Shri Kanha Stainless Ltd IPO

The IPO opens on 03 Dec 2025 & closes on 05 Dec 2025.

Shri Kanha Stainless Limited was incorporated on July 10, 2015 as Kanha Stainless Private Limited', a private limited company, dated July 10, 2015 issued by the Registrar of Companies at Jaipur. Subsequently, Company name was changed to Shri Kanha Stainless Private Limited' and a fresh certificate of incorporation dated November 09, 2017 was issued by the Registrar of Companies, Rajasthan at Jaipur. Further, the status was converted into a public limited company and the name was changed to Shri Kanha Stainless Limited' and a fresh certificate of incorporation dated August 30, 2024 was issued by the Registrar of Companies, Central Processing Centre, Haryana at Gurgaon. The Company is a manufacturer of precision stainless steel cold rolled strips, offering a wide range of thin and ultra-thin variants. The products are widely used across various sectors including the textile, automotive, chemical industries, as well as in flexible tubes, capillary tubes, clocks, watches, and electrical equipment. The promoters started the Company in 2015 as a leading Stainless Steel Sheet manufacturers in India. Presently, they are in the business of converting HR coils into CR coils and manufacturing coils in standard sizes and thickness of grade 200, 300 and 400 series from 0.08mm - 2.00mm as required by the producer industries. Company is planning the initial public offer of issuing 51,50,000 equity shares of face value of Rs 10 each through Fresh Issue.

Shri Kanha Stainless Ltd IPO will close on 05 Dec 2025.

<ul><li>A private sector manufacturer of cold rolled stainless sections in India.</li><li>Long term sourcing arrangements for components.</li><li>Effective Cost Control Management.</li><li>Quality Assurance and Quality Control of our products.</li><li>Strong Order Book.</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>Jai Bhagwan Agarwal</td> <td>4198800</td> <td>40.22</td> <td>4198800</td> <td>26.95</td> </tr> <tr> <td>2</td> <td>Kavita Agarwal</td> <td>2638800</td> <td>25.28</td> <td>2638800</td> <td>16.93</td> </tr> <tr> <td>3</td> <td>Shashank Agrawal</td> <td>2398800</td> <td>22.98</td> <td>2398800</td> <td>15.39</td> </tr> <tr> <td>4</td> <td>Neha Agarwal</td> <td>1200000</td> <td>11.49</td> <td>1200000</td> <td>7.7</td> </tr> <tr> <td>5</td> <td>Ayush Agarwal</td> <td>1200</td> <td>0.01</td> <td>1200</td> <td>---</td> </tr> <tr> <td>6</td> <td>Jai Bhagwan Agarwal HUF</td> <td>1200</td> <td>0.01</td> <td>1200</td> <td>---</td> </tr> <tr> <td>7</td> <td>Shashank Agrawal HUF</td> <td>1200</td> <td>0.01</td> <td>1200</td> <td>---</td> </tr> </tbody> </table>

