&ltp>&ltfont size="2">&ltstrong&gtBY OUR CORRESPONDENT&ltp&gtMumbai&ltp&gtAug. 19: Leading alloy steel producer Adhunik Metaliks Ltd is planning to raise Rs 250 to 300 crores through an initial public offering IPO of its 100 per cent subsidiary Orissa Manganese and Minerals Ltd OMM.&ltp&gtThe company is expected to file the draft red herring prospectus in two months.&ltp&gtThe company’s managing director, Mr Manoj Kumar Agarwal, said, &ampquot;OMM is planning to set up a pellet plant and iron ore beneficiation at Nuamundi, Jharkhand and a manganese ore beneficiation plant at Dhenkanal, Orissa.&ampquot;&ltp>&ampquot;These plants will convert iron ore fines into pellets and process low-grade manganese ore for use in ferro-alloy units. These plants require an investment of Rs 1,100 crore and will be operational in the two years,&ampquot; he said.&ltp&gtThough the IPO market condition is not favourable, the company said it has an advantage of being a major player in the natural resources field and will able to collect Rs 250-300 crore from the issue.&ltp&gtThe company supplies the raw material to the clients from a variety of sectors such as oil, gas, engineering and automobile and imparting flexibility to them.&ltp&gtThe chief finance officer, Mr Alok Kumar Sharda, said that inflation has not affected the company because of its diversified customer portfolio and increasing demand of iron and manganese ore.&ltp>