Renny Strips files DRHP to launch its IPO with Sebi, check details

Renny Strips Limited has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) The proposed initial public offering consists of a fresh issue of equity shares aggregating up to Rs 300 crores and an offer for sale of up to 12,000,000 equity shares.

The IPO will be executed via the Book Building Process, with shares to be listed on BSE Limited and the National Stock Exchange of India Limited. Pantomath Capital Advisors Private Limited is the sole Book Running Lead Manager. The DRHP is available on the websites of SEBI, BSE, NSE, and the Book Running Lead Manager.

Renny Strips is a vertically integrated and sustainability-focused manufacturer, offering a range of structural products, including mild steel billets, wire rods, ERW pipes, tubes, and design-driven scaffolding and formwork systems. Since commencing scaffolding and formwork manufacturing in Fiscal 2025, the company has expanded its export presence to over 21 countries.

As part of its sustainability roadmap, the company is commissioning a 22 MW solar power plant to reduce reliance on conventional energy sources and minimize its carbon footprint.

Net proceeds from the IPO will be used for a new manufacturing facility in Ludhiana, Punjab, upgradation of existing Unit I and Unit III (estimated at Rs 175.50 crore), repayment or pre-payment of certain borrowings (estimated at Rs 55 crore), and general corporate purposes.

Renny Strips has reported financial growth, with revenues rising from Rs 533.38 crores in Fiscal 2023 to Rs 882.19 crore in Fiscal 2024 and Rs 856.25 crores in Fiscal 2025, marking a CAGR of approximately 26.70% between Fiscal 2023 and Fiscal 2025.