The net IPO proceeds will be used for repayment or prepayment of debt and other corporate purposesShyam Metalics and Energy has received the go-ahead from markets regulator Sebi to float a Rs 1107 crore initial public offer (IPO). The Kolkata-based company’s IPO will comprise a fresh issuance of equity shares worth Rs 657 crore and an offer for sale of Rs 450 crore by promoter and promoter Group i.e. Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles amounting to Rs 450 crore.The public offer will include a reservation of up to 3 lakh shares for eligible employees.The net IPO proceeds will be used for repayment or prepayment of debt and for other general corporate purposes, Shyam Metalics said in its draft papers.Shyam Metalics had filed its draft red herring prospectus (DRHP) with the market regulator on February 27.Shyam Metalics deals in long steel products and ferro alloys, and operates manufacturing facilities at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal.