Avtar Steel Files IPO Papers With SEBI; Aims To Raise ₹585 Cr

Avtar Steel Ltd, a manufacturer of stainless-steel long and wire products, has filed preliminary papers with markets regulator Sebi to raise ₹585 crore through an initial public offering (IPO).

Along with the fresh issue, the IPO would comprise an offer for sale (OFS) of 50 lakh shares by promoter Sumit Jindal, according to the draft red herring prospectus (DRHP) filed on Friday.

The proceeds from the fresh issue will primarily be used to part-finance capital expenditure for setting up a Specialty Steel Melting Division for manufacturing special steel, including alloy steel, carbon steel and valve steel, as well as stainless-steel blocks and blooms.

The company also plans to expand stainless-steel wire manufacturing at its existing Wire Rod and Bar Division. Part of the proceeds will also be utilised for debt payment and for general corporate purposes.

Avtar Steel has a diversified portfolio of stainless-steel long and wire products catering to sectors such as automobile, oil and gas, defence, aerospace, water solutions, energy, shipping, fabrication and construction, and chemical, food and dairy industries.

The company, which has over three decades of experience in manufacturing stainless-steel long and wire products, said it has expanded its presence in international markets since 2010.

During fiscal 2026, Avtar Steel served 422 customers, of which 265 were repeat customers, accounting for 62.80%  of its total unique customers.

Its key customers include Bansal Wire Industries Ltd, Goodluck India Ltd, Stellaris Specialities India Ltd, Vividh Wires Ltd, Ivy Creations UK Ltd, Goodluck Defence and Aerospace Ltd and Victura Technologies Pvt Ltd.

Systematix Corporate Services Ltd and Elara Capital (India) Pvt Ltd are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.