Avtar Steel Ltd, a manufacturer of stainless-steel long and wire products, has filed preliminary papers with markets regulator Sebi to raise Rs 585 crore through an initial public offering (IPO).

Along with the fresh issue, the IPO would comprise an offer for sale (OFS) of 50 lakh shares by promoter Sumit Jindal, according to the draft red herring prospectus (DRHP) filed on Friday.