India’s IPO market continues to attract investors in 2025, with companies from diverse sectors leveraging the market for capital. Among these, M P K Steels (I) Limited is set to open its IPO on September 26, 2025, presenting an opportunity to invest in a structural steel manufacturer catering to railways, telecom, power, automotive, and infrastructure sectors.
About M P K Steels (I) Ltd.
Incorporated in 2005, M P K Steels (I) Limited manufactures general-purpose structural steel products, including M.S. Channels, Beams, Angles, Squares, Rounds, and Flats, with M.S. Channels being the primary revenue driver. These products are used in industrial sheds, machinery, railway bridges, vehicle frames, construction, and heavy-duty applications.
The company operates a factory in A-195, RIICO Industrial Area, Jaipur, and has a strong distribution network across Rajasthan, Punjab, West Bengal, Gujarat, Haryana, Uttar Pradesh, Assam, and Madhya Pradesh.
Competitive Strengths:
- Dual plant operations at a single location
- Extensive range of dies for diverse steel measurements
- Strong brand presence and long-term client relationships
- Rigorous quality assurance and control
M P K Steels IPO Details
The M P K Steels IPO is a book building issue of ₹25.74 crore, entirely a fresh issue comprising 0.33 crore shares, and will list on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 26, 2025 |
| IPO Close Date | Sep 30, 2025 |
| Tentative Allotment | Oct 1, 2025 |
| Initiation of Refunds | Oct 3, 2025 |
| Credit of Shares to Demat | Oct 3, 2025 |
| Tentative Listing Date | Oct 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 30, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹75 – ₹79 per share |
| Lot Size | 1,500 shares |
| Total Issue Size | 32,58,000 shares (₹25.74 Cr) |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Reserved for Market Maker | 1,63,500 shares (₹1.29 Cr) |
| Net Offered to Public | 30,94,500 shares (₹24.45 Cr) |
| Shareholding Pre-Issue | 69,23,358 shares |
| Shareholding Post-Issue | 1,01,81,358 shares |
Investor Category Reservation:
- QIB: Not more than 50% of the net issue
- Retail: Not less than 35% of the net issue
- NII: Not less than 15% of the net issue
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,000 | ₹2,37,000 |
| Retail (Max) | 2 | 3,000 | ₹2,37,000 |
| S-HNI (Min) | 3 | 4,500 | ₹3,55,500 |
| S-HNI (Max) | 8 | 12,000 | ₹9,48,000 |
| B-HNI (Min) | 9 | 13,500 | ₹10,66,500 |
Promoter Holding:
The promoters of M P K Steels include Manoj Upadhyay, Suresh Kumar Sharma, Nidhi Upadhyay, Santosh Devi Sharma, Suresh Kumar Sharma & Sons HUF, and Manoj Kumar Upadhyay HUF.
- Pre-IPO: 97.82%
- Post-IPO: NA
Book Running Lead Manager: Gretex Corporate Services Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Gretex Share Broking Pvt. Ltd.
M P K Steels Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 62.36 | 56.64 | 45.67 |
| Total Income | 208.03 | 189.17 | 138.85 |
| Profit After Tax | 6.05 | 3.11 | 1.81 |
| EBITDA | 8.69 | 3.28 | 1.91 |
| Net Worth | 24.23 | 18.18 | 15.07 |
| Reserves & Surplus | 17.31 | 14.72 | 11.61 |
| Total Borrowing | 18.48 | 13.94 | 14.54 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalization | ₹80.43 Cr |
| ROE | 28.55% |
| ROCE | 19.32% |
| Debt/Equity | 0.76 |
| RoNW | 24.98% |
| PAT Margin | 2.93% |
| EBITDA Margin | 4.21% |
| Price to Book Value | 2.26 |
| EPS (Pre-IPO / Post-IPO) | ₹8.74 / ₹5.95 |
| P/E (Pre-IPO / Post-IPO) | 9.04x / 13.29x |
Objects of the Issue
| S.No | Object | Expected Amount (₹ Cr) |
| 1 | Capital expenditure towards purchase of machinery and dies | 2.65 |
| 2 | Capital expenditure towards installation of solar plant | 7.00 |
| 3 | Working capital requirements | 9.18 |
| 4 | General corporate purposes | Balance |
Industry Outlook
The structural steel industry in India continues to grow, driven by infrastructure projects, real estate, and industrial expansion. Key factors include:
- Increasing demand from railways, construction, and automotive sectors
- Strong government focus on industrial and infrastructure development
- Growing need for high-quality structural steel products for fabrication and heavy-duty applications
M P K Steels’ strong product portfolio, dual plant operations, and established client network position it well to benefit from these trends.
Conclusion
M P K Steels (I) Ltd. offers investors a chance to participate in a niche structural steel manufacturer with consistent growth in revenue and profitability. While the IPO appears reasonably priced, investors should weigh the potential risks such as dependency on specific industrial clients, steel price volatility, and execution challenges for expansion projects.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO to stay updated on the latest market offerings.
