Avtar Steel files IPO papers with SEBI; aims to raise ₹585 crore
Along with the fresh issue, the IPO would comprise an offer for sale (OFS) of 50 lakh shares by promoter Sumit Jindal
Avtar Steel Ltd, a stainless-steel long and wire manufacturing company, has submitted preliminary documents to the regulatory body SEBI to launch an initial public offering (IPO). The IPO aims to raise ₹585 crore. This IPO will also include a separate offer for sale (OFS) where the company's chairman, Sumit Jindal, will sell 50 lakh shares.
The funds raised from the IPO will be used to finance capital expenditure for establishing a Specialty Steel Melting Division. This new division will manufacture special steel, including alloy steel, carbon steel, valve steel, and stainless-steel blocks and blooms. Additionally, the proceeds will be used for debt repayment and general corporate purposes.
Avtar Steel has a broad range of stainless-steel products used in various industries such as automobile, oil and gas, defence, aerospace, water solutions, energy, shipping, fabrication, construction, and chemical, food, and dairy sectors. The company has been in operation for over three decades and has expanded its international market presence since 2010.
In fiscal year 2026, the company served 422 customers, with 265 being repeat customers, making up 62.80% of its total unique customers. The lead managers for the IPO are Systematix Corporate Services Ltd and Elara Capital (India) Pvt Ltd, while KFin Technologies Ltd is the registrar.
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