P S Raj Steels Gears Up for IPO on NSE Emerge

Haryana-based P S Raj Steels has received approval from NSE's SME platform Emerge for an IPO. The firm's IPO involves a fresh issue of 20.20 lakh shares and seeks to raise funds for working capital needs. PSSR plans to file its RHP and targets listing on NSE Emerge.

P S Raj Steels, a Haryana-based manufacturer of stainless-steel pipes and tubes, announced that it has secured in-principle approval from NSE's SME platform, Emerge, to proceed with an initial public offering (IPO).

The company, which filed its draft red herring prospectus with NSE Emerge in September 2024, is now preparing to submit an updated Red Herring Prospectus. PSSR plans to list on the NSE Emerge, involving a fresh issue of up to 20.20 lakh equity shares valued at Rs 10 each.

The IPO aims to raise Rs 23.5 crore for working capital, with remaining funds allocated to IPO expenses. Promoted by industry veterans like Raj Kumar Gupta and others, PSSR serves various sectors and operates a 13,460 metric ton annual capacity unit, sourcing raw materials from Jindal Stainless Ltd.

(With inputs from agencies.)