Gujarat Victory Forgings Ltd has filed draft papers with the capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter  according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS  promoter Vijendrakumar Bishamber Gupta will offload shares.

The Vadodara-based company plans to utilise the proceeds from the fresh issue towards funding capital expenditure for the expansion of its existing Unit III at Vadodara  including increasing manufacturing capacity of copper cathodes  payment of debt and for general corporate purposes.

Gujarat Victory Forgings is engaged in the manufacturing of non-ferrous metal products through the processing and recycling of metal scrap.

Its product portfolio includes high-purity copper cathodes  copper tubes and pipes  copper rods  copper busbars  brass tubes  as well as copper-based master alloys used across sectors such as power infrastructure  automotive  construction and renewable energy.

Monarch Networth Capital and Nirbhay Capital Services are the book-running lead managers to the issue.