PS Raj Steels IPO subscribed over 6 times so far on Day 3: Check GMP, price band and other details

The SME initial public offering (IPO) of PS Raj Steels, which opened for public bidding on February 12, was fully subscribed on Friday with an overall subscription of 6.2 times as of 10:50 am on the final day of bidding. The company aims to raise Rs 28.28 crore through a fresh issue of 20.20 lakh shares, with the issue closing on February 14.

The retail portion of the issue was subscribed 6.2 times, while the issue was subscribed 13.75 times in the non-institutional investors category on the final day of bidding. Meanwhile, the qualified institutional buyers had subscribed to 79% of the allotted portion.

PS Raj Steels IPO’s GMP on Day 3

Ahead of listing, the company's shares had no GMP in the unlisted market on Friday.

PS Raj Steels IPO price band

PS Raj Steels has fixed a price band of Rs 132-140 per share. Investors can bid for 1,000 shares in one lot and in multiples thereafter.

Proceeds from IPO

The company has proposed to use the net proceeds from the IPO to meet working capital requirements and for other general corporate purposes.

PS Raj Steels IPO allotment and listing date

The share allotment for the IPO will be finalised on February 17 and the listing of the shares is scheduled on February 19, with the shares set to list on the NSE SME platform.

About PS Raj Steels IPO

The company is a manufacturer and supplier of stainless-steel pipes and tubes in India. Its product mainly includes outer diameter (OD) pipes, nominal bore (NB) pipes, section pipes and slotted pipes with an extensive array of over 250 standard sizes.

In addition to its core manufacturing operations, as of September 2024, about 25.42% of the company's revenue comes from trading in stainless-steel coils and strips, sheets and plates, and bars.

It serves a wide range of sectors including railways, furniture, households, gate railing, door frames, rice plants, sugar mills, food processing and heat exchanger etc.

Some of the items produced by these manufacturers include trolleys for airports made of SS pipes, and pipes used in plant and machinery for sugar, rice, and food processing industries. Moreover, the SS pipes are also supplied to manufacturers of heat exchangers and boilers.

Khambatta Securities is the book-running lead manager of the IPO, while Bigshare Services is the registrar.

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