Tamil Nadu-based Eswari Global Metal Industries, a recycler and manufacturer of value-added non-ferrous metal products, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).
The company filed its draft red herring prospectus (DRHP) with SEBI in June 2026.
On October 13, SEBI issued its observations on the company's draft offer document, allowing it to proceed with filing the red herring prospectus (RHP) with the Registrar of Companies (RoC) and launch its IPO within the next year.
Eswari Global Metal Industries plans to raise Rs 500 crore through a fresh issue of equity shares, while existing shareholders, including the promoters, will sell 1.32 crore equity shares through an offer for sale (OFS).
The company may also consider raising up to Rs 100 crore through a pre-IPO placement. If undertaken, the fresh issue size will be reduced by the amount raised through the pre-IPO placement.