<ul><li>The company expansion into new product categories and an increase in the number of products offered by it may expose it to new challenges and more risks.</li><li>The Company has negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact its growth and business.</li><li>The company generate its major portion of sales from the company operations in certain geographical regions. Any adverse developments affecting its operations in these regions could has an adverse impact on the company revenue and results of operations.</li><li>Significant Related Party Transactions with Group Company (Navbharat Tubes Private Limited) for Sales and Purchases.</li><li>Its outstanding litigations involving the Company which, if determined adversely, may adversely affect its business and financial condition.</li><li>Its highly depend on the company raw materials and a few key suppliers who help it procure the same. In the event the company unable to procure adequate amounts of raw materials, at competitive prices the company business, results of operations and financial condition may be adversely affected.</li><li>The company depend on a few customers of its products, for a significant portion of the company revenue, and any decrease in revenues or sales from any one of the company key customers may adversely affect its business and results of operations.</li><li>The commercial success of the company products depends to a large extent on the success of the products of its end use customers. If the demand for the end use products in which the company products are used as a raw materials declines, it could has a material adverse effect on the company business, financial condition and results of operations.</li><li>Under-utilization of the company manufacturing capacities may have an adverse effect on its business, future prospects and future financial performance.</li><li>The company does not own the premises where Manufacturing Facility of the Company is situated. Disruption of its rights as licensee/ lessee or termination of the agreements with our licensors/ lessors would adversely impact the company operations and, consequently, Its business.</li><li>The company group companies has losses in the past years, details of which are given below.</li><li>The company cannot assure you that the proposed up gradation at the existing manufacturing unit of the Company which is proposed to be funded from the Net Proceeds will become operational as scheduled, or at all, or operate as efficiently as planned. If the company unable to commission the up gradation of existing manufacturing unit in a timely manner or without cost overruns, it may adversely affect its business, results of operations and financial condition.</li><li>The company continued operations are critical to its business and any shutdown of the manufacturing unit may adversely affect the company business, results of operations and financial condition.</li><li>Its inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could adversely affect the company business, results of operations and financial condition.</li><li>The company has significant power requirements for continuous running of the company manufacturing unit. Any disruption to its operations on account of interruption in power supply or any irregular or significant hike in power tariffs may has an effect on the company business, results of operations and financial condition.</li><li>The company has in past entered into related party transactions and its may continue to does so in the future.</li><li>Any failure in its quality control processes may adversely affect the company business, results of operations and financial condition. its may face product liability claims and legal proceedings if the quality of the company products does not meet the customers' expectations.</li><li>The Company requires significant amount of working capital for a continuing growth. its inability to meet the company working capital requirements may adversely affect its results of operations.</li><li>Any delays and/or defaults in dealer-cum-customer payments could result in increase of working capital investment and/or reduction of the Company's profits, thereby affecting its operation and financial condition.</li><li>The Company has applied for registration of certain trademarks in its name. Until such registrations are granted, the Company may not be able to prevent unauthorized use of such trademarks by third parties, which may lead to the dilution of the company goodwill.</li><li>The company manufacturing unit and Registered Office are currently located in one geographical area. The loss of, or shutdown of or disruption in operations of the company offices and unit will adversely affect its business, financial condition and results of operations.</li><li>Its may be unable to grow the company business in additional geographic regions or international markets, which may adversely affect its business prospects and results of operations.</li><li>The company cannot assure that its may be able to utilize the company proposed up gradation of existing manufacturing unit to its full capacity or up to an optimum capacity, and non utilization of the same may lead to loss of profits or can result in losses, and may adversely affect its business, results of operations and financial condition.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.</li><li>The company funding requirements and proposed deployment of the Net Proceeds of the Issue has not been appraised by a bank or a financial institution and if there are any delays or cost overruns, the company business, cash flows, financial condition and results of operations may be adversely affected.</li><li>The company has applied for renewal of the company certain statutory / regulatory licenses and quality certificates which are pending for approval. In case of failure on its part to get the same renewed, it may have a material adverse effect on the company business, results of operations and financial condition.</li><li>If its not able to obtain, renew or maintain our statutory and regulatory licenses, registrations and approvals required to operate the company business, it may have a material adverse effect on its business, results of operations and financial condition.</li><li>The company dependent on third party transportation providers for delivery of raw materials to it from the company suppliers and delivery of its finished products to the company dealer-cum-customers. the company has not entered into any formal contracts with the company transport providers and any failure on part of such service providers to meet their obligations could adversely affect its business, financial condition and results of operation.</li><li>If its unable to identify customer demand accurately and maintain an optimal level of inventory proportionately, the company business, results of operations and financial condition may be adversely affected.</li><li>The Company has availed unsecured loans, which are re callable in nature.</li><li>Any disruption to the steady and regular supply of workforce for the company operations, including due to strikes, work stoppages or increased wage demands by its workforce or any other kind of disputes with the company workforce or its inability to control the composition and cost of its workforce could adversely affect the company business, cash flows and results of operations.</li><li>The company industry is competitive and its inability to compete effectively may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>The company Promoters, Directors and Key Managerial Personnel has interests in the Company other than reimbursement of expenses incurred or normal remuneration or benefits.