On BSE, the scrip got listed at Rs 367, up 19.93 per cent.
Shyam Metalics, which was sold from June 14 to June 16, was subscribed 121 times during its bidding period. The issue received bids for shares worth Rs 1.10 lakh crore compared with the issue size of Rs 909 crore, according to exchange data.
The category reserved for QIBs was subscribed 156 times, non-institutional investors 340 times and the portion set aside for retail investors was subscribed 11.62 times.
The IPO comprised fresh issuance of equity shares worth up to Rs 657 crore and an offer for sale to the tune of Rs 252 crore by existing shareholders. At the issue price, the scrip was available at 9.1 times FY21 EV/Ebitda on an annualised basis.
The Kolkata-based long steel products and ferroalloy focused company sells intermediate and final products across the steel value chain catering to institutional and end-use customers through 42 distributors, brokers across 13 states and one union territory.
It operates three manufacturing plants that are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.
Analysts largely had positive views on the issue.
Securities in a pre-IPO note in fact initiated the coverage on the unlisted stock with a target of Rs 436.40, based on FY23 EV/Ebitda of six times on a post-issue equity basis. The target suggested an upside potential of 42.6 per cent over 18-24 months from the IPO price.