CMS INDUSLAW and Economic Laws Practice (ELP) have emerged as the Avtar Steel IPO legal advisors on one of India’s latest stainless-steel sector public market filings. Avtar Steel Limited has filed a Draft Red Herring Prospectus with SEBI for an initial public offering comprising a fresh issue of equity shares aggregating up to ₹585 crore and an offer for sale of up to 5,000,000 equity shares by the promoter selling shareholder.
Introduction
Avtar Steel filed its Draft Red Herring Prospectus (DRHP) on 14 August 2026, becoming the latest specialty metals player to tap India’s primary market. As per the DRHP, Systematix Corporate Services Limited and Elara Capital (India) Private Limited are the book running lead managers for the issue. Avtar Steel has a diversified portfolio of stainless-steel long and wire products catering to sectors such as automobile, oil and gas, defence, aerospace, water solutions, energy, shipping, fabrication and construction, and chemical, food and dairy industries.
The proceeds from the fresh issue will primarily be used to part-finance capital expenditure for setting up a Specialty Steel Melting Division for manufacturing special steel, including alloy steel, carbon steel and valve steel, as well as stainless-steel blocks and blooms. The company also plans to expand stainless-steel wire manufacturing at its existing Wire Rod and Bar Division, and part of the proceeds will be utilised for debt payment and general corporate purposes.
Deal Value
Avtar Steel Limited has proposed to raise ₹585 crore through a fresh issue of equity shares via its DRHP filed with SEBI. The issue will also include an Offer for Sale (OFS) of up to 50 lakh equity shares by a promoter selling shareholder. The total deal size, inclusive of the OFS component, exceeds ₹585 crore; the precise aggregate figure was not disclosed in the DRHP.
Legal Teams Involved
CMS INDUSLAW — Counsel to Avtar Steel Limited (Issuer)
CMS INDUSLAW is advising Avtar Steel on the capital markets and regulatory aspects of the proposed IPO, including the preparation and filing of the DRHP and related transaction documentation, securities law and regulatory matters, and other legal aspects in connection with the proposed offering.
The transaction team consists of the following members:
- Mathew Thomas — Partner
- Anjanesh Vatsa — Principal Associate
- Aman Bahl — Senior Associate
- Khushi Dua — Associate
- Nikita Srivastava — Associate
- Sahil Mehta — Associate
- Sanjana Gupta — Associate
Economic Laws Practice (ELP) — Counsel to the Book Running Lead Managers
Economic Laws Practice is advising the book running lead managers, Systematix Corporate Services Limited and Elara Capital (India) Private Limited, on this proposed IPO.
The transaction is being led by the following team members:
- Geeta Dhania — Partner
- Anusha Agrawal — Associate
- Shreya Prakash — Associate
- Arpita Pattnaik — Associate
- Shreya Vyas — Associate
- Priya Sharma — Associate
For a comprehensive view of recent law firm deal activity across India’s capital markets, see the Deal Meter.
Significance and Impact
Avtar Steel, which has over three decades of experience in manufacturing stainless-steel long and wire products, has expanded its presence in international markets since 2010. The proposed listing represents a significant step for a closely-held, promoter-led business opening its capital structure to public participation. The IPO is structured as a book-built issue combining a fresh issue and an OFS by promoter Sumit Jindal, who currently holds a commanding 78% stake in the company, with no institutional or private-equity selling shareholder in the mix.
The mandate also reflects the breadth of legal work that India’s primary market activity is generating in 2026. CMS INDUSLAW‘s capital markets practice deployed a seven-member team on the issuer side, while ELP fielded a six-member team on behalf of the bankers — underscoring the regulatory complexity of a mainboard DRHP filing of this scale. During fiscal 2026, Avtar Steel served 422 customers, of which 265 were repeat customers, accounting for 62.80% of its total unique customers.
The Avtar Steel IPO represents a notable mainboard filing in India’s specialty steel segment, with CMS INDUSLAW and Economic Laws Practice anchoring the legal advisory on either side of the transaction. The proposed offering remains subject to SEBI observations and further regulatory clearances before it can proceed to the public markets. Further details on pricing, listing timelines, and the final prospectus were not disclosed at the time of the DRHP filing.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
