Trilegal and CMS INDUSLAW have been engaged as the EMI Metals IPO legal advisors on the company’s proposed initial public offering, which was filed with SEBI on 29 June 2026. The transaction involves both a fresh issue and an offer for sale by multiple selling shareholders, drawing two of India’s leading capital markets practices into the deal.
Introduction
Eswari Global Metal Industries Limited (EMI Metals), a Coimbatore-based integrated multi-metal and waste recycling and value-added manufacturing company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering of equity shares. The IPO comprises a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale of 1,32,09,451 equity shares by the Selling Shareholders. The Selling Shareholders are C Bharanikumar, Pradeep Chandrasekaran, Prasath Chandrasekaran, Sabarinathan Anbalagan, Hari Sudhan A, Nithin Arumugamas, P Anbalagan, P Arumugam, and Palaniappan Ramalingam.
The Book Running Lead Managers to the issue are DAM Capital Advisors Limited, ICICI Securities Limited, and Motilal Oswal Investment Advisors Limited. The company may also consider a pre-IPO placement of up to ₹100 crore in consultation with the book-running lead managers, with any such placement reducing the size of the fresh issue accordingly.
Deal Value
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale of 1,32,09,451 equity shares by the Selling Shareholders. Market sources peg the overall IPO size at approximately ₹1,100 crore to ₹1,300 crore, inclusive of the OFS component. Proceeds from the fresh issue are proposed to be utilised for, among other purposes, part-financing Phase-II capital expenditure at the company’s Mundra manufacturing facility in Gujarat and repayment of debt.
Legal Teams Involved
Trilegal — Counsel to EMI Metals and the Selling Shareholders
Trilegal advised Eswari Global Metal Industries Limited and the Selling Shareholders on the proposed IPO. The transaction team is:
- Abhinav Maker — Partner
- Maniya Goyal — Senior Associate
- Ipsita Sahoo — Associate
- Mrinal Kumar — Associate
- K Prashant Agrawal — Associate
- Tejas Kothari — Associate
CMS INDUSLAW — Counsel to the Book Running Lead Managers
CMS INDUSLAW advised DAM Capital Advisors Limited, ICICI Securities Limited, and Motilal Oswal Investment Advisors Limited, the Book Running Lead Managers. The transaction team is:
- Mathew Thomas — Partner
- Shambhavi Kumar — Principal Associate
- Khushi Dua — Associate
- Priti Gokhale — Associate
- Anoushka Sud — Associate
- Nikita Srivastava — Associate
- Sahil Mehta — Associate
Significance and Impact
EMI Metals occupies a distinctive position within India’s non-ferrous metals recycling sector. The company is the only Indian company to hold London Metal Exchange (LME) accreditation for two purity level lead brands — at 99.97% and 99.985% purity levels — a credential that sets it apart in the domestic metals landscape and signals internationally benchmarked quality standards.
With a legacy spanning nearly 39 years, EMI Metals’ product portfolio includes pure lead and lead alloys, aluminium alloys, copper ingots, tin products, and plastic granules, catering to battery manufacturing, automotive, industrial, and allied sectors. The company’s move to tap public markets reflects growing investor appetite for sustainable and circular economy businesses in India’s manufacturing space.
The engagement of Trilegal — led by Abhinav Maker as a capital markets Partner with extensive equity capital markets experience — alongside CMS INDUSLAW‘s dedicated IPO team underscores the transaction’s scale and complexity. The dual-firm structure, with one firm acting on the issuer side and one on the managers’ side, is standard practice for SEBI-regulated public offerings and ensures independent legal oversight across all parties.
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The proposed EMI Metals IPO, structured as a combined fresh issue and offer for sale, marks a significant capital markets milestone for one of India’s most credentialled non-ferrous metals recyclers. With Trilegal advising the issuer and selling shareholders and CMS INDUSLAW advising the book-running lead managers, the transaction brings strong legal firepower to both sides of the table. Further details regarding the IPO timeline and pricing will be subject to SEBI’s review of the DRHP.
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.
