Premier Industrial Corporation IPO
Premier Industrial Corporation has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 10 February 2026, so the company can open the IPO any time up to 10 February 2027. The draft proposes a fresh issue of up to 2,25,00,000 shares and an offer for sale of up to 54,00,000 shares by four promoters and one promoter group member. In FY25 the company made a profit of ₹51.23 crore on revenue of ₹476.39 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued10 Feb 2026
- SEBI received draft
- 30 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Unistone Capital Private Limited
- Must open by
- 10 Feb 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Premier Industrial Corporation IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Sep 2025
- SEBI reviewDone
- SEBI observations10 Feb 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Premier Industrial Corporation DRHP at a glance
Draft red herring prospectus, 29 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 192) and Basis for Offer Price (p. 138)Premier Industrial Corporation makes metal and ferro alloy powders and alloy and metal wires used in welding consumables, and exports a large share of its output. It had more than 410 products as of 31 March 2025.
It has five plants in Maharashtra and Tamil Nadu, with capacity of 23,703 tonnes a year for powders and 4,194 tonnes for wires as of 31 March 2025. It began as a partnership firm, became a company in 2007, and is based in Mumbai.
The offer
DRHP cover page and The Offer (p. 75)| Fresh issue | Up to 2,25,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 54,00,000 sharesArvind Chhotalal Morzaria 21,70,800; Dilip Chhotalal Morzaria 17,40,030; Subhash Chhotalal Morzaria 10,78,770; Lalit Navinchandra Morzaria 3,41,895; Nirmala Navinchandra Morzaria 68,505. Average costs ₹0.30 to ₹0.77 a share |
| Shares before the IPO | 7,99,60,698The fresh issue equals about 28.1% and the offer for sale about 6.8% of them (ours) |
| Pre-IPO placement | Up to ₹30 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Unistone Capital Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Arvind Chhotalal Morzaria, Dilip Chhotalal Morzaria, Subhash Chhotalal Morzaria, Lalit Navinchandra Morzaria, Smeet Morzaria, Meet Arvind Morzaria and Anand Dilip Morzaria |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 107 to 109)| Object | ₹ crore |
|---|---|
| New wire plant at Honad | 51.23 |
| Expanding the Wada plant | 58.96 |
| Working capital | 67.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹177.19 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 79 to 81) and Basis for Offer Price, KPIs (p. 139 to 143), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 370.65 | 339.49 | 476.39 |
| EBITDA | 32.73 | 51.45 | 80.63 |
| EBITDA margin | 8.83% | 15.16% | 16.93% |
| Profit after tax | 12.67 | 33.57 | 51.23 |
| Diluted EPS (₹) | 1.58 | 4.20 | 6.41 |
| Net worth | 113.34 | 146.77 | 197.86 |
| Cash from operations | 6.88 | 17.68 | -11.37 |
| Return on equity | 11.88% | 25.81% | 29.73% |
| Debt to equity | 0.81 | 0.57 | 0.52 |
Restated figures. Net worth is total equity. Revenue grew about 13.4% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 140). Peer prices as of 26 Sep 2025 on NSE.The P/E for Premier Industrial is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Premier Industrial Corporation (FY25) | 6.41 | Set with the price band | 25.89% |
| ESAB India | 113.96 | 43.82x | 48.56% |
| ADOR Welding | 8.92 | 28.40x | 11.84% |
| Diffusion Engineers | 9.59 | 36.53x | 9.73% |
Risks the draft lists first
DRHP, Risk Factors (p. 33 to 37)- Raw materialsIt relies on outside suppliers for raw materials whose prices can swing. (Risk factor 1, p. 33)
- PowdersA large part of revenue comes from powder products. (Risk factor 2, p. 34)
- ExpansionIt may not complete its expansion plans on time or within budget. (Risk factor 3, p. 35)
- Two statesAll plants are in Maharashtra and Tamil Nadu. (Risk factor 4, p. 36)
- ExportsA significant share of revenue comes from exports, which depend on foreign government policies. (Risk factor 5, p. 36)
- Negative cash flowCash flow from operations was negative in FY25 and may be again. (Risk factor 6, p. 37)
Documents
Premier Industrial Corporation DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Premier Industrial Corporation IPO FAQs
When will the Premier Industrial Corporation IPO open?
The date is not announced. SEBI issued observations on 10 February 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 10 February 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Premier Industrial Corporation IPO?
Yes. SEBI issued its final observations on 10 February 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Premier Industrial Corporation IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Premier Industrial Corporation IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Premier Industrial Corporation IPO?
Unistone Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Premier Industrial Corporation do with the IPO money?
According to the DRHP, the fresh issue money goes to new wire plant at Honad (₹51.23 crore), expanding the Wada plant (₹58.96 crore), working capital (₹67.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Premier Industrial Corporation do?
Premier Industrial Corporation makes metal and ferro alloy powders and alloy and metal wires used in welding consumables, and exports a large share of its output. It had more than 410 products as of 31 March 2025.
Where can I read the Premier Industrial Corporation DRHP?
On SEBI's website, where the draft red herring prospectus was published on 3 October 2025. The draft is dated 29 September 2025 and runs to 465 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.