IPO
PS Raj Steels' Rs.28-Cr SME IPO subscribed 9.82 times
Hisar, Haryana-based stainless-steel products maker PS Raj Steels' SMI IPO garnered 9.82 times subscription. The subscription from non-institutional investors stood at 21.39 times while the retail investors subscribed 10.03 times. Qualified Institutional Buyers (QIBs) subscribed 1.21 times of the allotted portion.The company's INR 28.28 crore IPO consists of a fresh issue of 20.20 lakh shares. The issue had a price band of INR 132-140 per share sale. Out of the proceeds, the company would use INR 23.5 crore to meet working capital needs.Founded in November 2004 by Raj Kumar Gupta, Deepak Kumar, Vishal Gupta, and Gaurav Gupta, PS Raj Steels manufactures and supplies stainless-steel pipes and tubes in about 250 sizes. The company serves industries such as railways, furniture, and others. Khambatta Securities is the book-running lead manager of the IPO.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
