SAI Infinium IPO
SAI Infinium Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹280 crore and an offer for sale of up to 1,20,00,000 shares by promoter Ishu Bansal. In FY26 the company made a profit of ₹82.38 crore on revenue of ₹689.16 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Fedex Securities Limited
- Last SEBI contact
- 9 Oct 2026
- Price band and dates
- Not announced
Where it stands
SAI Infinium IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Oct 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 1 October 2026, 36 days ago, and its last communication on the draft was on 9 October 2026 (day count is our calculation).
DRHP at a glance
SAI Infinium DRHP at a glance
Draft red herring prospectus, 24 Sep 2026What 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. 287) and Basis for Offer Price (p. 175 to 176)SAI Infinium, formerly Sai Bandhan Infinium, makes TMT bars and structural steel products under the Bandhan brand. It also makes MS billets and has done ship recycling and trading. TMT bars gave 55.54% of FY26 revenue.
As of 31 March 2026 it sold through 226 dealers and 5 distributors, and 99.74% of FY26 revenue came from Gujarat. It was incorporated in 2004; the registered office is in Bhavnagar, Gujarat and the corporate office in Mumbai.
The offer
DRHP cover page and The Offer (p. 101)| Fresh issue | Up to ₹280 croreMoney goes to the company |
| Offer for sale | Up to 1,20,00,000 sharesBy promoter Ishu Bansal; her average cost is less than ₹0.01 a share |
| Shares before the IPO | 29,83,27,183Face value ₹2. The offer for sale is about 4.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Fedex Securities Private Limited and Neomile Capital Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Shivnarayan Bansal, Ishu Bansal and Devansh Infinium Private Limited |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 150 to 151)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Expanding steel making capacity (melting shop and MS billets) | 210.00 | 75.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹280 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Financial Information (p. 104 to 107) and Basis for Offer Price, KPIs (p. 177 to 179), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 468.21 | 528.67 | 689.16 |
| EBITDA | 27.67 | 53.79 | 128.19 |
| EBITDA margin | 5.91% | 10.17% | 18.60% |
| Profit after tax | 6.14 | 43.75 | 82.38 |
| Diluted EPS (₹) | 0.43 | 1.59 | 2.80 |
| Net worth | 193.94 | 325.75 | 459.40 |
| Cash from operations | -16.55 | -27.68 | 82.53 |
| Return on equity | 4.84% | 16.91% | 21.00% |
| Debt to equity | 0.71 | 0.27 | 0.91 |
Restated figures. Net worth is as given in the KPI table. Revenue grew about 21.3% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 177 to 178).The P/E for SAI Infinium is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| SAI Infinium (FY26) | 2.80 | Set with the price band | 17.93% |
| VMS Industries | 0.60 | 30.15x | 1.51% |
| Vraj Iron and Steel | 9.70 | 12.97x | 7.45% |
| Rudra Global Infra Products | 1.35 | 14.92x | 9.74% |
| VMS TMT | 4.95 | 9.54x | 9.22% |
| Gallant Ispat | 20.07 | 27.19x | 14.60% |
| MSP Steel and Power | 0.56 | 59.12x | 3.28% |
Risks the draft lists first
DRHP, Risk Factors (p. 28 to 40)- SuppliersIt depends on outside suppliers for most raw materials and traded goods. (Risk factor 1, p. 28)
- Related partiesIt has had significant related party transactions, including purchases from promoter group firms. (Risk factor 2, p. 31)
- Gujarat99.74% of FY26 revenue came from Gujarat. (Risk factor 3, p. 35)
- Changing revenue mixRevenue from its different businesses has swung over the last three years. (Risk factor 4, p. 36)
- Key customersThe top 10 customers gave 63.83% of FY26 revenue. (Risk factor 5, p. 37)
- DealersIt relies on dealers and distributors with no long-term agreements. (Risk factor 7, p. 40)
Documents
SAI Infinium DRHP and documents
SEBI filings- Draft red herring prospectus, dated 24 Sep 2026, on SEBI since 3 Apr 2025
- Draft red herring prospectus, dated 24 Sep 2026, on SEBI since 1 Oct 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
SAI Infinium IPO FAQs
When will the SAI Infinium IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 36 days ago (our calculation).
Has SEBI approved the SAI Infinium IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the SAI Infinium 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 SAI Infinium 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 SAI Infinium IPO?
Fedex Securities 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 SAI Infinium do with the IPO money?
According to the DRHP, the fresh issue money goes to expanding steel making capacity (melting shop and MS billets) (₹210.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does SAI Infinium do?
SAI Infinium, formerly Sai Bandhan Infinium, makes TMT bars and structural steel products under the Bandhan brand. It also makes MS billets and has done ship recycling and trading. TMT bars gave 55.54% of FY26 revenue.
Where can I read the SAI Infinium DRHP?
On SEBI's website, where the draft red herring prospectus was published on 3 April 2025. The draft is dated 24 September 2026 and runs to 706 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 24 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.