MP Steel IPO: Stainless Steel Maker Files Draft Papers To Raise ₹95 Crore
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The stainless steel products manufacturer has filed draft papers with SEBI to raise ₹95 crore through a fresh issue. The IPO also includes an offer for sale of over 23 lakh shares by promoters.
Stainless steel products manufacturer MP Steel has filed draft papers with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The proposed MP Steel IPO will comprise a fresh issue of equity shares worth up to ₹95 crore and an offer for sale (OFS) of more than 23 lakh equity shares by the company's promoters. The draft red herring prospectus (DRHP) was filed with the market regulator as the company looks to fund its next phase of expansion.
Monarch Networth Capital is the sole book-running lead manager for the IPO, while KFin Technologies has been appointed as the registrar to the issue.
How Will MP Steel Use The IPO Proceeds?
MP Steel plans to use the proceeds from the fresh issue to set up a billet manufacturing unit as part of its backward integration strategy.
The company will also utilise a part of the funds to meet its incremental working capital requirements and for general corporate purposes. The proposed billet unit is expected to bring a key part of the production process in-house as MP Steel expands its stainless steel manufacturing operations.
What Does MP Steel Do?
Incorporated as a stainless steel products manufacturer, MP Steel primarily serves the business-to-business (B2B) market.
Its products are supplied to traders and manufacturers that eventually cater to diverse sectors like defence, pharmaceuticals, infrastructure, automotive, hardware, shipbuilding, ports, power plants and refineries.
The company operates a manufacturing facility in Mehsana, Gujarat, and has a domestic sales network spread across 16 states and three Union Territories through a mix of traders and direct sales.
It also exports its stainless steel products to 21 countries, with key overseas markets including the UAE, Germany, Turkey, Egypt, Brazil and Poland.
How Has MP Steel Performed Financially?
According to the draft papers, MP Steel reported revenue of ₹413.41 crore in FY26 and profit after tax (PAT) of ₹15.81 crore for the year.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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