M P K Steels (I) Ltd IPO

The IPO opens on 26 Sept 2025 & closes on 30 Sept 2025.

M P K Steels (I) Limited was initially incorporated on February 28, 2005, as a Private Limited Company in the name of 'M P K Steels (I) Private Limited' issued by the Deputy Registrar of Companies, Assam, Mizoram, Manipur, Tripura, Nagaland, Arunachal Pradesh & Meghalaya, Shillong. Subsequently, Company was converted from a Private Limited to Public Limited and consequently, the name of Company was changed to M P K Steels (I) Limited' and a Fresh Certificate of Incorporation was issued on December 16, 2024 issued by the Registrar of Companies, Central Processing Centre. Company is a manufacturer of general-purpose structural steel products which includes M.S. Channel, M.S. Joist/Beam, M.S. Angle, M.S. Square Bar, M.S. Round Bar, and M.S. Flat which are being sold through network of distributors and dealers. These products are commonly used in industries such as Railways, Telecom Industries, State Electricity Boards, Power & Energy Industries, Automotive Industry, Offshore Structures, Construction Industries, Fabrication Industries, Auto Body Builders and Infrastructural Development Authorities. The M.S. Channels, Company produce are widely used in several sectors for structural support and load-bearing applications. They are particularly important in construction industry, where they serve as beams, frames, and supports for buildings, bridges, and other infrastructure projects. Additionally, M.S. Channels are commonly used in power and energy industries for construction of power plants, substation structures, and electrical frameworks. In the railway sector, especially with organizations like CORE (Central Organization for Railway Electrification), M.S. channels are used for building railway electrification structures and other railway-related infrastructure. M.S. Channels also play a important role in the fabrication industry, where they are used for creating custom frameworks, machinery, and heavy duty structures. The Company's factory is located on the Delhi-Mumbai Highway in Jaipur, Rajasthan, India. Thus, it enables better connectivity to the major markets of the country. Also, company has a network of distributors and dealers with whom the company have long-term relationship to fetch customers in market. The Company issued and allotted 32,57,600 equity shares of Rs 10 each by raising Rs 25.73 crore through fresh issue in September, 2025.

M P K Steels (I) Ltd IPO will close on 30 Sept 2025.

<ul><li>Dual Plant Operations at a Single Location.</li><li>Extensive Range of Dies for Diverse Steel Measurements.</li><li>Strong Brand and Long-Term Relationships.</li><li>Rigorous Quality Assurance and Control</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Manoj Upadhyay</td> <td>3252920</td> <td>46.98</td> <td>3252920</td> <td>31.95</td> </tr> <tr> <td>2</td> <td>Suresh Kumar Sharma</td> <td>2547802</td> <td>36.8</td> <td>2547802</td> <td>25.02</td> </tr> <tr> <td>3</td> <td>Nidhi Upadhyay</td> <td>305000</td> <td>4.41</td> <td>305000</td> <td>3</td> </tr> <tr> <td>4</td> <td>Santosh Devi Sharma</td> <td>196636</td> <td>2.84</td> <td>196636</td> <td>1.93</td> </tr> <tr> <td>5</td> <td>Suresh Kumar Sharma and Sons H</td> <td>60000</td> <td>0.87</td> <td>60000</td> <td>0.59</td> </tr> <tr> <td>6</td> <td>Manoj Kumar Upadhyay HUF</td> <td>60000</td> <td>0.87</td> <td>60000</td> <td>0.59</td> </tr> <tr> <td>7</td> <td>M. P. K. Metals Private Limite</td> <td>290000</td> <td>4.19</td> <td>290000</td> <td>2.85</td> </tr> <tr> <td>8</td> <td>Pankaj Kumar Sharma HUF</td> <td>60000</td> <td>0.87</td> <td>60000</td> <td>0.59</td> </tr> </tbody> </table>

