Stainless steel products maker Sai Swami Metals & Alloys Ltd will hit the capital market on April 30 to raise around ₹15 crore from public investors.

The initial public offering will open for subscription on BSE’s SME platform on Tuesday and will close on May 3, the company said in a statement on Saturday.

The Ahmedabad-based company, which manufactures stainless steel cookware and appliances under the brand DOLPHIN, has fixed the price at ₹60 per equity share.

The IPO comprises a fresh issue of 25 lakh equity shares of ₹10 each. The retail individual investors' quota has been fixed at 50 per cent of the net offer and the remaining 50 per cent for other investors.

"The proceeds of the public issue will be utilised to fund the company's expansion plans, including purchase of machinery, investment in subsidiary companies, meeting working capital requirements and for general corporate purposes," the statement said.

The company plans to utilise ₹6 crore towards working capital requirements, ₹4 crore for investing in a subsidiary, ₹2 crore for purchasing machinery and ₹2 crore towards general corporate purposes.

The company’s shares will be listed on the BSE SME platform.

Swastika Investmart Ltd is the lead manager, while Bigshare Services is the registrar of the issue.

Sai Swami Metals & Alloys is involved in the trading and marketing of an array of stainless steel products.

For the nine months ended December 2023, the company reportednet profit of ₹1.79 crore and revenue of ₹33.33 crore. In 2022-23 fiscal year, the company logged a net profit of ₹3.83 lakh and revenue of ₹6.27 crore.