Chhattisgarh steel manufacturing company SKY Alloys and Power has filed preliminary papers with the Securities and Exchange Board of India to raise funds via IPO to achieve debt reduction target. According to reports from Moneycontrol, the proposed 1.78-crore shares IPO will be a combination of fresh issue of 1.6 crore shares, and an offer-for-sale of 18.07 lakh shares by promoter Ravi Singhal, and his wife Nisha Singhal. The company may also consider raising funds by issuing 17 lakh shares in pre-IPO placement, which is a part of fresh issue component.
As reported by Moneycontrol, SKY Alloys and Power (SAPL) that manufactures sponge iron, MS billets, TMT bars, and ferro alloys will utilise ₹190 crore of net fresh issue proceeds for repayment of borrowings, and the remaining amount for general corporate purposes. The company's secured and unsecured borrowings were ₹318 crore on March 2026, making debt reduction a key priority for the IPO proceeds. According to the draft red herring prospectus, the company expects to receive benefits of listing including enhanced visibility and brand image among customers, and creation of a public market for equity shares in India.
According to reports from Moneycontrol, the company has reported profit of ₹24.9 crore and revenue of ₹542.5 crore for the nine months period ended December 2025. Profit in the fiscal 2025 increased by 12.8 percent to ₹52.95 crore, and revenue grew by 30.1 percent to ₹819.2 crore compared to the previous year. The company's financials show consistent growth trajectory with revenue increasing from ₹553.71 crore in FY23 to ₹819.24 crore in FY25, while total assets expanded from ₹285.77 crore in FY23 to ₹524.10 crore in FY25.
As reported by Moneycontrol, SKY Alloys and Power operates as an integrated steel manufacturing firm with a diversified product portfolio including MS billets, sponge iron, TMT bars, and ferro alloys. The company is also engaged in trading activities, with its trading portfolio primarily comprising MS billets, sponge iron, and raw materials used in steel manufacturing. The firm has established an integrated captive power infrastructure to support its manufacturing operations, including waste heat recovery boiler (WHRB) and atmospheric fluidised bed combustion (AFBC) boiler-based captive power facilities, two captive power plants, and a 9 MWp solar power plant to meet in-house power requirements.
As reported by Moneycontrol, SKY Alloys and Power has appointed Gretex Corporate Services, and Arihant Capital Markets as merchant bankers for managing its IPO, with MUFG Intime India serving as the registrar. The company's shares will be listed on both the NSE and BSE exchanges. The IPO structure includes a fresh issuance of 16,084,000 shares and an offer-for-sale of 1,807,000 shares by promoters Ravi Singhal and Nisha Singhal, positioning the company as a steel sector player seeking to strengthen its financial position while maintaining its manufacturing and trading operations.
