Eswari Global Metal Industries Files DRHP For ₹1,100 To ₹1,300 Crore IPO

Eswari Global Metal Industries, a Coimbatore-based metal recycling company, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise approximately ₹1,100 to ₹1,300 crore through an initial public offering (IPO).

The offer comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale of up to 1.32 crore equity shares by promoters and another selling shareholder, according to the draft red herring prospectus (DRHP).

The company may also consider a pre-IPO placement of up to ₹100 crore in consultation with its bankers, which would reduce the fresh issue size if completed.

The promoters selling shares in the offer for sale are C Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugam, P Anbalagan and P Arumugam, while Palaniappan Ramalingam is the other selling shareholder.

DAM Capital Advisors, ICICI Securities and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies is the registrar.

How The Proceeds Will Be Used

Of the fresh issue proceeds, ₹150 crore will part-finance capital expenditure for the Phase 2 expansion of the company's manufacturing facility at Mundra in Gujarat.

Another ₹250 crore is earmarked for repaying outstanding borrowings at both the company and its subsidiaries, along with investment in subsidiaries. The remaining funds will go toward general corporate purposes.

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About The Company

Incorporated in 1987, Eswari Global Metal Industries is an integrated multi-metal and waste recycling business engaged in recycling non-ferrous metals, plastics and e-waste. It manufactures value-added products including pure lead and lead alloys, aluminium alloys, copper ingots, tin products and plastic granules, serving the battery manufacturing, automotive and industrial sectors.

The company operates nine manufacturing facilities across Karnataka and Tamil Nadu, including those run through its subsidiaries, with total installed production capacity of 165,106 metric tonnes per annum as of 31 December 2025.

For the nine months ended December 2025, the company reported revenue of ₹1,401.5 crore and net profit of ₹83.9 crore.