P S Raj Steels Limited, a major manufacturer of stainless-steel pipes and tubes in India, has received in-principle approval for its IPO from NSE Emerge.
The Hisar-headquartered company’s IPO comprises a fresh issuance of 20,20,000 equity shares each with a face value of INR 10, through the book-building route.
P S Raj Steels is the fastest-growing manufacturer of stainless-steel pipes and tubes in India. The product range offered and produced by PSSR consists of approximately 250 sizes of NB (Nominal Bore) & OD (Outer Diameter) series are manufactured enough to create its exclusivity, PAN India. The production of bigger diameter pipe & special sizes for different original equipment manufacturers is the edge of the company over other industry competitors. Its products serve a wide range of sectors, including railways, furniture, households, gate railing, door frames, rice plants, sugar mills, food processing and heat exchanger, etc., with 70% used in fabrication and 30% in industrial applications.
PSSR intends to utilise INR 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.
