 "PS Raj Steels sets price band at Rs 132-140 for IPO to open on Feb 12")
P S Raj Steels on Thursday said it has fixed a price band of Rs 132-140 per share for its initial public offering (IPO) which will hit the capital markets on February 12.
The Rs 28-crore public issue will conclude on February 14. The shares of the company will be listed on the NSE's SME platform Emerge, the steel maker said in a statement.
The IPO is entirely a fresh issue of up to 20.20 lakh equity shares with a face value of Rs 10 each. At the upper end of the price band, the company will mobilise about Rs 28.28 crore from the public issue. Investors can bid for a minimum of 1,000 shares and in multiples thereof, it added.
According to the red herring prospectus (RHP), PSSR intends to utilise Rs 26.50 crore of the total IPO proceeds towards working capital requirements and the remaining funds will be used for issue-related expenses.
Hisar-headquartered P S Raj Steels Ltd (PSSR) is one of the leading manufacturers and suppliers of stainless-steel pipes and tubes in India, offering a wide range of products, including outer diameter pipes, nominal bore pipes, section pipes and slotted pipes.
Raj Kumar Gupta, Deepak Kumar, Vishal Gupta, Gaurav Gupta, and Nikita Gupta are the promoters of the company.
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On financial front, the company posted revenues of Rs 139.11 crore with a profit after tax (PAT) of Rs 3.86 crore in the first half of the current fiscal year, compared to Rs 297.74 crore and a PAT of Rs 6.36 crore in FY24.
Khambatta Securities is the sole book-running lead manager while Bigshare Services is the registrar for the IPO.
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