Upcoming IPOs: 8–10 steel companies set to hit markets in next 10 months

India’s steel sector is heading into a busy phase on the IPO front, with several companies preparing to tap the equity markets over the next year. Tracking by Zee Business Research shows that 8-10 steel and steel-related companies could line up IPOs over the next 8-10 months, together looking to raise Rs 5,000-7,000 crore.

The pipeline is taking shape at a time when sentiment around the sector has turned more constructive. Steel demand in India has stayed firm, helped by sustained activity in infrastructure, railways and construction. With order flows improving and visibility getting clearer, companies appear more comfortable taking long-term expansion calls—and funding them through public markets.

Why steel companies are choosing the IPO route

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For many steelmakers, the current cycle is less about survival and more about scale. Several players are running at healthy utilisation levels, and incremental growth will require fresh capital. Instead of burdening the balance sheets with more debt, companies are opting to raise equity to support expansion plans.

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Zee Business Research notes that supportive steel prices and steady domestic demand have created a window where promoters are willing to approach investors with growth-focused stories, instead of defensive balance-sheet repair narratives.

Expansion plans drive fund-raising

A large part of the money raised through upcoming IPOs is expected to go into capacity expansion. This includes setting up new steel plants, adding lines at existing facilities and investing in downstream processing.

There is also change happening towards value-added products. Investments in galvanised and colour-coated steel, stainless steel and specialised applications are gaining priority, as demand from housing, infrastructure and industrial users continues to rise. These segments tend to offer better margin visibility and lower earnings volatility compared with basic steel.

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Names in the IPO pipeline

Several companies are already being tracked as potential entrants to the primary market. German Green Steel and Power is expected to raise around Rs 450 crore, while Bombay Coated Steel is looking at an issue size of about Rs 190 crore. A One Steels is also preparing to tap the markets, with plans to raise close to Rs 650 crore.

Other companies being discussed include Rajputana Stainless, Jindal Supreme and Madhur Iron and Steel. A few smaller steel players are also evaluating listings on the SME platform, indicating wider participation beyond large manufacturers.

What investors should watch

From a market standpoint, the growing IPO pipeline points to rising confidence in the sector’s medium-term prospects. Steel remains a cyclical business, but Zee Business Research believes opportunities could emerge selectively—especially in companies focused on capacity expansion, higher value-added products and domestic demand-driven growth.

As these IPO plans move closer to execution, pricing, timing and investor response will be key factors to watch in assessing how the market is positioning itself for the next phase of India’s steel growth story.