• Fresh Issue : It provides a fresh issue of 20,20,000 equity shares, each with a face value of Rs. 10.
• Price Range: The price ranges from Rs.132 - 140 for each equity share.
• Issue Type: The IPO is a 100% book-built offer.
• Subscription date: The issue period begins on February 12th, 2025 and ends on February 14th, 2025.
• Lot size: It is providing a lot size of 1000.
• Listing Date: The IPO is going to be listed on February 19th, 2025.
• Stock Exchange: The IPO is going to be listed on the Emerge platform of NSE Limited.

The company with the help of this IPO seeks to utilize all net proceeds to meet the working capital of the company.

The table below (in lakhs) stipulates the restated Financial Information of the company for the last three financial years and the period ended on September 30, 2024.

Steel has been one of the most valuable metals for industrial developments globally. While the global steel demand is experiencing a slight downfall from 2023, especially in China which accounts for the highest consumption of steel, India is expected to maintain robust growth. 

Since 2021, India has been the leading country in the demand for steel and the domestic steel demand has grown drastically over 80% from 2008. By 2031, India, the world's second-largest producer of crude steel, is expected to surpass global consumption of 206 MT.

With the rapid developments in Infrastructure and urbanization, the steel demand is expected to increase more. In 2024, completed steel production was 138.5 MT, while crude steel production was 143.6 MT.

By 2030–31, it is anticipated that finished steel consumption, which was 135.90 MT in 2024, will rise to 255 MT. The annual production of steel is also expected to surpass 300MT by 2031.

The Indian government has also taken many initiatives to support the steel industry like the National Steel Policy 2017, allowing foreign direct investment (FDI) in the steel sector etc.

Many large investments are being undertaken by big industries in the Indian steel sector like Tata Steel, JSW Steel etc towards increasing their annual capacity and production in India. The global demand may have slightly declined but is expected to moderately improve in 2025 onwards.

• The company is a growing and leading manufacturer & supplier of Stainless-Steel Pipes & Tubes in India that provides an extensive array of 250 standard sizes of high-quality stainless-steel products that are used in a wide range of sectors.

• The company has a robust manufacturing unit in Haryana that has a capacity of 13,460 metric tons per annum with the latest and most robust technology and machinery.
• The company has a strong customer base spread over 18 states of India and is directly engaged with Original Equipment Manufacturers to ensure timely deliveries and tailored solutions.
• The company has a good financial discipline and has increased its revenue from operation from Rs. 17,971.82 lakh in 2022 to Rs. 29,774.93 lakh in 2024 (with Rs. 13,911.15 lakh as of 30th September 2024).

• The company’s major revenue is generated from the sale of stainless steel pipes tubes coils and sheets, the revenue from the group entity declined to 39.18% from 55.70% from March 31, 2024, to September 30, 2024.

• The company earns its revenue from its group entities like Sheela Stainless Private Limited, and Steel Mint Industries Private Limited, any loss of revenue from these entities may adversely affect the company operations and financial conditions.
• The company is majorly operative in the states of Uttar Pradesh, Haryana, Delhi and Madhya Pradesh, any kind of disruption in these states may adversely affect the company operations and financial conditions.
• The company sources its raw materials from a single supplier i.e. Jindal Stainless Limited (“JSL"), nor does the company have any long-term agreement for supplies, any delay by JSL or any cancellation or disruptions like strikes, lock-outs etc. in their business operation may adversely affect the company operations and financial conditions.
• The company does not have any long-term agreement with its customers, any decline in customers or the demand for the products could adversely affect the company's operations and financial conditions.The company’s promoters and directors are facing certain legal proceedings, any adverse outcome of these pending litigation may affect the business, resulting in loss of operations and financial condition.
• The company operates in a highly competitive sector with well-established global and local players like Jindal Stainless Limited (JSL), PSL Limited, Aperam Inox India etc. that offer competitive services and prices.

There has been a rising demand for steel pipes from sectors like construction, food processing, pharmaceuticals, and oil & gas for their strength, hygiene-maintaining properties, and resistance to harsh chemicals.

By 2031, India, the world's second-largest producer of crude steel, is expected to surpass global consumption of 206 MT. However, there has also been a slight decline in the steel demand globally which may slightly affect the industry but is projected to be stable in the long run.

The company also faces competition as there are many well-established businesses in this line of industry. Prospective investors should go through the risks and strengths given in the RHP draft prospectus before investing.

The company through this IPO aims to utilize its net proceeds to meet working capital. The company has proved to be fundamentally strong generating healthy returns and growth since incorporation but also faces substantial risks due to the slight decline in demand for steel and strong competition from prominent players. Potential investors should outline the company’s risks before investing.