Ludhiana: Renny Strips Limited (Renny Strips or the Company), a vertically integrated and sustainability-focused manufacturer of structural products, has filed its Draft Red Herring Prospectus (DRHP) with market regulator the Securities and Exchange Board of India (SEBI), marking a key step towards launching its initial public offering (IPO).
The company operates across a wide spectrum of the structural products value chain, offering products ranging from mild steel billets and wire rods to ERW pipes and tubes, as well as design-based scaffolding and formwork systems. These products cater to multiple industries, including infrastructure, construction and manufacturing.
Having commenced manufacturing of scaffolding and formwork systems only recently, Renny Strips has established a strong global footprint in a short span of time. In fiscal 2025, the company exported scaffolding and formwork systems to more than 21 countries, reflecting its growing international presence.
As part of its sustainability roadmap, Renny Strips is in the process of setting up a 22 MW solar power plant to reduce dependence on conventional energy sources and further lower its carbon footprint.
The proposed IPO will comprise a fresh issue of equity shares aggregating up to ₹300 crore and an offer for sale (OFS) of up to 1.2 crore equity shares by existing shareholders.
The company plans to utilise the net proceeds from the issue to set up a new manufacturing facility in Ludhiana, Punjab (proposed Unit IV) for scaffolding and formwork systems as well as ERW pipes and tubes. It also intends to upgrade its existing Unit I and Unit III, with the total estimated cost for these expansions pegged at ₹175.50 crore. Additionally, around ₹55 crore will be used for full or partial repayment or prepayment of certain outstanding borrowings, with the remaining funds earmarked for general corporate purposes.
Renny Strips has demonstrated strong financial growth over the past three fiscal years. Revenue from operations increased from ₹533.38 crore in FY2023 to ₹882.19 crore in FY2024 and stood at ₹856.25 crore in FY2025, translating into a revenue CAGR of approximately 26.70% between FY2023 and FY2025.
The IPO is proposed to be conducted through the book-building process, and the equity shares offered are planned to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE).
Pantomath Capital Advisors Private Limited is the sole book-running lead manager to the issue. The DRHP is available on the websites of SEBI, BSE, NSE and the book-running lead manager.
