• Price Band: ₹216 – ₹228 per Equity Share of face value ₹1 each (“Equity Shares”)
  • Bid/Offer Period: Opens on Thursday, November 13, 2025, and closes on Monday, November 17, 2025
  • Anchor Investor Bid/Offer Period: Wednesday, November 12, 2025
  • Bid Lot: Minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter

India :  The Company has fixed the price band of ₹216/- to ₹ 228/- per Equity Share of face value ₹ 1/- each for its maiden initial public offer.

The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Thursday, November  13, 2025, for subscription and close on Monday, November 17, 2025.

Investors can bid for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter.

Equity shares outstanding as on date 280,095,145 Equity Shares

The IPO is a fresh issue for ₹ 6,000.00 million and an offer-for-sale for up to 10, 000, 000 Equity Shares.

The net proceeds of the Fresh Issue to the extent of ₹ 1,800.00 million will be for part-financing the cost of establishing manufacturing facility in Ratlam, Madhya Pradesh, ₹ 2,750.00 million for repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company, and rest will be utilized as general corporate purposes.

The company’s revenue from operations was ₹ 5,973.49 million, and its net profit was ₹ 675.87 million in the three months period ended June 30, 2025.

Its revenue from operations was ₹ 15,406.77 million during FY25 vis-à-vis ₹ 6640.83 million during FY23. 

Its net profit was ₹ 1,563.35 million during FY25 vis-à-vis ₹ 243.66 million during FY23.

Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book-running lead managers (“BRLMs”); and MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) is the registrar to the offer.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”), provided that the Company may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allotment if made to the Anchor Investor (“Anchor Investor Allocation Price”). In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares each shall be added to QIB Portion (other than the Anchor Investor Portion) (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds.

Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. One-third of the Non-Institutional Portion shall be available for allocation to Non-Institutional Bidders with a Bid size of more than ₹ 0.20 million and up to ₹ 1 million and two-third of the Non-Institutional Portion shall be available for allocation to Non-Institutional Bidders with a Bid size of more than ₹ 1 million provided that under-subscription in either of these two sub-categories of the Non-Institutional Portion may be allocated to Non-Institutional Bidders in the other sub-category of Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders (defined herein), as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” on page 505 of the RHP.