Three companies, including Ludhiana-based Renny Strips, have received final observations from capital markets regulator Sebi, clearing the way for their IPOs. Renny Strips, Krishna Buildspace and Rodec Pharmaceuticals have secured the regulator's approval and can now proceed with their public issues within the prescribed timeline.
Renny Strips, which filed its draft papers with Sebi in December 2025, plans to raise up to Rs 300 crore through a fresh issue of shares. The IPO will also include an offer for sale of up to 1.2 crore shares by promoters Dev Raj Gupta and Usha Gupta.
Incorporated in 1996, the company operates as a vertically integrated structural steel products manufacturer with a presence across multiple stages of the steel value chain.
According to a CRISIL report cited in its draft papers, the company manufactures products ranging from mild steel billets, wire rods and hot-rolled coils to electric resistance welded pipes and tubes, precision-fabricated products, scaffolding systems and formwork solutions.
Its products cater to industries including construction, infrastructure, automotive, railways, oil and gas, agriculture, shipbuilding and heavy engineering.
The company follows a cascading production model that eliminates reheating between manufacturing stages, helping improve energy efficiency and lower production costs. It also uses automation and digital quality monitoring systems across operations.
Renny Strips has built a diversified customer base spanning 15 states and union territories in India and 21 international markets.
As of September 2025, the company had served more than 225 customers, including Jindal Supreme India, BR Green Industries, KNL Driveline Parts and Mittal Sales Corporation.
The company primarily operates as a business-to-business manufacturer, supplying structural steel products to industrial and infrastructure customers.
Alongside Renny Strips, Sebi has also granted approval to Krishna Buildspace and Rodec Pharmaceuticals.
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