Renny Strips files IPO papers with SEBI, seeks to raise up to Rs 300 crore via fresh issue

Renny Strips IPO News

Punjab-based Renny Strips, the wire rods, HR coils, ERW pipes and tubes, and scaffoldings manufacturer, has filed Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI to raise funds via Initial Public Offering (IPO).

The company proposed to raise Rs 300 crore by issuing fresh shares, while promoters Dev Raj Gupta, and Usha Gupta plan to offload 1.2 crore equity shares via offer-for-sale.

Of the total fresh issue, it may consider raising funds up to Rs 60 crore in pre-IPO round i.e. before the filing of RHP with the Registrar of Companies.

Renny Strips plans to utilise Rs 175.5 crore of fresh issue proceeds for setting up a new manufacturing unit to expand production capabilities to manufacture scaffolding and formwork systems along with ERW pipes and tubes at Ludhiana, Punjab, which is the proposed Unit IV, and upgradation of existing manufacturing Unit I and Unit III.

Further, Rs 55 crore will be used for repaying partial debt against the total borrowings of Rs 370.7 crore, and the remainder funds for general corporate purposes.

Incorporated in 1996, the company, at present, manufactures its products at three manufacturing units at Ludhiana, Punjab, expanding portfolio to over1,000 SKUs as of September 2025.

Renny Strips that competes with several listed peers like Hari Om Pipe Industries, Rama Steel Tubes, Sambhv Steel Tubes, and Technocraft Industries has reported profit of Rs 23.7 crore on revenue of Rs 487.8 crore for six months period ended September 2025.

Click Here To Read All IPO News

Profit in the fiscal year 2025 grew by 71.4 percent to Rs 19.7 crore, up from Rs 11.5 crore in previous year, however, revenue during the same period declined 3 percent to Rs 856.2 crore, down from Rs 882.2 crore.

Pantomath Capital Advisors is appointed as the merchant banker for the Renny Strips IPO.