MP Steel Files Draft Papers With Sebi To Garner Funds via IPO

New Delhi: Manufacturer of stainless-steel products MP Steel has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO) to primarily support its expansion plans.

The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an Offer for Sale (OFS) of over 23 lakh equity shares by the promoters, according to the draft red herring prospectus (DRHP).

The company proposes to utilise the proceeds from the fresh issue to set up a manufacturing unit for billets as part of its planned backward integration, fund part of its incremental working capital requirements, and for general corporate purposes, draft papers filed on Friday showed.

MPL is engaged in the manufacturing of stainless-steel products and primarily operates in the B2B segment, supplying its products to traders and manufacturers across diverse industrial applications, including defence, pharmaceuticals, infrastructure, automotive, hardware, shipbuilding, ports, power plants and refineries.

The company’s manufacturing facility is located in Mehsana, Gujarat. It sells its products across 16 states and three Union Territories through its traders’ network and direct sales. Its products are also exported to 21 countries, with the UAE, Germany, Turkey, Egypt, Brazil and Poland being the major export markets.

Financially, in FY26, the company’s revenue stood at Rs 413.41 crore and Profit After Tax (PAT) at Rs 15.81 crore.

Monarch Networth Capital is the sole book-running lead manager for the issue, while KFin Technologies is the registrar for the offer.

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