Gujarat Victory Forgings Files IPO Papers with SEBI to Fund Expansion and Cut Debt

Gujarat Victory Forgings Ltd has submitted its draft papers to the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

According to the draft red herring prospectus (DRHP), the IPO will include a fresh issue of up to 65 lakh equity shares along with an offer for sale (OFS) of up to 1.32 crore shares by promoter Vijendrakumar Bishamber Gupta.

The Vadodara-based company plans to utilize the funds raised primarily for expanding its existing Unit III facility, which focuses on increasing production capacity for copper cathodes. The proceeds will also be used to reduce outstanding debt and support general corporate purposes.

Gujarat Victory Forgings operates in the non-ferrous metals segment, manufacturing products through recycling and processing of metal scrap. Its product portfolio includes copper cathodes, rods, tubes, busbars, brass tubes, and copper-based alloys, catering to industries such as power infrastructure, automotive, construction, and renewable energy.

The IPO will be managed by Monarch Networth Capital and Nirbhay Capital Services, acting as the book-running lead managers for the issue.