Hi-Tech Flow Solutions Ltd has taken a major step towards a public listing. The New Delhi-based company has filed its Draft Red Herring Prospectus, or DRHP, with the Securities and Exchange Board of India (SEBI) for an initial public offering. The company plans to raise up to ₹300 crore through a fresh issue of shares. The proposed IPO will also have an offer for sale, or OFS, from its promoters and an existing investor. The details came out on September 18, 2026.
The company works in the pipe and infrastructure space. It makes and supplies Helical Submerged Arc Welded, or HSAW, pipes. These pipes have use in large pipeline and infrastructure projects. Hi-Tech Flow Solutions has a presence across 17 states and two Union territories in India. Its production facilities are at Sanand in Gujarat and Nagpur in Maharashtra.
IPO to Have Fresh Issue and OFS
The proposed IPO has two main parts. The first part is a fresh issue of shares worth up to ₹300 crore. Money from this portion will go to the company and will help it meet its planned business needs.
The second part is an offer for sale. Under an OFS, existing shareholders sell their shares to public investors. The money from those shares goes to the selling shareholders and not to the company.
Promoters Ajay Kumar Bansal and Vipul Kumar Bansal will sell part of their holdings through the OFS. Ajay Kumar Bansal plans to offer shares worth up to ₹75 crore, while Vipul Kumar Bansal plans to offer shares worth up to ₹25 crore.
The Wealth Company Alternates Trust – India Inflection Opportunity Fund will also sell its stake. The fund plans to sell all 2.02 crore equity shares it holds. These shares represent 14.67 percent of Hi-Tech Flow Solutions’ pre-offer paid-up equity. The Wealth Company Asset Management is the only public shareholder in the company, while the promoters hold the remaining 85.33 percent stake.
Company May Raise ₹60 Crore Before IPO
Hi-Tech Flow Solutions may also raise money before the IPO through a pre-IPO placement. The company can consider a pre-IPO placement of up to ₹60 crore.
If the company completes this placement, the fresh issue size in the IPO will fall by the amount raised through that route. This means the final size of the fresh issue could be lower than the proposed ₹300 crore.
The company has not yet announced the IPO price band. The price band and other final details will come after the required regulatory process and further filings.
Where the IPO Money Will Go
A major part of the fresh issue money will support capacity expansion. Hi-Tech Flow Solutions plans to use around ₹126 crore to set up an API-grade HSAW pipe manufacturing unit.
The new facility will also have a three-layer polyethylene, or 3LPE, coating unit. The company plans to build this facility within its existing Nagpur manufacturing complex.
Another ₹90 crore from the fresh issue will go towards repayment or pre-payment of certain borrowings. The company will use the remaining amount for general corporate purposes.
This use of funds shows that the IPO is not only a route for existing shareholders to sell their shares. A large part of the proposed fresh capital will remain with the company and support its expansion and balance sheet needs.
Business Focus on HSAW Pipes
Hi-Tech Flow Solutions was incorporated in 1993. Its main business is the manufacture and supply of HSAW pipes. These pipes have several uses across infrastructure and pipeline projects.
The company mainly follows a business-to-business model. Its customers include private engineering, procurement and construction, or EPC, contractors. These contractors work on large pipeline and infrastructure projects.
The company’s pipes have use in areas such as large-diameter water transmission, bulk water supply systems, irrigation networks, inter-basin river-link pipelines, municipal water distribution, dam-based irrigation, sewerage and urban infrastructure projects.
The company is also expanding its product range for HSAW pipes used in the oil and gas sector.
Manufacturing Capacity Across Two States
Hi-Tech Flow Solutions has manufacturing facilities at Sanand, Gujarat, and Nagpur, Maharashtra. Its total installed capacity stands at 160,000 metric tonnes per annum.
The Sanand facility has a capacity of 40,000 MTPA, while the Nagpur facility has a capacity of 120,000 MTPA.
The company has supplied about 154,000 metric tonnes of HSAW pipes over the last three financial years. Its products reach customers across 17 states and two Union territories.
The planned Nagpur expansion will add to this manufacturing base. The new API-grade HSAW pipe unit and 3LPE coating facility are part of the company’s plan to expand its production and product capabilities.
Financial Performance in FY26
The company reported revenue from operations of ₹417 crore in FY26. Its net profit stood at ₹36.4 crore during the same financial year.
Data from the company’s DRHP shows that revenue rose from ₹229.03 crore in FY24 to ₹298.28 crore in FY25 and ₹417.17 crore in FY26. Profit after tax also rose from ₹18.32 crore in FY24 to ₹24.26 crore in FY25 and ₹36.42 crore in FY26.
The company also reported EBITDA of ₹52.97 crore in FY26, compared with ₹35.36 crore in FY25 and ₹28.04 crore in FY24. Its net worth stood at ₹131.21 crore in FY26, compared with ₹94.72 crore in FY25.
At the same time, total debt rose from ₹1.53 crore in FY24 to ₹9.32 crore in FY25 and ₹48.11 crore in FY26. The proposed use of ₹90 crore from the IPO for debt repayment or pre-payment is therefore an important part of the company’s capital plan.
IPO Process Still at an Early Stage
The filing of the DRHP is an early stage in the IPO process. The company must go through the required regulatory review before it can proceed with the public issue.
The final IPO structure, price band, issue dates and other details will come later. Investors will also get more information through later documents before the issue opens.
At this stage, the key details are clear: Hi-Tech Flow Solutions proposes a fresh issue of up to ₹300 crore, an OFS from promoters and The Wealth Company Alternates Trust – India Inflection Opportunity Fund, and a possible pre-IPO placement of up to ₹60 crore.
Lead Managers and Registrar
InCred Capital Financial Services and Pantomath Capital Advisors have been appointed as the book-running lead managers for the proposed IPO. MUFG Intime India has been appointed as the registrar to the issue.
The appointment of these intermediaries is part of the normal IPO process. The lead managers will handle key parts of the public issue, while the registrar will manage areas such as investor applications and allotment-related work.
What the Filing Means
Hi-Tech Flow Solutions’ IPO plan marks its move towards the public markets. The company wants fresh capital for a new HSAW pipe unit and a 3LPE coating facility, while also seeking to reduce part of its debt.
The proposed ₹300 crore fresh issue is the central part of the plan. Along with it, the OFS will allow the promoters and The Wealth Company Alternates Trust to sell part of their holdings.
For now, the company has only filed its draft papers. The next key details for investors will be the regulatory approval, final IPO structure, price band and issue dates. Until those details are available, the September 18 filing gives the clearest view of the company’s proposed public-market plan.
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