Mittal Sections IPO Opens Amid Expansion Plans, Investors Eye Fresh Issue Worth ₹53 Crore

Mumbai: Mittal Sections Limited’s initial public offering (IPO) has opened for subscription from October 7 to October 9. The final allotment of shares will be completed on October 10, and the company is expected to be listed on the BSE SME platform on October 14.

IPO Details and Price Band

This IPO is a book-built issue with a total size of Rs 52.91 crore. It is a completely fresh issue, meaning the money raised will go directly to the company. Mittal Sections is offering 37 lakh new shares through this IPO. The price band has been set between Rs 136 and Rs 143 per share. The lot size is 1000 shares per application.

For retail investors, the minimum investment is 2000 shares, which comes to Rs 2.86 lakh at the upper price band. For High Net-worth Individuals (HNIs), the minimum investment is 3000 shares, or Rs 4.29 lakh.

Company Profile and Products

Founded in 2009, Mittal Sections Limited is involved in making iron and steel products. The company makes and sells items like mild steel flats, angles, round bars, and channels. These products are used across many industries and are sold under the brand name “MSL-MITTAL.” The brand is known for meeting technical standards needed in different industrial projects.

The company runs two advanced manufacturing plants in Ahmedabad, Gujarat, with a current production capacity of 36,000 metric tons per year. Mittal Sections is planning to increase this capacity to 96,000 metric tons per year as part of its future growth.

Financial Performance

In the financial year 2025, the company’s revenue fell by 15% to Rs 137.07 crore. However, its profit after tax went up by 91%, reaching Rs 3.61 crore. For the current year (till May 31, 2025), the company has reported a revenue of Rs 28.17 crore and a net profit of Rs 1.47 crore.

Use of IPO Funds

Mittal Sections will use the funds raised from the IPO mainly for buying land, building a new factory, and purchasing new machinery. Around Rs 20.82 crore will go toward this. Another Rs 15 crore will be used to meet working capital needs, while Rs 5 crore is planned for repaying existing secured loans. Some money will also go towards general business purposes.

Grey Market Update and Managers

Currently, there is no premium (GMP) being reported in the grey market for Mittal Sections IPO. This suggests neutral interest from the unofficial market for now.

Wealthmine Networks Pvt Ltd is the lead manager for this issue, while Bigshare Services Pvt Ltd is the registrar. Sunflower Broking Pvt Ltd is acting as the market maker for the IPO.