Eswari Global Metal Industries has received SEBI's observations on its IPO. The Coimbatore-based metal recycler plans a fresh issue of up to ₹500 crore, plus an offer for sale of up to 1.32 crore shares by promoters and another shareholder. The Eswari Global Metal Industries IPO has no dates yet.
What SEBI's nod means
SEBI issued its observations on the draft offer document on 13 October 2026, as per Moneycontrol. That lets the company file its red herring prospectus (RHP, the final offer document) with the Registrar of Companies. The company then has one year to launch. It filed its DRHP in June 2026, so the review took about three and a half months.
How the issue is structured
| Item | Detail |
|---|---|
| Fresh issue | Up to ₹500 crore |
| Offer for sale | Up to 1.32 crore shares |
| Pre-IPO placement | Up to ₹100 crore, optional; reduces the fresh issue if done |
| Lead managers | DAM Capital, ICICI Securities, Motilal Oswal |
| Registrar | KFin Technologies |
When the draft was filed in June, reports put the total issue at about ₹1,100 to ₹1,300 crore. Only the ₹500 crore fresh issue has a fixed rupee figure. The final size depends on the price band, which is not out.
Where the money would go
Of the fresh issue, ₹150 crore is for Phase 2 of the company's plant at Mundra, Gujarat. Another ₹250 crore would repay borrowings of the company and its subsidiaries. The rest is for general corporate purposes. The promoters selling in the offer for sale are C Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugam, P Anbalagan and P Arumugam. Palaniappan Ramalingam is the other seller. That money goes to them, not to the company.
What the company does
Eswari, incorporated in 1987, recycles non-ferrous metals, plastic and e-waste scrap. It makes pure lead and lead alloys, aluminium alloys, copper ingots, tin products and plastic granules. Buyers are battery makers, automakers and industrial users. It runs nine plants across Karnataka and Tamil Nadu, with installed capacity of 165,106 tonnes a year as of 31 December 2025. For the nine months to December 2025, the DRHP shows revenue of ₹1,401.5 crore and net profit of ₹83.9 crore, as reported by Kotak Neo.
What our data shows
At about ₹500 crore of fresh issue, Eswari is the #32 largest of the 39 IPO filings and plans we have tracked this year. A total of 63 companies have filed draft papers so far this month, per our tracker. Approval does not fix a launch date. Many approved companies wait months before opening.
What happens next
Watch for the RHP and a price band announcement. Till then there is no GMP or subscription data. Approved and pending names are on our upcoming mainboard IPO page. Another approval from this week is covered in our note on the Indian Gas Exchange IPO.
