Sai Infinium files draft papers to raise funds via IPO; to set up power plant, MS structures rolling mill

Sai Infinium IPO

Sai Infinium, which operates in the business of TMT bars and MS billets manufacturing, and ship recycling, plans to tap capital markets for fund raising via initial share sale. It has filed draft papers with the SEBI on April 2.

The IPO will consist of solely fresh issue of 1.96 crore equity shares with no offer-for-sale component.

Incorporated in 2004, the company was earlier known as Sai Bandhan Infinium. After the approval from National Company Law Tribunal, Sai Infinium, and Fidelis International merged with the company on March 30, 2024.

With manufacturing plant at Bhavnagar, Gujarat, it has an installed capacity of 300 metric tons per eight-hour shift for the production of TMT bars and MS billets. It manufactures MS billets from iron and steel scrap (which are sourced from its ship recycling unit and external suppliers), and then these MS billets are used to produce TMT bars.

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Gujarat-based Sai Infinium intends to utilise IPO proceeds for setting up of the 17.4 MW hybrid power plant at a cost of Rs 130 crore, and mild steel (MS) structures rolling mill at a cost of Rs 65 crore. Further, the Rs 19 crore funds will be utilised for purchase of cargo vessel (Ship - Corsica) for ship breaking plant, and the remainder for general corporate purposes.

Sarthi Capital Advisors is appointed as the book running lead manager for the issue.