P S Raj Steels plans to raise capital through IPO to fund growth plans

Stainless-steel pipes and tubes manufacturers and suppliers P S Raj Steels Ltd (PSSR) on Tuesday said it planning to raise funds through an initial public offering (IPO) very soon to fund its growth plans.

"Looking to expand its business beyond the existing markets in India, the Hisar-headquartered company has set its sights on an IPO," PSSR said in a statement.

The company also announced plans to achieve Rs 500 crore in revenue by FY27.

The company has appointed Khambatta Securities Ltd as the book running lead manager to the offer.

The company operates a manufacturing plant with an installation capacity of 13,460 metric tonnes per annum, which is spread over an area of three acres in Hisar, Haryana.

It supplies finished goods under the brand name 'PSSR' in 19 states across India, including Uttar Pradesh, Haryana, Punjab, Madhya Pradesh, Delhi, and Rajasthan.

"In pursuit of expanding our business across India and strengthening it in the existing markets, we are planning to raise funds through an IPO very soon. These expansion plans will enable us to achieve a revenue of Rs 500 crore by FY27," P S Raj Steels Ltd Managing Director Deepak Kumar said.