New Delhi-based Hi-Tech Flow has filed draft papers for a Rs 300 crore IPO. The company plans to use the proceeds to expand its Nagpur manufacturing facility and repay nearly all of its Rs 92 crore debt. The offer also includes an offer-for-sale by promoters and a full exit by The Wealth Company.
Hi-Tech Flow, a manufacturer of HSAW pipes, has initiated the process for an initial public offering (IPO) by filing preliminary papers with the market regulator, SEBI. The company is looking to raise Rs 300 crore through a fresh issue of shares, which will be accompanied by an offer-for-sale (OFS) component.
The primary focus of this fundraise is to scale up production and improve the company's balance sheet health. Hi-Tech Flow intends to deploy Rs 125.9 crore of the proceeds to build a new manufacturing unit at its existing site in Nagpur, Maharashtra. This unit is designed to produce API-grade HSAW pipes and will feature a 3LPE coating plant, helping the company move toward higher-value product offerings.
Another significant objective is debt reduction. As of August 24, 2026, the company reported a total debt of Rs 92 crore. The management has proposed using Rs 90 crore from the IPO proceeds to settle these liabilities, which would leave the firm with a minimal debt profile moving forward. This is often viewed positively by investors as it reduces interest costs and improves cash flow.
Currently, the company operates two plants in Sanand, Gujarat, and Nagpur, with a combined annual capacity of 1.6 lakh metric tonnes. The planned expansion is expected to increase the total installed capacity at the Nagpur site to 2.7 lakh metric tonnes by June 2027. Financially, the company reported strong growth in the fiscal year ending March 2026, with revenue climbing 40 percent to Rs 417.2 crore and net profit increasing by 50.2 percent to Rs 36.4 crore.
The IPO structure includes an offer-for-sale of Rs 100 crore by promoters Ajay Kumar Bansal and Vipul Bansal. Furthermore, The Wealth Company Asset Management, through its India Inflection Opportunity Fund, is slated to exit its 14.67 percent stake entirely. The company is also considering a pre-IPO placement of up to Rs 60 crore, which could reduce the final size of the fresh issue. InCred Capital Financial Services and Pantomath Capital Advisors have been appointed to manage the issuance.
Hi-Tech Flow operates in a competitive segment, with established players like Ratnamani Metals & Tubes, Welspun Corp, Man Industries, and Jindal Saw. For investors, the key monitorables will be the company’s ability to maintain its profit margins while executing the expansion project, as well as the timeline for the regulatory approval and final pricing of the issue.