<ul><li>Our factory is located at Rajasthan. Any delay in production at, or shutdown of, or any interruption for a significant period of time, in these facilities may in turn adversely affect our business, financial condition and results of operations.</li><li>Our Company is dependent on a few suppliers for purchases of raw materials and consumables. The loss of any of these large suppliers may affect our business operations.</li><li>We derive a majority portion of our revenue from operations from our top 10 customers, contributing towards our total gross sales.</li><li>The Company have made One Time Settlement (OTS) of Loan in the past which may affect its credibility in future to access funds from Banks and Financial Institutions. </li><li>The loss of or shutdown of operations of our Factory may have a material adverse effect on our business, financial condition and results of operations.</li><li>We rely heavily on the availability of key raw materials to procure them. As we have not established long-term arrangement with these suppliers, any inability to secure sufficient raw materials at competitive prices could adversely impact our business, financial condition, and operational results. Any fluctuations in prices, availability of raw material or storage in supply of raw material for manufacturing of our products would adversely impact our business.</li><li>We have experienced significant working capital requirements in past and may continue to experience in future also. If we experience insufficient cash flows from our operations or are unable to borrow to meet our working capital requirements, it may materially and adversely affect our business, cash flows and results of operations.</li><li>We have not entered into long-term contracts with our major dealers and typically operate on the basis of purchase orders, which could adversely impact our revenues and profitability.</li><li>Our Registered and Factory/ Corporate Office are not owned by us. In the event that we lose such rights or are required to renegotiate arrangements for such rights, our business results of operations, profitability and margins, cash flows and financial condition could be adversely affected.</li><li>Our Company has negative cash flows from its Operating activities for the half year ended on September 30, 2024 and For the FY 2023, investing activities for FY 2023 and financing activities for FY 2024 and 2022, details of which are given below. Sustained negative cash flow could impact our growth and business.</li><li>We derive a substantial portion of our revenue from the sale of key products and loss of sales due to reduction in demand for these products could adversely affect our business, financial condition, results of operations and cash flows.</li><li>Our revenues and purchases of raw materials (Billets and Ingots) are concentrated in the state of Rajasthan. Any adverse changes in the conditions affecting the state and our inability to grow our business in new geographic markets may adversely impact our business, results of operations, profitability and margins, cash flows and financial condition.</li><li>Underutilization of current manufacturing capabilities along with ineffectively utilizing the expanded capacity can lead to negative impact on financial performance.</li><li>Our inability to collect receivables from our customers on time could result in the reduction of our profits and affect our cash flows.</li><li>Our Company, our Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business and results of operations.</li><li>Our Company logo "MPK Strong Best Strong Future" is not registered with Registrar of Trademark; any infringement of our brand name or failure to get it registered may adversely affect our business. Further, any kind of negative publicity or misuse of our brand name could hamper our brand building efforts and our future growth strategy could be adversely affected</li><li>We derive a majority portion of our revenue from operations from our top 10 customers, contributing towards our total gross sales.</li><li>There may be potential conflict of interests between our Company and other venture or enterprises promoted by our promoter.</li><li>The steel industry is highly cyclical and adverse variation in steel prices may have an adverse effect on the Company's results of operations and financial condition.</li><li>Our Promoter and Directors play key role in our functioning and we heavily rely on their knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter and Directors remain associated with us.</li><li>Our manufacturing activities are dependent upon availability of skilled and unskilled labour.</li><li>A high employee attrition rate can significantly disrupt our business operations and hinder overall performance.</li><li>Lack of Formal Qualifications and Specialized Training in Leadership.</li><li>Our business requires us to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew them in a timely manner may adversely affect our business operations.</li><li>Our insurance coverage may not adequately protect us against losses, and successful claims against us that exceed our insurance coverage could harm our results of operations and diminish our financial position. </li><li>There are certain discrepancies / errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956 and Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.</li><li>Our financing arrangements contain restrictive covenants. This may limit our ability to pursue our business and limit our flexibility in planning for, or reacting to, changes in our business or industry including our plans for expansion and diversification.</li><li>The Company is yet to place orders for the Machineries & Dies and Solar Plant for our proposed object, as specified in the Objects of the Offer. Any delay in placing orders, procurement of plant & machineries may delay our implementation schedule and may also lead to increase in price of these plant & machineries, further affecting our revenue and profitability.</li><li>The objects of the offer have not been appraised by any bank or financial institution, and we cannot assure you that the objects of the offer will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>The average cost of acquisition of Equity Shares by the Promoters may be less than the Offer price.</li><li>We have significant power requirements for continuous running of our factories. Any disruption to our operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on our business, results of operations and financial condition.</li><li>There have been instances of delay / default in payments to MSME registered vendors in the last three Financial Years. Any continued delay / default may negatively impact our relationships, profitability, and cash flow.