Upcoming IPO: Renny Strips Filed DRHP with SEBI for ₹300 Crore IPO

Renny Strips Limited, a Punjab-based manufacturer of wire rods, hot-rolled (HR) coils, ERW pipes and tubes, and scaffolding products, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). Pantomath Capital Advisors has been appointed as the merchant banker for the issue.

Renny Strips IPO Details

The proposed Renny Strips IPO comprises a fresh issue of equity shares aggregating up to ₹300 crore, along with an offer-for-sale (OFS) of 1.2 crore equity shares by promoters Dev Raj Gupta and Usha Gupta.

Ahead of the IPO, the company may also raise up to ₹60 crore through a pre-IPO placement, subject to regulatory approvals, prior to filing the Red Herring Prospectus with the Registrar of Companies.

Use of IPO Proceeds

Proceeds from the fresh issue will primarily be deployed towards capacity expansion. Around ₹175.5 crore will be invested in setting up a new manufacturing facility (Unit IV) in Ludhiana, Punjab, to produce scaffolding and formwork systems alongside ERW pipes and tubes, as well as for upgrading the existing Unit I and Unit III. Additionally, ₹55 crore will be allocated for partial repayment of outstanding borrowings, which stood at ₹370.7 crore, while the remaining funds will be used for general corporate purposes.

Also Read: Upcoming IPO: Eastman Auto and Power Files Confidential IPO Papers with SEBI

About Renny Strips Limited

Established in 1996, Renny Strips currently operates three manufacturing facilities in Ludhiana and has expanded its product portfolio to more than 1,000 SKUs as of September 2025.

The company operates in a competitive landscape alongside listed peers such as Hari Om Pipe Industries, Rama Steel Tubes, Sambhv Steel Tubes, and Technocraft Industries. For the six months ended September 2025, Renny Strips reported a profit of ₹23.7 crore on revenues of ₹487.8 crore.

In FY25, net profit surged 71.4% year-on-year to ₹19.7 crore, compared with ₹11.5 crore in the previous fiscal. However, revenue declined marginally by 3% to ₹856.2 crore from ₹882.2 crore a year earlier.

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