MP Steel IPO: Company files draft papers with SEBI to raise funds via public issue

The initial share sale is a mix of fresh issuance of shares valued at ₹95 crore and an offer for sale (OFS) of 2,307,290 shares by promoters Kushalkumar V Bhansali, Vansraj Rikhabchand Bhansali, Madhu Kushalkumar Bhansali, Mainasundari Santosh Bhansali and Samveg Bhansali, according to the draft red herring prospectus (DRHP).

The company proposes to utilise the proceeds from the fresh issue to set up a manufacturing unit for billets as part of its planned backwards integration, fund part of its incremental working capital requirements, and for general corporate purposes, draft papers filed on Friday showed.

MPL is engaged in the manufacturing of stainless-steel products and primarily operates in the B2B segment, supplying its products to traders and manufacturers across diverse industrial applications, including defence, pharmaceuticals, infrastructure, automotive, hardware, shipbuilding, ports, power plants and refineries.

The company’s manufacturing facility is located in Mehsana, Gujarat. It sells its products across 16 states and three Union Territories through its traders' network and direct sales. Its products are also exported to 21 countries, with the UAE, Germany, Turkey, Egypt, Brazil and Poland being the major export markets.

Financially, in FY26, the company's revenue stood at ₹413.41 crore and Profit After Tax (PAT) at ₹15.81 crore.

It is involved in the business of manufacturing stainless-steel products comprising black stainless-steel products and bright stainless-steel products. It primarily offers its products in grades 17.4PH, 304, 316, and other grades in the 200, 300, and 400 series of stainless steel.

It majorly operates in the B2B segment, supplying primarily to traders and manufacturers. Its products are used in end-user industries, including pharmaceuticals, infrastructure, defence, automotive, shipbuilding, ports, hardware, power plants and refineries.

Monarch Networth Capital is the sole book-running lead manager for the issue, while KFin Technologies is the registrar for the offer.