A Milestone Moment in Our Private Equity Journey

A Milestone Moment in Our Private Equity Journey

When we embarked on our private equity journey six years ago, we set out with a clear endeavor: to back visionary entrepreneurs by providing growth capital at critical inflection points, enabling them to accelerate their earnings trajectory and unlock their true potential. We observed that many promising companies often lacked access to proper guidance, resources, or struggled to attract growth capital, either because their industries were at a nascent stage or their balance sheets were temporarily stressed despite strong underlying business models. When such companies, often overlooked, get capital at the right time, the potential to create wealth is huge as the business growth trajectory changes significantly.

At Niveshaay, we believe in backing entrepreneurs who dare to think differently and execute with discipline. Our approach to private markets goes far beyond providing capital — we aim to become true partners to founders, supporting them with strategic guidance, deep sectoral insights, and access to a robust entrepreneurial network. This empowers them to scale sustainably and build category-defining businesses that stand the test of time. Sambhv’s successful listing is a great example of what’s possible when bold leadership is paired with the right capital at the right time.

Initially, we had reservations about investing in a pure-play steel-pipe company in the private space. When we first met the Goyal family in early 2023, Sambhv was known for its sponge-iron turnaround and promising ERW volumes. To understand the business in detail, we did extensive scuttlebutt research, talked to a lot of distributors across the country for feedback.

What excited us to invest is their efficient execution in the steel industry spanning over decades, their adoption of differentiated technology to manufacture pipes at lower cost, quality at par with the dominant player and positive distributor feedback in a distributor led growth industry. Those granular, ground-level insights envisioned Sambhv as a brand in the making – particularly as the infrastructure sector was poised for robust growth. The overwhelming response we received against the bid size proves that thoughtful positioning can unlock demand even in capital-intensive sectors.

Journey to Public Market: Our Contribution Beyond Capital

We were committed to giving our absolute best throughout the entire process and thoroughly enjoyed this learning journey. We introduced Sambhv to bankers, negotiated competitive fee structures, and navigated the complexities of an OFS versus fresh-issue split. On the legal front, we helped with expert counsel, simplified the SEBI timelines for the founders, and gave them a bird’s-eye view of the whole process. For us, it isn’t just about capital, it’s about aligning incentives, clearing procedural bottlenecks, and ensuring everyone from promoter to banker moves in lockstep.

We also connected the company with numerous institutional and leading investors from the broader investing community. Also made direct connections with potential customers and vendors from our entrepreneurial network, creating valuable synergies for further growth. Likewise, for other portfolio companies, we have at times provided product feedback gathered from our extensive investor database, and on other occasions, facilitated connections of bankers to secure well-structured credit on favorable terms, unlock cost synergies in business operations, etc. Overall, we aimed to create a seamless journey for the company while gaining a deep understanding of the entire process and its finer nuances.

Surat isn’t traditionally known as a hotspot for IPO roadshows, but for this remarkable milestone, we insisted on a roadshow in Surat and invited the promoters to talk about their journey to the most enterprising city.

One of the most memorable experiences for our entire team was witnessing the bellringing ceremony as the company made its debut on the capital markets on 2nd July 2025. The insights and experience from the very first infusion of growth capital to ringing the bell on Dalal Street for Sambhv continue to shape every private deal we undertake. Similar investment stories include Kimbal Technologies, Sri Chakra Polyplast, and Waaree Energies — each reflecting our commitment to identifying promising founders early and empowering them to build long-term value.

Speaking on this support, Vikas Goyal, MD & CEO of Sambhv Steel Tubes Ltd., said:

“Niveshaay has been more than just an investor — they’ve been a true strategic partner in our growth. Their data-driven insights and on-ground research gave us clarity not just about our business, but the entire industry landscape. From early IPO planning and capital mobilization to stakeholder connections and customer introductions, they’ve supported us at every step. With a long-term mindset and unwavering integrity, they’ve consistently acted like an extension of our team. We deeply value this partnership and look forward to scaling new heights together.”

At Niveshaay, every private-deal partnership helps refine our investment approach. We aim to be more than capital providers—we seek to be true strategic partners. Our collaboration with Sambhv Steel Tubes highlights this ethos, demonstrating that specialist research and deal navigation can turn a differentiated steel-pipe business into a benchmark listing. The insights gained have strengthened our research for listed companies as well and empowered us to back our heroes (entrepreneurs) through our AIFs. We look forward to many more such stories where deep industry expertise and hands-on support create value for both entrepreneurs and investors.

Making things‘Sambhav’ — The Hedgehogs Way at Niveshaay.