IGI Logo

New Delhi-based Pioneer Fabricators Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) for Rs 190 crore.

The IPO, with a face value of Rs 10, is a fresh issue for up to Rs 190 crore.

The proceeds from its fresh issuance worth Rs 63 crore will be utilised for meeting working capital requirements, Rs 4.69 crore for the purchase of plant and machinery and civil construction for the existing manufacturing unit, Rs 58.6 crore for the purchase of plant and machinery and civil construction for the proposed manufacturing unit and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Incorporated in 1988, the company is an infrastructure engineering company engaged in the planning, engineering, designing, procurement, fabrication, construction, erection and execution of infrastructure and structural projects. Its principal business activities are undertaken across the railway, metro, road and highways, industrial and other infrastructure sectors.

It undertakes projects involving the development and execution of infrastructure structures and facilities including bridges, foot over bridges (FOBs), road over bridges (ROBs), railway and station structures, skywalks, metro stations and station redevelopment works, as well as other structural and infrastructure works forming part of transportation, public and industrial infrastructure projects.

The nature and extent of its involvement in each project is determined by the contractual scope, technical specifications and project requirements.

The company’s operations are supported by its fabrication facility located at B-2, Saraswati Industrial Estate, Partapur, Near Vijaya Bank Meerut-250103, Uttar Pradesh, India, with an installed fabrication capacity of 16,000 tonnes.

The manufacturing activities of the company primarily comprise fabrication of structural steel and associated fabricated components, including H-beams, structural columns and pillars, roof and shed structures, railway and bridge-related fabricated structures, foot-over-bridge (FOB) structures,

miscellaneous structural steel components, C & Z purlins, profiled/sheeting components, gutters and other customized steel fabrications.

Its projects span railway, metro, road and highway and other infrastructure applications as well as industrial and other structural requirements, with the scope, execution methodology and contractual responsibilities varying based on the requirements of the respective project.

It evaluates tender opportunities based on the applicable eligibility criteria, technical specifications, scope of work, project value, contractual terms and execution requirements. Upon meeting the prescribed qualification criteria, it submits technical and commercial bids in accordance with the tender requirements.

In addition to project execution, it is engaged in fabrication of structural steel products and other engineered products, including steel structures, pre-engineered buildings (PEBs) (customized to meet specific requirements and constructions applications), and pressure vessels.

The company’s order book represents the aggregate estimated contract value of unexecuted work under projects awarded to it and pending completion as of the date. Its order book as of March 31, 2026, was INR 32,032.52 lakh or Rs 320.3 crore.

The company proposes to establish a new manufacturing facility for pre-engineered buildings manufacturing plant at Khasra No. 231, 251 and 252, Village Kunda Pargana, Tehsil & District Meerut admeasuring approximately 11,283 square meters to be funded from the net proceeds of the issue.

The estimated cost of the project is INR 5,862.24 lakh or Rs 58.6 crore.

The proposed facility is expected to add approximately 36,000 tonnes manufacturing capacity, which, together with the existing facility, is expected to take its aggregate installed capacity to approximately 52,000 tonnes.

Its revenue from operations was Rs 186.27 crore during FY26 as compared to Rs 82.59 crore during FY24.

Its net profit was Rs 25.6 crore during FY26 as compared to Rs 6.14 crore during FY24. 

Corporate Professionals Capital Private Limited is the book-running lead managers, and Bigshare Services Private Limited is the registrar of the issue.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.

Above views are of the author and not of the website kindly read disclaimer