M P Steel Files DRHP for ₹95 Crore Fresh Issue to Expand Stainless Steel Manufacturing
M P Steel (India) Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed IPO comprising a fresh issue of up to ₹95 crore and an Offer for Sale of up to 23.07 lakh equity shares.
M P Steel (India) Limited, a manufacturer of stainless steel products, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking its move towards a proposed Mainboard initial public offering.
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹95 crore, along with an Offer for Sale (OFS) of up to 23,07,290 equity shares by existing promoters, according to the DRHP.
The company plans to use the proceeds from the fresh issue primarily to establish a manufacturing unit for billets as part of its planned backward-integration strategy. A portion of the proceeds will also be allocated towards incremental working capital requirements and general corporate purposes.
M P Steel manufactures stainless steel products including black and bright stainless steel bars in round, hexagonal, square, angle and flat forms. Its product portfolio also includes forging ingots, channels, fasteners and other ancillary products. The company primarily operates in the B2B segment, supplying traders and manufacturers serving industries including defence, pharmaceuticals, infrastructure, automotive, shipbuilding, ports, power plants and refineries.
The company’s manufacturing facility is located in Mehsana, Gujarat, and spans approximately 80,374 square metres, according to the DRHP.
Company Reports ₹413.41 Crore Revenue in FY26
For the financial year ended March 31, 2026, M P Steel reported revenue of ₹413.41 crore and profit after tax of ₹15.81 crore.
The company sells its products across domestic markets and also has an export presence. Reports based on the DRHP state that M P Steel supplies products across 16 states and three Union Territories, while exports reach markets including the UAE, Germany, Turkey, Egypt, Brazil and Poland.
M P Steel Moves Ahead With IPO Process
The proposed IPO will be managed by Monarch Networth Capital Limited, which has been appointed as the merchant banker, while Kfin Technologies Limited will act as the registrar to the issue.
The company has not yet announced the IPO price band, issue opening date, closing date, lot size or listing date. These details are expected to be available after the regulatory process progresses and the final offer documents are filed.
The proposed billet manufacturing facility forms a key part of M P Steel’s expansion plans. By adding billet production to its operations, the company is seeking to strengthen its manufacturing chain through backward integration while supporting its future capacity requirements.
The proposed IPO comes as another stainless steel manufacturer moves towards the public markets, with the fresh capital intended to support expansion and working-capital requirements.