</li><li>Its Promoters and members of the Promoter Group has significant control over the Company and have the ability to direct its business and affairs; their interests may conflict with your interests as a shareholder.</li><li>The Company has issued Equity Shares in the last one year at a price which may be lower that the Issue Price.</li><li>The average cost of acquisition of Equity Shares held by its Promoters could be lower than the Issue Price.</li><li>The company future fund requirements, in the form of further issue of capital or securities and/or loans taken by it, may be prejudicial to the interest of the Shareholders depending upon the terms on which they are eventually raised.</li><li>Its ability to pay dividends in the future may be affected by any material adverse effect on the company future earnings, financial condition or cash flows.</li><li>The company has written off certain bad debts in the past, and there can be no assurance that similar write-offs will not occur in the future.</li><li>Members of the company Promoter has extended personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.</li><li>The company agreements with lenders for financial arrangements contain restrictive covenants for certain activities and if its unable to get their approval, it might restrict the company scope of activities and impede its growth plans.</li><li>In addition to the company existing indebtedness for its existing operations, its may incur further indebtedness during the course of business. the company cannot assure that its would be able to service the company existing and/ or additional indebtedness.</li><li>Any conflict of interest which may occur between the company business and any other similar business activities pursued by its Promoters could has a material adverse effect on the company business and results of operations.</li><li>The company has not made any alternate arrangements for meeting the company capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.</li><li>The company inability to procure and/or maintain adequate insurance cover in connection with the company business may adversely affect its operations and profitability.</li><li>The company success largely depends upon the knowledge and experience of its Promoters, Directors, and the company Key Managerial Personnel. Loss of any of the company Directors and key managerial personnel or its ability to attract and retain them could adversely affect the company business, operations and financial condition.</li><li>Increased losses due to fraud, employee negligence, theft or similar incidents may have an adverse impact on it.</li><li>The company has not independently verified certain data in this Prospect it.</li><li>The requirements of being a listed company may strain the company resources.</li><li>The Equity Shares has never been publicly traded and the Issue may not result in an active or liquid market for the Equity Shares.</li><li>There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the Emerge Platform of NSE in a timely manner or at all.</li><li>There is no existing market for the company Equity Shares, and its does not know if one will develop to provide you with adequate liquidity. Further, an active trading market for the Equity Shares may not develop and the price of the Equity Shares may be volatile.</li><li>The price of the Equity Shares may be highly volatile after the Issue.</li><li>You will not be able to sell immediately on the Stock Exchanges any of the Equity Shares you purchase in the Issue.</li><li>There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.</li><li>The price of the Equity Shares may be volatile, which could result in substantial losses for investors acquiring the Equity Shares in the Issue.</li><li>Any future issuance of Equity Shares, or convertible securities or other equity-linked securities by the Company may dilute your shareholding and any sale of Equity Shares by its Promoter or members of the company Promoter Group may adversely affect the trading price of the Equity Shares.</li><li>Sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.</li><li>Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.</li><li>Significant debt to equity of the company.</li><li>Employee misconduct, errors, or fraud could lead to business losses and harm the company financial health.</li><li>Listing of equity shares may subject it to surveillance measures like ASM and GSM, affecting market perception.</li><li>Rising interest rates could negatively impact the company financial performance and expose it to interest rate risks.</li><li>Differences in accounting standards (Ind AS vs. GAAP/IFRS) may affect investor understanding of the company financials.</li><li>Weak internal controls may expose it to fraud and operational risks, harming the company reputation and finances.</li><li>Industry data from third-party reports may be incomplete or inaccurate, affecting decision-making.</li><li>Lack of long-term supplier contracts and dependence for raw materials could disrupt operations and raise costs.</li><li>Employee fraud or misconduct could damage client trust and expose its to legal and reputational risks.</li><li>Intellectual property risks could arise from failure to protect its IP or infringement claims.</li><li>Access to financing depends on credit ratings, and poor ratings could hinder growth and financial stability.</li><li>Poor health and safety standards could lead to liabilities and reputational damage.</li><li>Competition for skilled employees and rising salaries may reduce profitability.</li><li>Foreign currency transactions for machinery purchases expose its to exchange rate risks.</li><li>Long Credit Periods with OEM Customers</li><li>Longer Time to Onboard New Customers</li><li>Smaller Capacity Compared to Some Competitors.</li><li>Exposure to Price Pressures from Dumped Imports.</li><li>Operational Downtime Due to Specialised Spare Part Requirements.</li><li>Dependency on Limited Raw Material Suppliers.</li><li>Seasonality in Order Volumes Across Key Client Segments.</li><li>Skilled Labour Challenges in Plant Location.</li><li>Directors lack experience in managing listed companies.</li><li>Current order book may not fully convert into revenue.</li><li>Negative publicity about the company and its affiliates.</li><li>Failure to resolve gaps in information and reporting systems.</li><li>Liquidated damages or legal claims from dealer-cum-customers.</li></ul>

The Issue type of Shri Kanha Stainless Ltd is Fixed Price - SME.

The minimum application for shares of Shri Kanha Stainless Ltd is 3200.

The total shares issue of Shri Kanha Stainless Ltd is 5142400.

public issue of 51,42,400 equity shares of face value Rs. 10/- each ("equity shares") of the company for cash at a price of Rs. 90/- per equity share (including a securities premium of Rs.80/- per equity share) (the "issue price"), aggregating Rs.46.28 crores ("issue") out of which, 2,59,200 equity shares aggregating to Rs. 2.33 crores is reserved for subscription by market maker ("market maker reservation portion"). The issue less the market maker reservation portion i.e. issue of 48,83,200 equity shares of face value of Rs. 10/- each at an issue price of Rs. 90/- per equity share aggregating to Rs. 43.95 crores is hereinafter referred to as the "net issue". The issue and the net issue constitutes 33.00% and 31.34%, respectively of the post issue paid up equity share capital of the company.