Synergy Advanced Metals, a New Delhi‑based stainless steel solutions provider, has secured approval from the Securities and Exchange Board of India (SEBI) to move forward with its initial public offering (IPO).
The company filed its draft offer document through the confidential route in March‑April 2026, keeping the IPO size undisclosed to the public.
SEBI sent its observations on August 13, and the company now has an 18‑month window to launch the IPO under the confidential filing regime.
After addressing SEBI’s comments and those of the stock exchanges, Synergy will file an updated Draft Red Herring Prospectus (DRHP) for public commentary.
Once public comments are incorporated, the firm will submit a final Red Herring Prospectus (RHP) or an Updated Draft Red Herring Prospectus (UDRHP) along with the IPO opening dates.
The company plans to list its shares on the mainboard of both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Synergy Advanced Metals manufactures a range of stainless steel products, including wire rods, wire, billets, bright bars, hot‑rolled flats and fasteners, all produced from scrap at its Alwar, Rajasthan facility.
Its products are used by sectors such as aerospace, medical devices, renewable energy, and precision engineering.
Ambit has been appointed as the book‑running lead manager for the IPO, while details of other merchant bankers remain undisclosed due to the confidential filing.
In total, 37 companies have draft papers under SEBI review, among them Paras Healthcare, Ratnadeep Retail, Renfra Energy India, Carlsberg India, Swara Baby Products, Emerald Jewels, IFL Finance, Veritas Finance, Encube Ethicals, Assetz and Muthoot Fincorp.
SEBI has requested clarifications from merchant bankers on 21 other companies, including Sterlite Electric, Sadbhav Futuretech, Arohan Financial Services, Razorpay Software, National Stock Exchange, Innoterra, TMC Transformer India, Yogiji Digi, MakeMyTrip India, Indian Gas Exchange and Beauty Garage.
Three companies—Jainam Broking, Punjab Carbonics and Matangi Rubber—are awaiting in‑principle approvals from the stock exchanges.