S.A.L. Steel IPO
S.A.L. Steel IPO — date, price band, lot size & details 2004
S.A.L. Steel listed on 24 Nov 2004 at ₹20, 42.9% above the ₹14 issue price.
S.A.L. Steel is a Shah Alloys group company set up to build a sponge iron, ferro alloys and rolling mill plant with a 40 MW captive power plant in Kutch, Gujarat. It had not started commercial production at the time of its IPO.
Stock price
S.A.L. Steel is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 November.
- Open 01 Nov 2004
- Close 05 Nov 2004
- Allotment 18 Nov 2004
- Refund/credit TBA
- Listing 24 Nov 2004
Issue summary
The terms of the offer, as filed.
| IPO Dates | 1 to 5 Nov, 2004 |
|---|---|
| Price Band | ₹12 – ₹14 |
| Face Value | ₹10 |
| Lot Size | 500 Shares |
| Issue Size | ₹58.8 Cr |
| Sale Type | Fresh capital only |
| Listing On | NSE, BSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 7,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 500 shares at the ₹14 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 500 | ₹7,000 |
| Retail (max) | 28 | 14,000 | ₹1,96,000 |
| S-HNI (min) | 29 | 14,500 | ₹2,03,000 |
| S-HNI (max) | 142 | 71,000 | ₹9,94,000 |
| B-HNI (min) | 143 | 71,500 | ₹10,01,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01It is backed by Shah Alloys, which held 1,06,66,600 shares before the issue.
- 02The project included a 40 MW captive power plant to cut energy costs.
- 03Net worth was Rs 21.94 crore on 30 June 2004 after promoter funding.
- 04The whole Rs 58.8 crore issue was fresh money for the project.
Risks · 5
- 01It had been incorporated less than 1 year earlier and had no experience in making sponge iron or ferro alloys.
- 02It had not started commercial production, so there was no income record; net worth was only Rs 0.05 crore at 31 March 2004.
- 03Project delays or cost overruns would hurt; the plant was a single site in Kutch with a 40 MW power plant.
- 04Steel product prices are cyclical; the issue was priced at Rs 14, the top of its band.
- 05Promoter holding fell from 97.57% before the issue to 49.34% after it.
The numbers
All figures in ₹ crore, as reported in the S.A.L. Steel offer document.
| Metric | 30 Jun 2004 | 31 Mar 2004 |
|---|---|---|
| NET Worth | 21.94 | 0.05 |
| Reserves and Surplus | 3.70 | |
| Total Borrowing | 0.05 | 12.41 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Where the money goes
₹203.31 Cr of the issue is earmarked to named objects.
About the company
It was set up to build a new plant at village Bharapar, Gandhidham taluka, Kutch district, Gujarat, to make sponge iron, ferro alloys and rolling mill products, with a 40 MW captive power plant.
Phase I of the project covered the sponge iron plant, rolling mill capacity and the ferro alloys plant. The promoters brought in Rs 5155.00 lakh as share capital and premium.
The IPO was Rs 58.8 crore and was entirely a fresh issue at Rs 14, the top of the Rs 12 to Rs 14 band, with a face value of Rs 10. The money was for the project.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
S.A.L. Steel IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
141 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).
HSBC InvestDirect Securities (India) Ltd
24 issues handledBest listing: Dishman Pharmaceuticals & Chemicals (+97.1%). Weakest: Bannari Amman Spinning Mills (-25.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of S.A.L. Steel?
The current Grey Market Premium is ₹0.
What is the S.A.L. Steel IPO price band?
₹12 to ₹14, on a face value of ₹10.
When is the allotment?
The basis of allotment is 18 November 2004, with listing on 24 November 2004.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
