NSE SME P S Raj Steels gains on debut

Shares of P S Raj Steels were trading at Rs 145 on the NSE, a premium of 3.57% compared with the issue price of Rs 140.

The scrip was listed at 145, a premium of 3.57% over the initial public offer (IPO) price. The stock was currently flat compared to its listing price.

The counter hit a high of Rs 147.90 and a low of Rs 145. About 6.47 lakh shares of the company changed hands at the counter.

P S Raj Steels' IPO was subscribed 9.20 times. The issue opened for bidding on 12 February 2025, and it closed on 14 February 2025. The price band of the IPO was set at Rs 132 to 140 per share.

The IPO comprised a fresh issue of 14,51,000 shares. The company intends to utilize the net proceeds to meet working capital requirements.

Ahead of the IPO, P S Raj Steels on 11 February 2025, raised Rs 7.96 crore from anchor investors. The board allotted 5.69 lakh shares at Rs 140 per share to 5 anchor investor.

P S Raj Steels manufactures & supply of stainless-steel pipes & tubes in India. It offers outer diameter (OD) pipes, nominal bore (NB) pipes, section pipes (square, rectangular and oval shapes), slotted pipes. The companys products serve a wide range of sectors for fabrication and industrial applications. Key sectors include railways, furniture, households, gate railing, door frames, rice plants, sugar mills, food processing and heat exchanger etc. As of 31st January 2025, the company has total of 114 permanent employees.

The company recorded revenue from operations of Rs 139.11 crore and net profit of Rs 3.86 crore for the period as on 30th September 2024.

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