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PS Raj Steels IPO
Price Band
₹132.0–140.0
Issue Size
₹28.28 Cr
Lot Size
1,000 shares
Min Investment
₹140,000
GMP
+₹3.0 (2.14%)
Issue Price
₹140.0
Subject to Sauda
₹2300
Paid only if allotted
PS Raj Steels IPO AI Summary
- PS Raj Steels IPO is listed on NSE SME.
- Price band: ₹132.0–₹140.0 per share, lot size 1,000 shares (min. investment ₹140,000).
- Subscription window: 12 Feb–14 Feb 2025, listing on 19 Feb 2025.
- Current GMP is +₹3.0 (2.14%), an estimated listing price of ₹143 — unofficial and can change daily.
PS Raj Steels Limited is an SME IPO focused on manufacturing stainless steel products. With a robust distribution network and experienced management, the company aims to utilize the proceeds from its IPO for working capital and expenses. Investors should consider the associated risks and market conditions before investing.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
PS Raj Steels IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 14 Feb 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
PS Raj Steels IPO Grey Market Premium (GMP) Today
GMP
+₹3.0
GMP %
+2.14%
Est. Listing
₹143.0
Updated: 25 Jul 2026 14:30
About the Company
Incorporated in November 2004, PS Raj Steels Limited manufactures and supplies stainless steel pipes and tubes in India. The company's product range includes the following Outer Diameter (OD) Pipes (from ½ inch to 18 inches); Nominal Bore (NB) Pipes (from 3/8 inch to 18 inches); Section Pipes (square, rectangular and oval shapes); Slotted Pipes. The company's products cater to various sectors, including railways, furniture, households, gate railing, door frames, rice plants, sugar mills, food processing, and heat exchangers. The company's manufacturing unit is situated in Hissar, Haryana and is spread across an area of 3 acres. The company has a distribution network across 18 Indian states and engages directly with OEMs for timely deliveries and tailored solutions. The company has a strong network of 77 dealers spread across the different states of the country. As of January 31, 2025, the company employs a total of 114 employees, including non-contract labor. Competitive Strength Strong Distribution and Customer Focus. Experienced Promoters and senior management team. Integrated manufacturing facility. Long Association with the Stainless-Steel Industry.
Company Financials (₹ Cr)
As of 2024-09-30
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 55.36 | 52.07 | 74.12 | 45.94 |
| Total Income | 139.12 | 297.76 | 225.44 | 179.89 |
| Profit After Tax | 3.87 | 6.36 | 3.65 | 3.57 |
| NET Worth | 34.43 | 30.60 | 24.30 | 20.65 |
| Reserves and Surplus | 28.91 | 29.99 | 23.69 | 20.04 |
| Total Borrowing | 17.25 | 17.80 | 18.02 | 17.09 |
Key Ratios
EPS
₹11.53
NAV
₹55.45
ROE
20.79%
ROCE
20.64%
RoNW
20.79%
P/B Value
2.52
P/E Ratio
12.14
Market Cap
₹105.54 Cr
PAT Margin
2.14%
Debt/Equity
0.58
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Suraj Ltd. | 66.68 | 17.84% | 34.45 | 11.9 | 11.9 |
| Venus Pipes & Tubes Limited | 200.09 | 21.17% | 31.82 | 42.36 | 42.36 |
| Remi Edelstahl Tubulars Limited | 39.57 | 3.2% | 79.37 | 1.26 | 1.26 |
| PS Raj Steels Limited This IPO | 55.45 | 20.79% | — | 11.53 | 11.53 |
Promoters
Raj Kumar Gupta, Deepak Kumar, Gaurav Gupta, Vishal Gupta, Nikita Gupta, Raj Kumar (HUF), Deepak Kumar (HUF) and Gaurav Gupta (HUF)
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Working Capital Requirements 26.50 2 Issue Expenses 1.78 Total 28.28
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹179.89 Cr in the year ended 31 Mar 2022, increasing to ₹225.44 Cr by 31 Mar 2023, and further rising to ₹297.76 Cr by 31 Mar 2024. However, for the most recent period ending 30 Sep 2024, total income decreased to ₹139.12 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹3.57 Cr in the year ended 31 Mar 2022, which increased to ₹3.65 Cr by 31 Mar 2023. This further rose to ₹6.36 Cr by 31 Mar 2024. For the latest period ending 30 Sep 2024, profit after tax was ₹3.87 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Priced at roughly 12.14 times trailing earnings, versus peers trading at a P/E range of 31.82 to 79.37.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO compared to its issue price. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and market conditions.
Who May Want to Wait
Investors who prefer low-risk investments or are not comfortable with potential fluctuations in stock prices may want to avoid IPOs like this.
IPO Timeline, Explained
The IPO opens for subscription on February 12, 2025, and closes on February 14, 2025. Allotment of shares will be finalized by February 17, 2025, with the listing date set for February 19, 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may see a surge in price on their debut, others may not perform as expected. Investors should be prepared for potential fluctuations in the stock price after listing.
This evaluation is generated from PS Raj Steels's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is PS Raj Steels IPO GMP today?
PS Raj Steels IPO GMP today is +₹3.0 (2.14%), indicating an estimated listing price of ₹143. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of PS Raj Steels IPO?
The price band of PS Raj Steels IPO is ₹132.0–₹140.0 per share.
When does PS Raj Steels IPO open and close?
PS Raj Steels IPO opens on 12 February 2025 and closes on 14 February 2025.
When does PS Raj Steels IPO list on the stock exchange?
PS Raj Steels IPO listed on 19 February 2025 at ₹143.0.
What is the lot size for PS Raj Steels IPO?
The lot size for PS Raj Steels IPO is 1000 shares, requiring a minimum investment of ₹140,000.
What is the lot size for this IPO?
The lot size for PS Raj Steels IPO is 1000 shares.
What is the minimum investment required?
The minimum investment required is ₹140,000.
What is the price band for the IPO?
The price band for the IPO is ₹132.0 to ₹140.0.
When is the listing date?
The listing date for PS Raj Steels is February 19, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
12 Feb 2025
Close
14 Feb 2025
Allotment
17 Feb 2025
Listing
19 Feb 2025
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