Shri Bajrang Power and Ispat has received markets regulator Sebi's approval to raise up to Rs 500 crore through an initial share-sale.
The company, an integrated manufacturer of long steel products in the country, is the first one to get a clearance this year from the regulator to float an IPO.
Shri Bajrang Power, which filed draft papers with the regulator in September 2018, obtained its "observations" on January 17, latest update with the Securities and Exchange Board of India (Sebi) noted.
Sebi's observations are very necessary for any company to launch public issue such as initial public offer (IPO), follow-on public offer (FPO) and rights issue.
Going by the draft papers, Shri Bajrang Power's IPO comprises equity shares of face value of Rs 10 each aggregating up to Rs 500 crore.
Proceeds from the issue will be utilised towards repayment of certain borrowings availed by the company and for other general corporate purposes.
IDBI Capital Markets & Securities, Equirus Capital and SBI Capital Markets will manage the company's IPO. The equity shares will be listed on BSE and NSE.