Coimbatore-based Eswari Global Metal Industries Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering. According to the latest draft document filed on June 28, the total IPO size is estimated at around ₹1,100-1,300 crore. The IPO comprises a fresh issue of shares worth ₹500 crore and an offer for sale (OFS) of up to 13.21 million shares by existing shareholders and promoters. The company may also consider raising up to ₹100 crore in a pre-IPO round as part of the fresh issue component. The company plans to utilize ₹150 crore from the fresh issue towards part-financing the capital expenditure for Phase 2 expansion of its manufacturing facility at Mundra, Gujarat, and ₹250 crore for prepayment of debt. The remaining funds will be used for general corporate purposes.
As of December 2025, the company's total outstanding debt stood at ₹379.75 crore. The proposed IPO structure includes an offer for sale component where existing shareholders and promoters, including C Bharanikumar, Pradeep Chandrasekaranan, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugam, P Anbalagan and P Arumugam, will divest their stakes. This strategic approach aims to reduce the company's debt burden significantly while providing liquidity to existing investors. The company has already spent ₹37.3 crore for financing the initial phase of the Mundra manufacturing facility as of March 2026, with any expenditures for Phase 2 expansion to be funded from internal accruals until net proceeds become available.
Incorporated in 1987, Eswari Global Metal Industries is an integrated multi-metal and waste recycling company that focuses on manufacturing value-added non-ferrous metal products such as lead, tin, aluminium, copper and plastic products. As of December 31, 2025, the company operates nine manufacturing facilities with a total installed production capacity of 165,106 metric tonnes per annum across Karnataka and Tamil Nadu. The facilities procure non-ferrous metals, plastic and e-waste scrap from domestic and international suppliers and undertake environmentally responsible recycling operations. Lead and lead-based products contribute around 90 percent to the company's business revenue, while aluminium alloys, copper ingots, tin products and plastic granules form the remaining portion of revenue. The company operates through itself and its subsidiaries across multiple Indian states.
For the nine months ended December 2025, Eswari Global Metal Industries reported revenue of ₹1,401.5 crore and a net profit of ₹83.9 crore. The company's product portfolio includes pure lead and lead alloys, aluminium alloys, copper ingots, tin products and plastic granules, catering to battery manufacturing, automotive, industrial and allied sectors across domestic and international markets. Its recycling process involves collection, segregation, sorting, dismantling, processing, smelting and refining of scrap materials to recover lead and other usable metals. For the financial year ended March 2025, the company reported a profit of ₹30.2 crore, which declined 0.9 percent compared to the previous fiscal, while revenue increased 17 percent to ₹1,407.6 crore.
DAM Capital Advisors, ICICI Securities and Motilal Oswal Investment Advisors are serving as the book-running lead managers to the issue, while KFin Technologies has been appointed as the registrar. The company's integrated business model combines recycling operations with value-added manufacturing, positioning it as a key player in the non-ferrous metals sector with operations spanning multiple Indian states. The merchant bankers managing the IPO are DAM Capital Advisors, ICICI Securities, and Motilal Oswal Investment Advisors, with Palaniappan Ramalingam being the other selling shareholder alongside the existing promoters. The company, in consultation with the book-running lead managers, may consider a pre-IPO placement for up to ₹100 crore, which will reduce the fresh issue size if completed.
