The Maharashtra-based Harisons Steel Ltd. has filed draft red herring prospectus or DRHP with the market regulator Securities and Exchange Board of India or SEBI for initial public offering to raise Rs.60 crore.
The company plans to utilize the IPO proceeds to set up a rolling mill with a proposed capacity of 30,000 MT per annum at an estimated cost of Rs.41.60 crore, and for incremental working capital requirements of Rs.8 crore.
The company reported a net profit of Rs.4 crore on total income of Rs.312 crore for the fiscal year ended March 31, 2011.
Comfort Securities Limited is the book running lead manager to the issue.
The company is engaged in the business of manufacturing of stainless steel ingots and billets of various grades and sizes.
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