New Delhi, February 19 (HS): Stainless steel pipe and tube manufacturing company PS Raj Steels entered the stock market on Wednesday with a 3.5 percent premium. Under the IPO, the company's shares were issued at a price of Rs 140. Today, their entry on the SME platform of the National Stock Exchange was done at a price of Rs 145. After listing, this stock gained momentum with the support of buying. After trading till 1 pm, the company's shares were trading at a price of Rs 151. In this way, the company's IPO investors have gained 7.86 percent so far.

PS Raj Steels' Rs 28.28 crore IPO was open for subscription between February 12 and 14. This IPO got a good response from the investors, due to which it was subscribed 9.82 times overall. In these, the reserve portion for Qualified Institutional Buyers (QIB) was subscribed 1.20 times. Similarly, the reserve portion for non-institutional investors (NII) got 21 times subscription. Apart from this, the reserve portion for retail investors was subscribed 10 times. The company will use the money raised through the IPO to meet its working capital requirements and for general corporate purposes.

Talking about the financial position of the company, according to the claim made in the prospectus, the company has made a net profit of Rs 3.86 crore during the first half of the current financial year i.e. between April to September 2024. Similarly, the company has earned a revenue of Rs 139.11 crore during this period.

Hindusthan Samachar / Jun Sarkar