ElectroSteel Integrated an arm of Electrosteel Group has filed a draft red herring prospectus for a 368772000 shares IPO. There will also be a green shoe option of up to 55315,800 equity shares.

The issue will constitute 18.13% of the fully diluted post issue paid-up capital of the company assuming that the green shoe option is not exercised and 20.29% of the fully diluted post issue paid up capital assuming that the green shoe option is exercised in full.

ElectroSteel Integrated is promoted by ElectroSteel Casting to setup a 2.2 million tonne per annum integrated steel and ductile iron spun pipes project in Jharkhand. The company intends to use issue proceeds for this project as well as for margin money towards bank guarantees.

The company has acquired approximately 1,723.44 acres of land for the proposed plant, taking into account the scope for future expansion.

The book running lead managers to the issue are Edelweiss Capital Limited, Enam Securities Private Limited and SBI Capital Markets Limited. Karvy Computershare Private Limited is the registrar.