Vizag firm to go for IPO

Visakhapatnam: Steel City Securities Limited (SCSL), city-based company, is going public for the first time on Monday with an issue size of Rs 26.99 crore, according to a press release issued here on Friday. The release, issued by Executive Director K. Satyanarayana, says 49, 08,000 equity shares of Rs 10 (face value) will be issued at Rs. 55 per share. The issue closes on Feb 9. Set up in 1995, the company offers many services in the financial markets and also e-governance, with its presence in 500 cities in the country. The proceeds of the IPO will be used for upgrading technology, strengthening office infrastructure, setting up of Aadhaar enrolment centres at all branches, and promotion The shares will be listed on the NSE-EMERGE platform of the National Stock Exchange. Keynote Corporate Services Ltd. is the lead manager to the issue, and also the market maker.