IPO closed with 10 instances subscription, but the itemizing light, simply Rs 5 on each inventory bought revenue – INA NEWS

PS Raj Steels IPO Listings: The itemizing of shares of PS Raj Steels light. The corporate’s shares had been listed on 19 February on the SME platform of NSE with a premium of simply 3.5 per cent. The corporate’s IPO got here at a worth of Rs 140. On this manner, IPO buyers bought a slight revenue of simply Rs 5 or 3.5 per cent per share on the primary day. Nonetheless, this itemizing was greater than its grey market premium (GMP) estimates. Simply earlier than the listings, the corporate’s shares had been doing flat enterprise within the grey market with none premium.

PS Raj Steels’s Preliminary Public Provide was open to bid from 12 to 14 February. The corporate’s IPO measurement was Rs 28.28 crore. Its IPO obtained a superb response from buyers and on the final day it closed with 9.82 instances extra subscription. The corporate had saved about 13.5 lakh shares on the market by the IPO, in return for which it obtained bids for a complete of 1.32 crore shares.

The corporate discovered probably the most bid within the class of non-institutional buyers (NII), which subscribed about 21 instances. On the identical time, retail buyers made 10 instances extra bid for the shares reserved for themselves. The corporate obtained a dialect of about 1.2 instances extra within the class of certified institutional consumers (QIB).

This IPO was utterly contemporary shares. That’s, all the quantity obtained from it will go to the corporate’s account. A hard and fast worth of Rs 140 was saved for the IPO. The minimal lot of measurement was of 1,000 shares. The corporate stated that it’ll use the quantity obtained from the IPO to satisfy its working capital wants.

About firm

It’s a main firm and suppliers to fabricate stainless-steel pipes and tubes in India. It additionally trades stainless-steel merchandise corresponding to coil and strips, sheets and plates and bars. The corporate serves prospects in varied fields together with railway, furnishings, home utility, gate railing, door frames, rice mills, sugar mills, meals processing and warmth exchanges.

Within the first half of the present monetary 12 months, the corporate recorded a income of Rs 139.11 crore within the first half (apprehension-September 2024) and through this time it made a internet revenue of Rs 3.86 crore.

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