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SKY Alloys and Power Files IPO Papers to Reduce Debt
Chhattisgarh-based steel manufacturer SKY Alloys and Power has filed draft papers with SEBI to raise funds through an initial public offering. The company plans to use a significant portion of the fresh issue proceeds to reduce its debt burden and support future growth.
By Finblage Editorial Desk
3:00 pm
24 June 2026
SKY Alloys and Power Limited (SAPL), a Chhattisgarh-based steel and ferro alloys manufacturer, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) for an initial public offering aimed at reducing its outstanding debt.
The proposed IPO comprises a fresh issue of 1.6 crore equity shares and an offer for sale of 18.07 lakh equity shares by promoter Ravi Singhal and promoter group member Nisha Singhal. The company may also undertake a pre-IPO placement of up to 17 lakh equity shares, which will form part of the fresh issue component.
According to the draft papers, SAPL intends to utilise Rs 190 crore from the net proceeds of the fresh issue towards repayment or prepayment of borrowings. The remaining funds will be used for general corporate purposes.
As of March 2026, the company had secured and unsecured borrowings amounting to Rs 318 crore. The proposed debt reduction is expected to strengthen the balance sheet and improve financial flexibility.
SKY Alloys and Power manufactures sponge iron, mild steel billets, TMT bars, and ferro alloys. The company operates in the steel value chain and serves various industrial and infrastructure-related segments.
On the financial front, SAPL reported a profit of Rs 24.9 crore on revenue of Rs 542.5 crore for the nine-month period ended December 2025. For FY25, profit increased 12.8 percent year-on-year to Rs 52.95 crore, while revenue rose 30.1 percent to Rs 819.2 crore.
The company competes with listed steel and alloy manufacturers including Godawari Power and Ispat, Sarda Energy and Minerals, Gallant Ispat, and Prakash Industries.
Gretex Corporate Services and Arihant Capital Markets have been appointed as the book-running lead managers for the IPO.
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