The Hindu Business Line : Steel City Securities plans IPO

STEEL City Securities is planning an initial public offering (IPO) with an issue size of Rs 50 crore-Rs 60 crore, to expand its operations all over the country.

Mr G. Rajagopal Reddy, Executive Director, said at a press meet here on Monday that the premium issue might hit the market sometime in May-June. He said the premium had not yet been determined.

Mr Reddy said Steel City Securities, a member of the NSE and the BSE, had 120 branches in four States - AP, Karnataka, Orissa and Tamil Nadu.

"We would like to increase the number of branches to 300. In particular, we want to increase our presence in Karnataka. In Andhra Pradesh, we have 90 branches, and 15 more will be set up after the issue, mostly in the Telangana region," he said.

Mr Reddy said the daily turnover amounted to Rs 120 crore. Besides, the group subsidiary Steel City Commodities Ltd was into the commodities market.

"Our commodities turnover is at present Rs 30 crore. We foresee a bright future for the commodities segment too after the completion of our expansion plans," he said.

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