PS Raj Steels IPO Day 2: Latest GMP, Subscription Status And Other Key Details

The initial public offering of PS Raj Steels IPO has been subscribed over five times so far on day two of bidding on Thursday. The SME IPO opened for subscription on Feb. 12 and was booked 1.98 times, led by demand from Non-institutional investors.

The steel pipe and tube manufacturer aims to raise Rs 28.28 crore through the IPO. Here's what investors must know about the offer size, price band and other key details of the NSE SME IPO.

PS Raj Steels IPO has been subscribed 5.45 times as of 5:15 p.m. on Thursday.

• Qualified Institutional Buyers: 0.79 times

• Non-institutional investors: 12.24 times

• Retail Investors: 5.33 times

*The subscription status will be updated at regular intervals

The grey market premium on the PS Raj Steels IPO suggested a possible flat listing for the shares of the company. According to InvestorGain, the PS Raj Steels IPO GMP stood at Rs 0 at 4:33 p.m. on Feb. 13.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

• Bidding dates: Feb. 12 to Feb. 14

• Price range: Rs 132 to Rs 140

• Minimum investment: Rs 1,32,000

• IPO size: Rs 28.28 crore

• Allotment date: Feb. 17

• Listing date: Feb. 19

• Registrar: Bigshare Services Pvt Ltd.

The company intends to allocate Rs 23.5 crore from the IPO proceeds for working capital requirements, including margin money, with the remaining funds to be used for issue-related expenses.

Promoted by Raj Kumar Gupta, Deepak Kumar, Vishal Gupta, and Gaurav Gupta, PSSR offers a wide range of stainless-steel pipes and tubes in approximately 250 sizes. The Haryana-based company serves industries such as railways, furniture, and other industrial applications.

It sources raw materials from Jindal Stainless Ltd., one of India’s largest stainless-steel producers. PSSR operates a manufacturing unit with a production capacity of 13,460 metric tonnes per year.

For the fiscal year 2024, P S Raj Steels reported a revenue of Rs 297.74 crore and a net profit of Rs 6.36 crore.

Khambatta Securities Ltd is the sole book-running lead manager for the IPO.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.

(With PTI inputs)