PS Raj Steels IPO listed at ₹145 on the NSE Emerge platform, a 3.57% premium over the issue price of ₹140. Soon after listing, the stock gained another 2%, reaching a high of ₹147.90.
The PS Raj Steels IPO saw strong demand, subscribed 9.82 times overall. Retail investors oversubscribed 10.04x, NIIs 21.39x, and QIBs 1.21x. A total of 1,32,56,000 shares were bid for against 13,50,000 offered, raising ₹185.58 crore from 7,013 applications.
PS Raj Steels IPO, listed on February 19, 2025, opened at ₹145, a 3.57% premium over its issue price of ₹140. The last GMP was ₹3, indicating an expected gain of 2.14%, but the actual listing surpassed this projection, delivering a slightly higher return to investors.
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Details About PS Raj Steels IPO
PS Raj Steels secured SEBI approval for its ₹28.28 crore IPO, comprising a fresh issue with a face value of ₹10 per share. The price band was set between ₹132 and ₹140 per share.
Retail investors could apply for a minimum and maximum of 1,000 shares per lot, requiring an investment of ₹1,40,000. For S-HNI investors, the minimum investment was ₹2,80,000 for two lots (2,000 shares), offering a structured investment opportunity across categories.
PS Raj Steels IPO Funds Deployment:
- Funds will be allocated to meet the company’s working capital requirements.
- Supports business expansion and operational growth.
- Enhances financial stability for future projects.
- Strengthens supply chain and production capacity.
PS Raj Steels IPO Financial Performance
As of September 30, 2024, PS Raj Steels reported total assets of ₹55.36 crore and revenue of ₹139.12 crore. Profit after tax stood at ₹3.87 crore, with a net worth of ₹34.43 crore. The company maintained strong reserves of ₹28.91 crore, while total borrowings were ₹17.25 crore.
About Company
Established in November 2004, PS Raj Steels Limited is a prominent Indian manufacturer and supplier of stainless steel pipes and tubes. The company specializes in a wide range of products, including OD pipes, NB pipes, slotted pipes, and section pipes in various shapes, catering to industries such as railways, furniture, infrastructure, food processing, and heat exchangers.
Operating from a state-of-the-art facility in Hisar, Haryana, spanning three acres, PS Raj Steels has an annual production capacity of 13,460 metric tons. With a robust distribution network across 18 states, the company collaborates with OEMs and works through 77 dealers to ensure seamless product availability. Offering over 250 standard sizes with customized solutions, the company is known for precision engineering and timely deliveries. Backed by experienced leadership and a skilled workforce of 114 employees, PS Raj Steels continues to expand its footprint in the stainless steel sector.