PS Raj Steels IPO - Day 3 Subscription at 6.18 Times

PS Raj Steels' initial public offering (IPO) has garnered substantial investor interest during its three-day subscription period. The ₹28.28 crore IPO has shown remarkable growth in demand, with subscription rates progressing from 1.98 times on day one, strengthening to 5.47 times on day two, and reaching an impressive 6.18 times by 10:59 AM on the final day, demonstrating strong investor confidence across multiple categories.

PS Raj Steels IPO has built upon its strong foundation of ₹7.97 crores raised from anchor investors, including significant participation from VIKASA Capital Inc. and Rajasthan Global Securities Pvt. Limited. This pre-IPO institutional backing, particularly with VIKASA Capital Inc.'s 40.42% anchor portion commitment, reflects substantial confidence in this stainless steel pipe manufacturer's business model and growth prospects.

PS Raj Steels IPO’s public portion has witnessed particularly robust interest from Non-Institutional Investors (NII), with their portion achieving a remarkable 13.42 times oversubscription. The Retail segment has demonstrated strong participation with 6.31 times subscription, while the QIB portion maintains its subscription at 0.79 times, showcasing a diverse mix of investor interest across all categories with total applications reaching 4,393.
 

Subscription Status of PS Raj Steels IPO:

Here are the subscription details for PS Raj Steels IPO as of Day 3 (February 14, 2025, 10:59 AM):

Note:
 

• "Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
• The portions of anchor investors and market maker are not included in the total shares offered.

PS Raj Steels IPO - Day 3 Subscription

Key Highlights:

• Overall subscription reached an impressive 6.18 times, showing strong investor confidence
• NII segment demonstrating exceptional interest with 13.42 times subscription
• Retail investors showing robust participation at 6.31 times subscription
• QIB portion maintaining steady subscription at 0.79 times
• Total applications reaching 4,393, indicating broad-based retail interest
• Cumulative bid amount crossing ₹116.84 crores across categories
• NII segment leading with bids worth ₹53.56 crores
• Strong retail participation with bids worth ₹58.74 crores
• Final day witnessing continued momentum in subscriptions
• All investor categories showing substantial interest
• Balanced participation across investor segments
• Market response indicating strong confidence in business model
• Subscription trend suggesting positive listing prospects
• Total investor participation reflecting trust in growth strategy

PS Raj Steels IPO - Day 2 Subscription at 5.47 Times

Key Highlights:

• Overall subscription strengthened to 5.47 times showing accelerated interest
• NII portion demonstrated remarkable growth reaching 12.25 times
• Retail investors showing increased confidence at 5.37 times
• QIB maintaining consistent participation at 0.79 times
• Day two witnessing substantial subscription growth
• Market response indicating growing investor confidence
• Strong NII participation driving overall subscription
• Retail segment showing steady improvement
• Subscription momentum building across categories
• Investor interest reflecting positively on offering
• Second day establishing strong subscription trajectory
• Balanced participation from diverse investor categories
• Clear indication of growing market acceptance
• Subscription pattern suggesting strong demand

PS Raj Steels IPO - Day 1 Subscription at 1.98 Times

Key Highlights:

• Overall subscription opened strongly at 1.98 times
• NII segment showing early interest at 3.72 times
• Retail investors beginning well with 1.96 times subscription
• QIB portion starting at 0.79 times showing institutional interest
• Opening day demonstrating promising response
• Initial momentum indicating strong market confidence
• Early subscription reflecting positive investor sentiment
• Day one setting strong foundation for the issue
• Balanced participation across investor categories
• Market response suggesting healthy demand
• First day establishing positive subscription trend
• Strong start indicating investor confidence
• Initial response suggesting successful offering
• Opening day momentum building well

About PS Raj Steels Limited

PS Raj Steels Limited, established in November 2004, has emerged as a significant manufacturer and supplier of stainless steel pipes and tubes in India. The company operates from its integrated manufacturing facility in Hissar, Haryana, spread across 3 acres, where it produces a comprehensive range of products including Outer Diameter (OD) Pipes ranging from ½ inch to 18 inches, Nominal Bore (NB) Pipes from 3/8 inch to 18 inches, and various sectional pipes in square, rectangular, and oval shapes.

The company's business model is built on strong distribution and customer focus, with a network extending across 18 Indian states through 77 dealers. This extensive reach allows them to serve diverse sectors including railways, furniture manufacturing, household products, agricultural processing (rice plants and sugar mills), food processing, and industrial applications like heat exchangers. Their direct engagement with OEMs enables them to provide customized solutions and maintain timely deliveries.

Their financial performance demonstrates steady growth with revenue increasing from ₹225.44 crores in FY2023 to ₹297.76 crores in FY2024, while profit after tax rose from ₹3.65 crores to ₹6.36 crores. For the six months ended September 30, 2024, the company has already reported revenue of ₹139.12 crores with a PAT of ₹3.87 crores, showcasing consistent operational efficiency and profitability in the steel manufacturing sector.

Their competitive strengths are built upon four key pillars:

• Strong Distribution Network and Customer Focus: Their presence across 18 states through 77 dealers enables broad market coverage and efficient customer service
• Experienced Leadership: The promoter team and senior management bring deep industry knowledge and operational expertise
• Integrated Manufacturing: Their 3-acre facility in Hissar enables efficient production and quality control
• Industry Expertise: Over two decades of experience in the stainless steel industry provides strong technical knowledge and market understanding
   

Highlights of the PS Raj Steels IPO:

• IPO type: Book Built Issue SME IPO
• IPO size: ₹28.28 crores
• Fresh Issue: 20.20 lakh shares
• Face value: ₹10 per share
• Issue price: ₹140 per share
• Lot size: 1,000 shares
• Minimum investment for retail investors: ₹1,40,000
• Minimum investment for HNI: ₹2,80,000 (2 lots)
• Market maker reservation: 1,01,000 shares
• Listing at: NSE SME
• IPO opens: February 12, 2025
• IPO closes: February 14, 2025
• Allotment date: February 17, 2025
• Refund initiation: February 18, 2025
• Credit of shares: February 18, 2025
• Listing date: February 19, 2025
• Lead Manager: Khambatta Securities Limited
• Registrar: Bigshare Services Pvt Ltd
• Market Maker: Nikunj Stock Brokers Limited