</li><li>We will continue to be controlled by our Promoters after the completion of the Issue.</li><li>Our Promoters and Executive Directors hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>There have been certain instances of delays in payment of Employee State Insurance Contributions, Employee Provident Fund Contributions and other statutory dues by our Company in half year ended September 30, 2024, Financial Year ended 2024, 2023 and 2022.</li><li>We have entered into related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations.</li><li>The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of Our Company.</li><li>Employee fraud or misconduct could harm us by impairing our ability to attract and retain clients and subject us to significant legal liability and reputational harm.</li><li>We face competition, including from other large and established competitors, and we may fail to compete successfully against existing or new competitors, which may reduce the demand for our Products which may lead to reduced prices, operating margins, profits and further result in loss of market share.</li><li>If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.</li><li>Change of Surname and Potential Confusion in Identification of our Promoters i.e. Mr. Manoj Upadhyay and Mrs. Nidhi Upadhyay.</li><li>Brand recognition is important to the success of our business, and our inability to build and maintain our brand name will harm our business, financial condition and results of operation.</li><li>The directors of our Company do not have any experience in the Listed Company.</li><li>Some of the KMPs is associated with our company for less than one year.</li><li>Our inability to effectively manage our growth or to successfully implement our business plan and growth strategy could have an adverse effect on our business, results of operations and financial condition.</li><li>Industry information included in this Draft Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical financial and other industry information is either complete or accurate.</li><li>The Equity Shares have never been publicly traded and the Offer may not result in an active or liquid market for the Equity Shares.</li><li>You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Offer until the Offer receives appropriate trading permissions.</li><li>Any future issuance of Equity Shares may dilute your shareholding and sales of our Equity Shares by major shareholders may adversely affect the trading price of the Equity Shares.</li><li>The Offer Price may not be indicative of the market price of the Equity Shares after the Offer.</li><li>QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders, who applies for minimum application size, are not permitted to withdraw their Bids after Bid/Offer Closing Date.</li><li>In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Offer which would in turn affect our revenues and results of operations.</li><li>We rely heavily on the availability of key raw materials to procure them. As we have not established long-term arrangement with these suppliers, any inability to secure sufficient raw materials at competitive prices could adversely impact our business, financial condition, and operational results. Any fluctuations in prices, availability of raw material or storage in supply of raw material for manufacturing of our products would adversely impact our business.</li><li>We have experienced significant working capital requirements in past and may continue to experience in future also. If we experience insufficient cash flows from our operations or are unable to borrow to meet our working capital requirements, it may materially and adversely affect our business, cash flows and results of operations.</li><li>Disruptions or shutdowns at our manufacturing facility could adversely affect our business, financial condition, and results of operations.</li><li>The Company have made One Time Settlement (OTS) of Loan in the past which may affect its credibility in future to access funds from Banks and Financial Institutions.</li><li>Underutilization of current manufacturing capabilities along with ineffectively utilizing the expanded capacity can lead to negative impact on financial performance.</li><li>Our Company has negative cash flows from its Operating activities for the FY 2025 and FY 2023, investing activities for FY 2023 and financing activities for FY 2024, details of which are given below. Sustained negative cash flow could impact our growth and business.</li><li>We have not entered into long-term contracts with our major dealers and typically operate on the basis of purchase orders, which could adversely impact our revenues and profitability.</li><li>We have certain contingent liabilities as on date of this Red Herring Prospectus that have not been provided for in our Company's financials which if materialized, could adversely affect our financial condition.</li><li>Our Registered and Factory/ Corporate Office are not owned by us. In the event that we lose such rights or are required to renegotiate arrangements for such rights, our business results of operations, profitability and margins, cash flows and financial condition could be adversely affected.</li><li>The Restated Financial Statements have been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of our Company.</li><li>Our financing arrangements contain restrictive covenants. This may limit our ability to pursue our business and limit our flexibility in planning for, or reacting to, changes in our business or industry including our plans for expansion and diversification.</li><li>There are certain discrepancies / errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956 and Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.</li><li>Risk of Unsustainability of PAT Margin Increase in FY 24 & FY 25.</li><li>There have been instances of delay / default in payments to MSME registered vendors in the last three Financial Years. Any continued delay / default may negatively impact our relationships, profitability, and cash flow.</li><li>We have entered into related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations.</li><li>We derive a substantial portion of our revenue from the sale of key products and loss of sales due to reduction in demand for these products could adversely affect our business, financial condition, results of operations and cash flows.