PS Raj Steels IPO to debut on NSE SME platform. Check GMP

PS Raj Steel shares are set to debut on the NSE SME platform today, Wednesday, February 19. Ahead of the listing, the company's shares are reflecting no Grey Market Premium (GMP), indicating a 0% listing gain over their IPO price.

Thus, the GMP indicates a flat demand among the market participants as the premium in the grey markets.

PS Raj Steels IPO was priced in the range of Rs 132-140 apiece, where investors had to make a bid for at least 1,000 shares in one lot and in multiples of 1,000 thereafter.


However, it is important to recognize that the GMP is merely an indicator of how a company’s shares are performing in the unlisted market and can fluctuate rapidly.

GMP serves as a gauge of investor demand, with a higher premium indicating strong interest in the IPO, while a lower or negative premium reflects weaker demand.

The IPO of PS Raj Steels received a strong response from investors, with an overall subscription of 9.89 times at the close of the bidding process.

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 exchangers etc.

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

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