Chandan Steel gets regulatory nod for IPO

Chandan Steel has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO). The stainless steel manufacturer received the regulator's observations on July 2 after confidentially filing its draft offer documents in April.Founded in 1989, Chandan Steel manufactures high-grade stainless steel and nickel alloy products, catering to industries such as engineering, infrastructure, and industrial manufacturing. The company chose a confidential pre-filing route, allowing it to keep commercially sensitive details private during the review process while preparing for its IPO.