Steel Infra Solutions Company Limited (SISCOL), one of India’s leading integrated structural steel solutions provider for large-scale infrastructure projects, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO). SISCOL provides a diversified suite of solutions comprising end-to-end design, engineering, procurement, manufacturing and erection capabilities that are used in industrial structures like refineries, steel plants, power plants and pallet plants as well as airports, high rise buildings, metro structures, railway structures, hospitals, mines, hotels, stadiums, warehouses and data centres.

The IPO, with a face value of ₹10, is a mix of fresh issue of equity shares up to Rs 96 crore and an offer-for-sale up to 14,240,473 equity shares.

The company is led by a seasoned and proven leadership team. Mr. Ravi Uppal, Chairman & Managing Director, is a veteran industry leader with over four decades of global experience, having held top executive roles at Larsen & Toubro, ABB, and Jindal Steel & Power. He is widely known for spearheading large-scale industrial and infrastructure growth across India and global markets. Mr. Rajagopal Kannabiran, Whole-time Director & Chief Financial Officer, brings deep operational and financial acumen, with a successful track record of scaling manufacturing businesses and leading them through transformative growth journeys. Their combined leadership anchors SISCOL’s strong governance practices, strategic vision, and execution-focused culture.

The proceeds from the fresh issue to the extent of  ₹ 29.70 crore for funding capital expenditure requirements for  Expansion of Vadodara Manufacturing facility;  ₹ 9.70 crore for funding capital expenditure requirements Bay 4 Expansion of the same unit;  ₹ 5.97 crore for funding capital expenditure requirements for its manufacturing facilities located in Hyderabad and Bhilai;  ₹ 27 crore for funding working capital requirements of its Company; and ₹ 23 crore for general corporate purposes.

The company, in consultation with the book-running lead managers, may consider a pre-IPO placement. The pre-IPO placement, if undertaken, shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.

The Offer is being made through the book-building process, wherein not more than 50% of the offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the offer is assigned to non-institutional bidders and retail individual bidders respectively.

SISCOL is one of India’s fastest-growing structural steel solutions provider for large scale infrastructure projects and ranks among the top three players in Fiscal 2025 based on structural steel tonnage, as per the CRISIL Report. Since its inception in Fiscal 2018, it has executed 187 structural steel engineering projects, delivering 261,735 metric tonnes (“MTs”) of integrated solutions to its engineering, procurement and construction (“EPC”), project management consultancy (“PMC”) and end-user customers.

The company’s volume of structural steel has grown at a CAGR of 19.32% from 44,510 MTs in Fiscal 2023 to 63,372 MTs in Fiscal 2025. It had set up its first manufacturing unit in 2018 and have scaled its manufacturing footprint to six manufacturing units across India with 100,000 MT per annum cumulative capacity as of March 31, 2025, and plans to add 15,000 MT of manufacturing capacity in Vadodara by Fiscal 2027.

Some of its marquee customers includes Tata Steel Limited, Tata Project Limited, L&T group entities, Jindal Stainless Limited, Adani Power Limited, Shapoorji Pallonji & Company Private Limited, Afcons Infrastructure Limited, Arcelor Mittal Nippon Steel India Limited, Deepak Fertilisers & Petrochemicals Corporation Limited, and others. 

As of March 31, 2025, it has an in-house design and engineering team consisted of 71 engineers and have design offices in Bengaluru, Hyderabad, Chennai and Bhilai.

SISCOL operates six (6) manufacturing units with four (4) units in Bhilai, Chhattisgarh, one in Vadodara, Gujarat and one in Hyderabad, Telangana with an installed capacity of 100,000 MTs as of March 31, 2025.

As part of its strategy, it focuses on growing its international business, particularly in the Middle East, Africa and Southeast Asia. Recently, SISCOL has successfully exported steel structures for its customer, Tecnimont S.p.A., Italy, for their oil and gas project in Algeria and design and engineering services to the United States and Singapore.

As on March 31, 2025, SISCOL’s Order Book stood at ₹ 811 crore.

SISCOL’s revenue from operations increased by 10.92% to ₹636.10 crore in Fiscal 2025 from ₹573.49 crore in Fiscal 2024, primarily attributed to a 26.35% increase in sales volume. Profit after tax increased by 32.67% to ₹32.96 crore for Fiscal 2025 from ₹24.84 crore for Fiscal 2024.

India’s domestic steel demand is projected to grow at a CAGR of 9-10% from an estimated 152 million MTs in Fiscal 2025 to a projected 210-230 million MTs in Fiscal 2030. The structural steel   market in India is expected to grow at a CAGR of 11-12% from a projected ₹1,00,900 crore in Fiscal 2025 to a projected ₹1,70,000-1,75,000 crore by Fiscal 2030. (Source: CRISIL Report, June 2025).

DAM Capital Advisors Limited is the sole book-running lead manager and MUFG Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.