MP Steel files IPO papers; plans Rs 95 crore fresh issue, 23.07 lakh-share OFS

MP Steel Limited, a manufacturer of stainless-steel products, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI), marking its entry into the public markets.

The proposed initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an offer for sale (OFS) of up to 23,07,290 equity shares by the promoters, according to the DRHP.

The company plans to use the net proceeds from the fresh issue to set up a manufacturing facility for billets as part of its backward-integration strategy, fund a portion of its incremental working capital requirements and meet general corporate purposes.


MP Steel manufactures stainless-steel products, including black and bright bars in round, hexagonal, square, angle and flat/patti forms. Its product portfolio also includes forging ingots, channels, fasteners and other ancillary products.

The company primarily operates in the business-to-business (B2B) segment, supplying traders and manufacturers serving industries such as defence, pharmaceuticals, infrastructure, automotive, hardware, shipbuilding, ports, power plants and refineries.

For the financial year ended March 31, 2026, the company reported revenue of Rs 413.41 crore and profit after tax (PAT) of Rs 15.81 crore.

MP Steel's manufacturing facility is located in Mehsana, Gujarat, and is spread across approximately 80,374 square metres. Of this, around 32,492 square metres remains unutilised, according to the DRHP.

The facility is accredited with ISO 9001:2015. As of March 31, 2026, the company had an installed ingot capacity of 19,151 metric tonnes per annum (MTPA), rolling capacity of 63,030 MTPA and bright bar capacity of 27,500 MTPA.

The planned billet facility is expected to strengthen the company's manufacturing chain by adding an upstream production capability.

Domestic and export markets

MP Steel currently sells its products across 16 states and three Union Territories through its trader network and direct sales channels. The company also has an international footprint, exporting its products to 21 countries. The UAE, Germany, Turkey, Egypt, Brazil and Poland are among its key export markets.

The combination of domestic distribution and exports gives the company exposure to demand from multiple industrial and manufacturing segments.

IPO structure and advisors

The fresh issue is intended to provide capital for capacity expansion and working capital, while the OFS will allow existing promoter shareholders to sell part of their holdings.

Monarch Networth Capital Limited is the sole Book Running Lead Manager to the issue, while KFin Technologies Limited is the Registrar to the Offer.

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