Steel Infra Solutions Company IPO
Steel Infra Solutions Company Limited 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 11 November 2025, so the company can open the IPO any time up to 11 November 2026. The draft proposes a fresh issue of up to ₹96 crore and an offer for sale of up to 1,42,40,473 shares by existing shareholders. In FY25 the company made a profit of ₹32.96 crore on revenue of ₹636.10 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued11 Nov 2025
- SEBI received draft
- 8 Aug 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Dam Capital Advisors Limited
- Must open by
- 11 Nov 202612 months from observations
- Price band and dates
- Not announced
Where it stands
Steel Infra Solutions Company IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI8 Aug 2025
- SEBI reviewDone
- SEBI observations11 Nov 2025
- 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
Steel Infra Solutions Company DRHP at a glance
Draft red herring prospectus, 28 Jul 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. 229) and Risk Factors (p. 34 to 41)Steel Infra Solutions Company designs, engineers, fabricates and erects structural steel for large infrastructure projects. All its revenue comes from fabricated steel structures.
It has manufacturing units including at Hyderabad and Bhilai, and its order book was ₹811.14 crore at the end of FY25. The top ten customers gave more than 73% of FY25 revenue. It was incorporated in 2017 and is based in New Delhi.
The offer
DRHP cover page, The Offer (p. 83) and Capital Structure (p. 97)| Fresh issue | Up to ₹96 croreMoney goes to the company |
| Offer for sale | Up to 1,42,40,473 sharesBy existing shareholders |
| Shares before the IPO | 4,06,03,942The offer for sale is about 35.1% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | DAM Capital Advisors Limited, Setu Securities Private Limited and Prime Securities Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Ravikant Uppal, Rajagopal Kannabiran, Ranjan Sharma, Zarksis Jahangir Parabia, Surinder Choudhari, Sunita Choudhari, Aman Choudhari, Arun Choudhari, Akash Choudhari and Surin Holdings LLP |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 116 to 117)| Object | ₹ crore |
|---|---|
| Capital expenditure, including at the Hyderabad and Bhilai units | |
| Working capital | |
| General corporate purposes (set later, up to 25% of the fresh issue) |
The amount for each object is in the DRHP, Objects of the Offer (p. 116 to 117), and is not shown here. Offer expenses are deducted first. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 85 to 89) and Basis for Offer Price, KPIs (p. 138 to 142), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 511.72 | 573.49 | 636.10 |
| EBITDA | 40.71 | 48.56 | 66.31 |
| EBITDA margin | 7.96% | 8.47% | 10.42% |
| Profit after tax | 17.53 | 24.85 | 32.96 |
| Diluted EPS (₹) | 4.23 | 5.95 | 8.06 |
| Net worth | 137.64 | 188.22 | 217.40 |
| Cash from operations | 15.62 | 26.62 | 78.85 |
| Return on equity | 12.74% | 13.20% | 15.16% |
| Net debt to equity | 0.23 | 0.22 | 0.19 |
| Order book | 563.99 | 703.56 | 811.14 |
Restated consolidated figures. Net worth is total equity. Revenue grew about 11.5% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 139 to 140).The P/E for Steel Infra is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Steel Infra Solutions Company (FY25) | 8.06 | Set with the price band | 15.16% |
| Atmastco | 7.80 | 28.38x | 15.15% |
| Everest Industries | -2.28 | -240.79x | -0.78% |
| Pennar Industries | 8.84 | 28.27x | 11.95% |
| Interarch Building Products | 68.03 | 33.81x | 14.35% |
Risks the draft lists first
DRHP, Risk Factors (p. 34 to 41)- PlantsA slowdown or shutdown at its manufacturing units would hurt the business. (Risk factor 1, p. 34)
- One productAll revenue comes from fabricated steel structures. (Risk factor 2, p. 35)
- Key customersThe top ten customers gave more than 73% of FY25 revenue, and the largest more than 20%. (Risk factor 3, p. 36)
- Quality standardsFailing customers' quality standards could bring cancelled orders or damages. (Risk factor 4, p. 38)
- Steel supplyIt depends on steel bought from outside suppliers on purchase orders. (Risk factor 5, p. 39)
- Order bookCustomers can change, cancel or suspend orders in the order book. (Risk factor 6, p. 41)
Documents
Steel Infra Solutions Company 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
Steel Infra Solutions Company IPO FAQs
When will the Steel Infra Solutions Company IPO open?
The date is not announced. SEBI issued observations on 11 November 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 11 November 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Steel Infra Solutions Company IPO?
Yes. SEBI issued its final observations on 11 November 2025 (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 Steel Infra Solutions Company 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 Steel Infra Solutions Company 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 Steel Infra Solutions Company IPO?
Dam Capital Advisors 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 Steel Infra Solutions Company do with the IPO money?
According to the DRHP, the fresh issue money goes to capital expenditure, including at the Hyderabad and Bhilai units; working capital; general corporate purposes (set later, up to 25% of the fresh issue). The offer for sale money goes to the selling shareholders, not the company.
What does Steel Infra Solutions Company do?
Steel Infra Solutions Company designs, engineers, fabricates and erects structural steel for large infrastructure projects. All its revenue comes from fabricated steel structures.
Where can I read the Steel Infra Solutions Company DRHP?
On SEBI's website, where the draft red herring prospectus was published on 11 August 2025. The draft is dated 28 July 2025 and runs to 582 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 28 July 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.