Coimbatore-based Eswari Global Metal Industries Limited files DHRP for IPO

Coimbatore-based Eswari Global Metal Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The IPO, with a face value of Rs 2, is a fresh issue up to Rs 500 crore and an offer-for-sale up to 13,209,451 shares by promoters – C Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugam, P Anbalagan, and P Arumugam. Other Selling Shareholder is Palaniappan Ramalingam.

The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 100 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.

The proceeds from its fresh issue worth Rs 150 crore will be utilised for part-financing the capital expenditure requirements of the company towards expansion of phase 2 of its manufacturing facility situated at Mundra, Gujarat, Rs 250 crore for prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company and/or investment in their subsidiaries, for pre-payment/ re-payment, in full or in part, of certain outstanding borrowings availed by its subsidiaries, and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Incorporated in 1987, the company is an integrated multi-metal and waste recycling and value-added manufacturing company with a legacy spanning nearly 39 years, committed to advancing the circular economy and delivering sustainable and responsible material solutions across India and key international markets.

The company has established a long-standing expertise in the recycling and manufacturing of non-ferrous metals, with a focus on environmentally responsible practices that span nearly four decades (Source: CRISIL Report). It is the largest exporter of lead alloy products from India and the third-largest exporter of lead and lead alloy products from India, in each case in terms of value, during the nine months ended December 31, 2025 (Source - CRISIL Report).

According to the CRISIL Report, the company is the only Indian company to hold London Metal Exchange (LME) accreditation for two purity level lead brands, 99.97% and 99.985% purity levels. Further, it is the only Indian company with a 99.985% purity level lead brand registered with the LME (Source: CRISIL Report).

The company’s focus on manufacturing of value-added non-ferrous metal products such as lead, tin and aluminium, copper and plastics, by way of recycling of non-ferrous metals, plastic and e-waste scrap. Its product offerings include pure lead and lead alloys, aluminium alloys, copper ingots, tin products and plastic granules, and these products cater to a wide range of end-use industries including battery manufacturing, automotive, industrial and allied sectors, across domestic and international markets, and are tailored to meet specific industry and customer requirements.

The company procures non-ferrous metals, plastic and e-waste scrap from domestic and international suppliers and undertakes environmentally responsible recycling operations through its nine strategically located manufacturing facilities operated by it and subsidiaries across Karnataka and Tamil Nadu, with a total installed production capacity of 165,106 metric tonnes per annum (MTPA), as on December 31, 2025.

Recycling is an integral part of its manufacturing process and comprises systematic collection, segregation, sorting, dismantling, processing of scrap materials followed by smelting and refining to recover lead and other usable metals, which are converted into value-added products such as pure lead, lead alloys, copper ingots and aluminium alloys, among others.

Its revenue for the nine months ended FY25 was Rs 1401.5 crore and net profit was Rs 83.9 crore.

DAM Capital Advisors, ICICI Securities and Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.