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Stainless-steel pipes manufacturer ‘P S Raj Steels’ receives in-principle approval from NSE Emerge

My UP Desk by My UP Desk
January 6, 2025
in Business
0
Stainless-steel pipes manufacturer ‘P S Raj Steels’ receives in-principle approval from NSE Emerge

P S Raj Steels Limited, one of the leading manufacturers of stainless-steel pipes and tubes in India, today announced that it has received in-principle approval for its IPO from NSE Emerge on January 02, 2025. The company filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge in September 2024. It is in the process of filing RHP with updated information and is expected to be listed on the platform very soon.

The Hisar-headquartered company’s IPO comprises a fresh issuance of 20,20,000 Equity Shares each with a face value of ₹10, through the book-building route. Khambatta Securities Limited is the sole Book Running Lead Manager to the Issue, and Bigshare Services Private Limited is the Registrar.

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P S Raj Steels is one of the fastest-growing manufacturers 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.

According to DRHP, PSSR intends to utilise ₹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.

The company operates a manufacturing unit with an installation capacity of 13,460 metric tons per annum, which is spread over an area of 3 acres in Hisar, Haryana. It supplies finished goods under the brand name “PSSR” in 19 states across India, including Uttar Pradesh, Haryana, Punjab, Madhya Pradesh, Delhi, Rajasthan and others.

PSSR sources raw materials primarily from Jindal Stainless Limited (“JSL”), one of the largest producers of stainless steel in India. It has maintained a strong relationship with JSL for over 12 years, supported by a Memorandum of Understanding (MOU), ensuring a continuous supply of raw material, which constitutes approximately 95% of the company’s requirements. 

The company’s brand, PSSR, has grown into a highly established brand and serves several customers in various sectors, such as automobile ancillaries, heat exchanger manufacturing, rail coach ancillaries, industrial equipment & hardware manufacturing, decorative furniture and railing manufacturing and general engineering manufacturing.

The Promoters, Mr. Raj Kumar Gupta, Mr. Deepak Kumar, Mr. Vishal Gupta and Mr. Gaurav Gupta are qualified professionals with an individual cumulative experience of more than 5 decades in the Steel Pipes & Tubes industry and have been instrumental in driving the company’s growth since the inception of the business.

P S Raj Steels has recorded ₹297.74 crore in revenue from operations with a profit (PAT) of ₹6.36 crore in the fiscal year 2024, compared with ₹225.42 crore and a profit (PAT) of ₹3.65 crore in FY23.

Tags: NSE EmergeP S Raj SteelsStainless-steel pipes manufacturer
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