</li><li>Our revenues and purchases of raw materials (Billets and Ingots) are concentrated in the state of Rajasthan. Any adverse changes in the conditions affecting the state and our inability to grow our business in new geographic markets may adversely impact our business, results of operations, profitability and margins, cash flows and financial condition.</li><li>Our inability to collect receivables from our customers on time could result in the reduction of our profits and affect our cash flows.</li><li>Our Company, our Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business and results of operations.</li><li>There have been certain instances of delays in payment of Employee State Insurance Contributions, Employee Provident Fund Contributions and other statutory dues by our Company in the Financial Year ended 2025, 2024 and 2023.</li><li>Our Company logo is PMK not registered with Registrar of Trademark; any infringement of our brand name or failure to get it registered may adversely affect our business. Further, any kind of negative publicity or misuse of our brand name could hamper our brand building efforts and our future growth strategy could be adversely affected.</li><li>There may be potential conflict of interests between our Company and other venture or enterprises promoted by our promoter.</li><li>The steel industry is highly cyclical and adverse variation in steel prices may have an adverse effect on the Company's results of operations and financial condition.</li><li>Our Promoter and Directors play key role in our functioning and we heavily rely on their knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter and Directors remain associated with us.</li><li>Our manufacturing activities are dependent upon availability of skilled and unskilled labour.</li><li>A high employee attrition rate can significantly disrupt our business operations and hinder overall performance.</li><li>Lack of Formal Qualifications and Specialized Training in Leadership</li><li>Our insurance coverage may not adequately protect us against losses, and successful claims against us that exceed our insurance coverage could harm our results of operations and diminish our financial position.</li><li>The Company is yet to place orders for the Machineries & Dies and Solar Plant for our proposed object, as specified in the Objects of the Offer. Any delay in placing orders, procurement of plant & machineries may delay our implementation schedule and may also lead to increase in price of these plant & machineries, further affecting our revenue and profitability.</li><li>The objects of the offer have not been appraised by any bank or financial institution, and we cannot assure you that the objects of the offer will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>The average cost of acquisition of Equity Shares by the Promoters may be less than the Offer price.</li><li>We have significant power requirements for continuous running of our factories. Any disruption to our operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on our business, results of operations and financial condition.</li><li>We will continue to be controlled by our Promoters after the completion of the Issue.</li><li>Our Promoters and Executive Directors hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of Our Company.</li><li>Employee fraud or misconduct could harm us by impairing our ability to attract and retain clients and subject us to significant legal liability and reputational harm.</li><li>Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.</li><li>We face competition, including from other large and established competitors, and we may fail to compete successfully against existing or new competitors, which may reduce the demand for our Products which may lead to reduced prices, operating margins, profits and further result in loss of market share.</li><li>If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.</li><li>Change of Surname and Potential Confusion in Identification of our Promoters i.e. Mr. Manoj Upadhyay and Mrs. Nidhi Upadhyay.</li><li>Brand recognition is important to the success of our business, and our inability to build and maintain our brand name will harm our business, financial condition and results of operation.</li><li>The directors of our Company do not have any experience in the Listed Company.</li><li>Some of the KMPs is associated with our company for less than one year.</li><li>Our inability to effectively manage our growth or to successfully implement our business plan and growth strategy could have an adverse effect on our business, results of operations and financial condition.</li><li>Industry information included in this Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical financial and other industry information is either complete or accurate.</li><li>The Equity Shares have never been publicly traded and the Offer may not result in an active or liquid market for the Equity Shares.</li><li>You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Offer until the Offer receives appropriate trading permissions.</li><li>Any future issuance of Equity Shares may dilute your shareholding and sales of our Equity Shares by major shareholders may adversely affect the trading price of the Equity Shares.</li><li>The Offer Price may not be indicative of the market price of the Equity Shares after the Offer.</li><li>QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders, who applies for minimum application size, are not permitted to withdraw their Bids after Bid/Offer Closing Date.</li><li>In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Offer which would in turn affect our revenues and results of operations.</li></ul>

The Issue type of M P K Steels (I) Ltd is Book Building - SME.

The minimum application for shares of M P K Steels (I) Ltd is 3200.

The total shares issue of M P K Steels (I) Ltd is 3258000.

Initial public offer of 32,57,600* equity shares of face value of Rs. 10.00 each (The "Equity Shares") of m p k steels (i) limited (The "Company" or the "Offer") for cash at a price of Rs. 79 per equity share including a share premium of Rs.69.00 per equity share ( the "offer Price") aggregating to Rs. 25.74 Crore ("The Offer"). the offer includes a reservation of 1,63,200 equity shares aggregating to Rs. 1.29 Crore will be reserved for subscription by market maker to the offer (The "Market Maker Reservation Portion"). the offer less the market maker reservation portion i.e. net offer of 30,94,400 equity shares aggregating to Rs.24.45 Crore ( the"Net Offer") Price Band: Rs. 75/- to Rs. 79/- for equity share of face value of Rs. 1 each. The floor price is 7.5 times times the face value and cap price is 7.9 times of the face value of the equity shares. Bids can made for a minimum of 3,200 equity shares and in multiples of 1,600 equity shares thereafter.