Overview

• By 12:51 p.m. on day one, the issue was subscribed 0.06% overall, with retail at 0.28%, QIB at 0.06% and NII at 0.04%.
• The book-built offer totals Rs 1,250 crore, comprising a Rs 500 crore fresh issue and a Rs 750 crore offer-for-sale, with bidding open September 24–26 and listing targeted for October 1 after allotment on September 29.
• Shares are priced in a Rs 220–232 band with a minimum retail lot of 64 shares, and the allocation structure reserves at least 75% for QIBs, up to 15% for NIIs and up to 10% for retail.
• The company raised Rs 562.5 crore from anchors by allotting 2.42 crore shares at Rs 232 to 40 investors, including Goldman Sachs funds, Axis Mutual Fund, HDFC Mutual Fund and Abu Dhabi Investment Authority.
• Grey-market quotes near Rs 25–30 indicate a potential 10–13% listing premium though such signals are unofficial, while proceeds are earmarked mainly for debt reduction and the non‑ferrous recycler reported FY25 revenue of about Rs 7,126 crore and PAT of Rs 223.29 crore.