Surani Steel Tubes Ltd

About the Company:

Surani Steel Tubes Ltd is engaged in the business of manufacturing and supplying best ERW (Electric Resistance Welding) pipes and Steel Tubes.

Company has a manufacturing plant at Dahegam, Gandhinagar, Gujarat spread across 8300 square meters of land having installed capacity of 25,000 MT Per Annum.

Company has over 300 dealers located across Gujarat to market and Sell the products in Gujarat. Company also generates revenue from Scraps.

Company is an ISO 9001:2015 certified Company for manufacturing and Supply of ERW Pipes


Company’s Products:

  • Square & Rectangle Hollow Section.
  • Round Pipes & Tubes.
  • MS Slit Coils & Strips.
  • Hot Roll Coils.


Surani Steel Tubes is a Venture of Vinayak Group:

The VINAYAK group is engaged in various business activities like Cold Storage, manufacturing of Ceramic, building construction materials, Dyes and intermediate in Gujarat.

The group is one of the largest manufacturers and suppliers of TMT & Structural steel in Gujarat.


Images of Company’s Products for better Understanding:


Geography wise Revenue Breakup in FY 18. (in Lakhs) 


Installed Capacity & Capacity Utilization: 

*Company is planning to start new manufacturing unit having an installed capacity of 43,000 MT p.a.


Management Team:

  1. Mr. Mukesh Patel (Designation: Joint Managing Director)
  2. Mr. Dinesh Patel (Designation: Joint Managing Director)
  3. Mr. Karshan Patel (Designation: Non Executive Director)


Financials of the Company:

(in Crores) FY 14 FY 15 FY 16 FY 17 FY 18 31st July 18
Revenue 35.99 58.14 68.45 76.70 100.79 36.13
Net Profit (-0.02) 0.16 1.09 0.99 1.72 0.40


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Surani Steel Tubes Ltd 10 3.44 15.11 16.56% 17.95
Rama Steel Tubes Ltd 5 6.34 14.71 14.25% 44.26
Hi- Tech Pipes Ltd 10 12.88 14.29 13.82% 100.34
APL Apollo Tubes Ltd 5 46.76 25.38 12.44% 381.62


IPO Details:

Details Info
Issue Opens on 25th January 2019
Issue Closes on:. 29th January 2019
Issue Price Rs. 51 – 52
Face Value Rs.10
Minimum Lot 2000 Shares
Minimum Investment Rs.1,04,000
Issue Constitutes 29.99%
Issue Size Rs.12.91 cr
Market Cap Rs. 43.07 cr
Listing at NSE SME
Equity Shares Offered 24,84,000
Equity Shares Prior to the Issue 58,00,000
Equity Shares after the Issue 82,84,000


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
3.44 15.11 16.56% 17.95


Check IPO Allotment Status:

Link InTime Website (Click on the below Link)


IPO Registrar Info:
C-101, 247 Park, L.BS. Marg, Vikhroli (West),
Mumbai 400083, Maharashtra, India
Tel: +91 22 49186200;


Lead Manager to the Issue:
406-408, Keshava Premises, Behind Family Court,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India
Tel: +91 22 6194 6700;