P S Raj Steels IPO Approved by NSE Emerge

New Delhi, Jan 6 (PTI) Haryana-based P S Raj Steels on Monday said it has received in-principle approval from NSE's SME platform Emerge to raise funds through an initial public offering.

P S Raj Steels Ltd (PSSR), a stainless-steel pipes and tubes manufacturer, received the approval from NSE's Small and Medium Enterprises (SME) platform Emerge on January 2, the company said in a statement.

The company had filed its draft red herring prospectus (DRHP) with NSE Emerge in September 2024.

PSSR is currently in the process of filing its Red Herring Prospectus (RHP) with updated information and expects to list on NSE Emerge, it added.

The initial public offering (IPO) is entirely a fresh issue of up to 20.20 lakh equity shares with a face value of Rs 10 each, as per the draft papers.

PSSR intends to utilise Rs 23.5 crore of the total IPO proceeds towards working capital requirement including margin money and the remaining capital will be used for issue related expenses.

Promoted by Raj Kumar Gupta, Deepak Kumar, Vishal Gupta and Gaurav Gupta. PSSR is known for its diverse product range, encompassing about 250 sizes of stainless-steel pipes and tubes.

The Haryana-based firm caters to a wide range of sectors, including railways, furniture, and industrial applications.

It sources its raw materials from Jindal Stainless Ltd (JSL), one of the largest producers of stainless steel in India. It operates a manufacturing unit with an installation capacity of 13,460 metric tons per annum.

In FY24, P S Raj Steels reported Rs 297.74 crore revenue from operations with a profit after tax (PAT) of Rs 6.36 crore.

Khambatta Securities Ltd is the sole book running lead manager and Bigshare Services Pvt Ltd is the registrar for the IPO.