Ace investor Madhu Kela-backed Steel Infra Solutions Company has filed preliminary papers with the SEBI to raise funds via initial public offering.
The IPO will be a combination of fresh issuance of equity shares worth Rs 96 crore, and an offer-for-sale of 1.42 crore shares by existing shareholders.
Apart from promoters, Madhusudan Kela-owned MK Ventures, Meridian Investments, Setu Securities, Flute Aura Enterprises, and Prime Securities will also be the selling shareholders in the offer-for-sale. Apart from promoters, MK Ventures, and Meridian Investments are the largest shareholders in the company, holding 21.34 percent, and 6.61 percent stakes, respectively.
The Delhi-based structural steel solutions provider offers design, engineering, fabrication and erection for large scale infrastructure projects. With 1 lakh MT per annum cumulative capacity at six manufacturing units across India, it has executed 187 steel structural fabrication projects since 2018.
The company plans to add 15,000 MT of manufacturing capacity in Vadodara by FY27.
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Steel Infra Solutions Company intends to utilise fresh issue proceeds for capital expenditure requirements at Vadodara, Hyderabad and Bhilai facilities. Further, the funds will be used for working capital requirements, and general corporate purposes.
The company that competes with listed peers like Atmastco, Everest Industries, Pennar Industries, and Interarch Building Products has recorded 32.7 percent on-year growth in profit at Rs 33 crore for the year ended March 2025. Revenue during the year grew by 10.9 percent to Rs 636.1 crore compared to previous fiscal.
DAM Capital Advisors is the only merchant banker handling the Steel Infra Solutions Company IPO.
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