Sambhv Steel Eyes Rs 540-Cr

2 Oct 2024 1:31 PM IST

New Delhi: Sambhv Steel Tubes has filed a draft prospectus with markets regulator Sebi to garner Rs 550 crore through an initial public offering (IPO). The proposed IPO is a mix of fresh issue of equity shares valued Rs 440 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by promoters, the draft papers filed on Monday showed. Proceeds from the fresh issue will be utilised for payment of debt and for general corporate purposes. Sambhv Steel Tubes is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity as of March 31, 2024. According to a Crisil report, the demand for domestic steel pipes and tubes is expected to have grown at a compound annual growth rate (CAGR) of 5-6 per cent to 12.50-13.50 million tonnes per annum (MTPA) in FY25 from 8.8 MTPA in FY19.

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Sambhv Steel Eyes Rs 540-Cr