Steel City Securities completes IPO

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Kanga & Co advised Steel City Securities, a Visakhapatnam-based company that provides stockbroking, e-governance and other services, on its ₹269 million (US$4.1 million) initial public offering. The company has a pan-India presence and is now listed on the NSE EMERGE, the National Stock Exchange’s platform for small and medium-sized enterprises.

Laptop_statistics_sharesChetan Thakkar, a partner at Kanga & Co, was sole legal counsel on the offering and also advised the lead manager, Keynote Corporate Services. Thakkar told India Business Law Journal that the firm assisted in carrying out due diligence of the company’s documents. “We had to extensively peruse all the government approvals obtained by the company for conducting its operations, across various states where the company has its presence or operates its business from.”

Thakkar added that the IPO was one of eight capital market transactions that the firm had worked on since the start of the year.