Renny Strips eyes Rs 300 cr via fresh issue

New Delhi: Renny Strips Ltd, a steel structural products manufacturing company, has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO), comprising fresh issue of shares worth Rs 300 crore.

Apart from fresh issue component, there will be an offer for sale (OFS) of 1.2 crore equity shares by promoters, according to the draft red herring prospectus (DRHP). As per the draft papers filed on Friday, the company plans to use proceeds from the fresh issue for setting up of a new facility to manufacture scaffolding and formwork systems along with ERW (electric resistance welded) pipes and tubes at Ludhiana, Punjab; upgradation of existing manufacturing units; payment of debt; and general corporate purposes.

Renny Strips offers a wide range of structural products across the value chain, from mild steel billets, wire rods, ERW pipes and tubes, and design driven scaffolding and formwork systems, having applications across a diverse end-use industry.

Also, the company is in the process of commissioning a 22-MW solar power plant to reduce reliance on conventional energy sources and further minimise its carbon footprint. Financially, the company’s revenue from operations stood at Rs 856.25 crore in the fiscal 2025 from Rs 882.2 crore in the preceding fiscal.