Avtar Steel files IPO papers with SEBI for ₹585 crore

A company called Avtar Steel makes long products and wires out of stainless steel.

The company wants to grow bigger, and to get money for that it plans to ask people to buy small pieces of the company, called an IPO.

Avtar Steel has told SEBI, the body that keeps an eye on stock markets in India, that it wants to raise ₹585 crore.

The money will be used to build a new division that makes special steel, like alloy steel, carbon steel and valve steel.

It will also help the company make more stainless-steel wire at its existing factory.

Some of the money will be used to pay off debts and for other company needs.

Avtar Steel's products are used in cars, planes, ships, buildings and many other things.

The company has been making stainless steel for more than 30 years and sells to customers around the world.

In the last year, it served 422 customers, many of whom came back to buy again.