PS Raj Steels shares make tepid stock market debut, list at ₹145, a 3.57% premium
PS Raj Steels, a leading manufacturer of stainless-steel products, had its IPO debut on February 19 at ₹145. The offering was oversubscribed 9.82 times.
PS Raj Steels Infotech IPO Listing: PS Raj Steels witnessed a tepid market entry on Wednesday, February 19, with its shares debuting at ₹145 each on the NSE Emerge platform, recording a premium of 3.57% over the issue price of ₹140.
However, the stock recovered after the muted listing, rising to ₹147.90 apiece, marking a 5.7% increase from the IPO price. The SME IPO, amounting to ₹28.28 crore, was open for subscription from February 12 to February 14, 2025, at a fixed price of ₹140 per share.
The issue is entirely a fresh offering of 20.20 lakh shares and garnered an overall subscription of 9.82 times. Non-institutional investors showed significant interest, subscribing to their segment 21.39 times, while the retail investors' portion was booked 10.04 times. The Qualified Institutional Buyers (QIBs) section saw a subscription of 1.21 times, according to data available on Chittorgarh.
About PS Raj Steels
PS Raj Steels is one of India's growing and leading manufacturers and suppliers of stainless-steel pipes and tubes. Its diverse product portfolio includes Outer Diameter (OD) pipes ranging from ½ inch to 18 inches, Nominal Bore (NB) pipes from 3/8 inch to 18 inches, as well as section pipes in square, rectangular, and oval shapes, and slotted pipes.
In addition to its core manufacturing operations, the company is also engaged in trading stainless-steel coils, strips, sheets, plates, and bars. As of March 31, 2024, approximately 29.81% of its revenue came from trading these products, while as of September 30, 2024, the share stood at 25.42%.
Its products cater to a broad spectrum of industries and applications, including railways, furniture, household items, gate railings, door frames, rice plants, sugar mills, food processing, and heat exchangers, among others, as per the company's DRHP report.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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