on Wednesday, the proposed B.S. Sponge IPO combines a fresh equity issue with an offer for sale by promoters. The company manufactures products across several stages of the…
Mumbai: B.S. Sponge Ltd, a steel manufacturer, has filed for an IPO with a target of ₹1,000 crore. The draft prospectus outlines the company's plans to combine a fresh equity issue with an offer for sale by its promoters. B.S. Sponge is involved in steel production across various stages, from sponge iron and semi-finished steel to finished products like thermo-mechanically treated bars and hot rolled coils.
The company's operations are supported by a 67-MW captive power plant. The IPO will be managed by ICICI Securities and Motilal Oswal Investment Advisors.
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