Final Day — PS Raj Steels IPO: GMP, Day 3 Subscription Status, Allotment Date And More
The SME IPO has been booked over 9 times so far on its final day. The latest grey market premium of PS Raj Steels IPO indicated a possible flat listing when the shares debut on NSE next week.
The initial public offering of PS Raj Steels IPO that opened for bidding on Wednesday will conclude its three-day subscription status on Friday, February 14. The SME IPO was subscribed over five times on day two of bidding on Thursday. The public issue was fully subscribed on Day 1, led by demand from Non-institutional investors.
The steel pipe and tube manufacturer aims to raise Rs 28.28 crore through the IPO. 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.
Here's what investors must know about the grey market premium, subscription status, offer size, price band and other key details of the PS Raj Steels IPO.
PS Raj Steels IPO: Key Details
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.
As per the company's RHP, of the 20,20,000 shareson offer - 3,80,000 (18.81%) is reserved for qualified institutions, 2,85,000 (14.11%) is reserved for non-institutional investors, 6,65,000 (32.92%) for retail investors and 5,69,000 (28.17%) for Anchor investors.
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. Khambatta Securities Ltd is the sole book-running lead manager for the IPO. Bigshare Services Pvt Ltd is the registrar for the issue and Nikunj Stock Brokers Limited is the market maker for PS Raj Steels IPO.
PS Raj Steels IPO Day 3 Subscription Status
PS Raj Steels IPO has been subscribed 9.74 times as of 4:29 p.m. on Friday.
Qualified Institutional Buyers: 1.21 times
Non-institutional investors: 21.39 times
Retail Investors: 9.87 times
*The subscription status will be updated at regular intervals
PS Raj Steels IPO GMP Today
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 2:59 p.m. on Feb. 14.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Use of IPO Proceeds
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.
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.
